Common Cents

Discuss this proverb: "It is a wise man who lives with money in the bank, it is a fool who dies that way."

Use handout 3 from lesson 4 of Building Wealth in the Classroom from the Dallas Fed to compare the interest rate, fees and additional information on five account types from a local bank. Share your findings. Once everyone shares, discuss the account and bank you would select. http://bit.ly/18kHBE4

Discuss the meaning of this scarcity quote: "There is no scarcity of opportunity to make a living at what you love; there's only a scarcity of resolve to make it happen." - Wayne Dyer

In professional sports, a trade is a sports league transaction involving and exchange of players' contracts and/or draft picks. Have students research a sports trade in the NBA. Ask them to write a summary of the trade deal, including the advantages and disadvantages for the teams and/or players involved.

Discuss the fact that $5, $10, $20, $50 and $100 bills have all been redesigned by the Treasury and will be updated again in the future. What is the incentive for our government to do this redesigning?

Learn about federal income taxes, FICA, W-4 and W-2 forms in Know your dough Lesson Two: "W" is for Wages, W-4 and W-2: www.stlouisfed.org/education_resources/assets/lesson_plans/paycheck/IYP_lesson2.pdf.

The St. Louis Fed offers instant message simulations on a variety of personal finance topics. Try one and learn about how to open a bank account. http://bit.ly/14C0qf1

The mission of the Consumer Financial Protection Bureau (CFPB) is to make markets for consumer financial products and services, such as banking and credit, work for Americans. Research the CFPB at: www.consumerfinance.gov/regulations. Choose a regulation and share whether or not you think it is beneficial for businesses as well as consumers.

Read Saturday Sancocho by Leyla Torres. Use the related children's literature lesson from the St. Louis Fed to learn about the advantages of paying money over bartering for goods.http://bit.ly/18D0u5U

Explain this quote: "Competition is not only the basis of protection to the consumer, but is the incentive to progress." - Herbert Hoover

Look closely at a one-dollar bill. What symbols and words do you see that connect this bill with the Federal Reserve?

Some areas routinely experience water shortages. List the ways you use water every day. How could you cut down your usage or recycle water to help reduce water shortages? Create a public service announcement featuring your water saving ideas.

Explain that smart consumers are aware of how advertising affects them, how to protect their information, and how to spot scams. Practice these skills by going to: www.ftc.gov/youarehere to visit a virtual mall and make smart financial decisions.

Credit card bills now provide an estimate of how long it will take to pay off a balance making only the minimum payment. Paying more than the minimum can substantially decrease the total amount of the purchase. Discover the savings using the credit card repayment calculator at www.federalreserve.gov/creditcardcalculator.

Imagine you are at a college football game. Brainstorm the different goods and services available in the stadium. What resources were required to create those goods and services?

Explore the evolvement of the payment system by watching Chapter 5 of the Philadelphia Fed's video The Federal Reserve and You. Create a public service announcement highlighting the Fed's role in providing cash and electronic payment services. http://bit.ly/11dWBdQ

Use the lesson plan and role play for "There's No Business Like Bank Business" to teach students the concept of how banks operate as a business: www.kansascityfed.org/publicat/education/teachingresources/No_Business_lesson.pdf and www.kansascityfed.org/publicat/education/teachingresources/Bank_Business_script.pdf.

Just for fun, try saying this tongue twister quickly three times: Skyler scored the scarce scholarship.

Discuss the importance of the following quote to those who run their own business: "In the business world, the rearview mirror is always clearer than the windshield." - Warren Buffett

Introduce budgeting as a plan for spending, saving and sharing money by balancing income with expenses. Ask students to divide drawing paper into three sections and draw examples of these three ways to use money. Ask them to explain which of these examples is easiest for them to do and to give reasons why.

Read A Chair for My Mother by Vera B. Williams. Use the children's literature lesson to discuss how part of the family income was saved to reach a goal: www.stlouisfed.org/education_resources/assets/lesson_plans/ChairForMother.pdf.

Watch Katrina's Classroom from the Atlanta Fed to understand how natural disasters can affect banking services. Write a creative story about leaving your home due to a natural disaster and the steps you would take to be financially stable during this time.http://bit.ly/14C0lYK

Discuss homecoming expense choices and opportunity costs. For example, with a limited amount of money, would you choose a fancy limo for transportation? Would you spend more money for a high-dollar outfit instead? Or would you spend your dollars on an expensive restaurant meal before the dance? Discuss the reasoning behind your decisions.

Assume the identity of a superhero or a credit villain in the Kansas City Fed's role play Professor Finance and Fed Boy Meet the Catastrophe Clan to learn about the use and misuse of credit and how the CARD Act protects consumers. http://bit.ly/13jzWzX

Before Harry Truman became the 33rd president, he was a Kansas City entrepreneur in which business? A) Finance B) Newspaper C) Clothing. Answer: C) He ran a business that tailored men's clothing.

Estimate the cost: If you want to buy an item for $9.50 with a 9% sales tax, is $10 enough money?

Explain why the United States, Canada and Mexico all gain from voluntary trade among their countries.

Hand out various grocery receipts to students with the sales tax blacked out. Discuss that some states tax only non-food items, while others tax both food and non-food. Have students calculate the sales tax for both situations.

Work in pairs to design a new and improved ATM for 2020. Make posters to highlight services and features that might be available in the future. As a class, vote on the best future design.

Ask the class to brainstorm ways they could spend $10. List ideas and ask them to narrow it down to one, since the class has only one $10 bill. When there is disagreement on which one, discuss that the scarcity of the money to be spent forces us to make choices.

Download the St. Louis Fed's Econ Ed Mobile App to explore the cost of using credit. Learn how interest is calculated, and then use the Credit Cost Calculator to see how interest ratesaffect monthly payments and the total cost of a purchase. http://bit.ly/11zNwSM

Have students list all the extra-curricular activities they could participate in for the first semester, including sports, clubs and competitions. Discuss that scarcity of time forces them to choose between several activities they may be interested in.

Research the household savings rates of several different countries. Make a chart comparing the rates. Which country's rate is the highest? What are some possible reasons for this?

Read My Side of the Mountain by Jean Craighead George. Use the children's literature lesson to discuss investing in human capital through acquiring skills and knowledge: www.stlouisfed.org/education_resources/assets/lesson_plans/MySideMountain.pdf

Currency is produced by the Bureau of Engraving and Printing, located in Washington, D.C. and Fort Worth, Texas. Look at the new $100 bill at www.newmoney.gov/currency/default.htm. Examine the interactive $100 note and take the quiz on its features.

What could happen to the price of gasoline if demand increases worldwide? Will prices increase or decrease? What could happen to the price if new oil pipelines add to the supply of gasoline? Will prices increase or decrease?

Research the United States' top 15 trading partners by going to: www.census.gov/foreign-trade/statistics/highlights/topcurmon.html. Create a bar chart that shows three things: U.S. total trade with its top 15 trading partners, U.S. exports with its top 15 trading partners; and U.S. imports with its top 15 trading partners. Discuss the graph and what it shows about U.S. trade.

How does a recession affect the circular flow of income within the economy?

Discuss this quote: "Competition is not only the basis of protection for the consumer, but is the incentive to progress." - Herbert Hoover

Brainstorm a list of careers or jobs that are associated with taxes (such as accountant). Research one of these careers to learn about the education qualifications, income level and demand for the job.

Give students a sample budget of expenses for a family. Have them identify the fixed expenses (the same amount monthly) and the variable expenses (a changing amount monthly). Ask students to draw sentences out of a hat representing events that might change a monthly budget, such as buying holiday gifts or fixing a flat tire. Have the students identify whether the expense is fixed or variable and then modify the budget to incorporate the added expense.

Trivia: Did you know that the United States is the world's largest consumer of oil? No other country consumes even half as much of the 20 million barrels a day used by the United States.

There was no uniform currency during the Free Banking Era, so state-regulated banks issued their own banknotes. Brainstorm problems that could develop with many different currencies in circulation throughout the United States.

After assigning classroom jobs (i.e. line leader, paper passer, etc.), provide students with the opportunity to trade jobs with others. After trading is completed, discuss the students' reasons for their trades, making a list of the costs and benefits of each job during the discussion.

The launch of the Air Jordan retro basketball shoe sale caused long lines, fights and store closings across the United States. Discuss the concepts of supply and demand in this situation. Ask students to give reasons why these shoes sold out, even though their retail price was $180 a pair.

Discuss this quote: "Information is the currency of democracy." - Thomas Jefferson

Watch the Economic Lowdown video on equilibrium at: http://www.stlouisfed.org/education_resources/podcasts/economic_lowdown_video_3.cfm. How do the concepts of surplus and shortage relate to market equilibrium?

Read the original Federal Reserve Act, signed Dec. 23, 1913. Write down four key facts about the founding of the Federal Reserve System from the primary source document, available from the Librarians' Society of Washington, D.C. http://bit.ly/18qbUEL.

Play 20 Econ Questions or Econ Word Wiz (www.federalreserveeducation.org/resources/fiftynifty) using "producer" as one of the words.

Read The Goat in the Rug by Charles Blook and Martin Link. Use the children's literature lesson to discuss the topic of resources in the story: www.stlouisfed.org/education_resources/assets/lesson_plans/GoatintheRug.pdf

Discuss the meaning of this quote: "A wise man should have money in his head, but not in his heart." - Jonathan Swift

Invite a small business owner to speak to the class. Ask students to prepare interview questions about the assets and liabilities most business owners have and ways to increase thenet worth of a business.

Develop a list of economic, social and environmental costs and benefits of developing a new city park. Develop another list for the development of a large chain store like Wal-Mart in the same area. How are the costs and benefits the same or different?

Discuss the exchange rate of currency as the ratio at which a unit of currency in one country can be exchanged for that of another country. Research the exchange rate for bills from five countries by going to: www.xe.com and using the exchange rate calculator. Which notes were worth more than the American dollar? Which were worth less? Why do you think one country's currency is valued higher than another?

Learn how a bank operates as a business in the Kansas City Fed's There's No Business like Bank Business activity. http://bit.ly/150sooC

Use Lesson Two "Budget to Save: Developing a Budget" from Building Wealth in the Classroom: www.dallasfed.org/education/pubs/wealth_classroom/02_lesson.pdf to discuss budgets in relation to financial goals. Do the suggested activity of a budget analysis for a high school senior saving for the prom. Discuss areas where this budget could be streamlined to meet the student's financial goals.

Bring white elephant items from home (with a parent's signed note). After having an opportunity to trade items, explain the benefits of the trades made. Does everyone agree the trades were positive? If not, why not?

Bank XYZ is examined and scored every year to make sure it is following banking rules as a safe and sound place for your money. The last four scores were 3, 2, 2 and 1. What is the average score of Bank XYZ? (Answer: 2)

Brainstorm ways students can earn income and make a chart of ideas. (Examples: allowance, chores, birthday/holiday gifts, garage sales, etc.) Ask students to set future savings goals (for things they will spend their income on) and share with the class.

Discuss how businesses invest in capital resources, such as newer computers, machines and technology. How can spending money on these resources lead to profits in the long term?

Learn why the regional structure of the Federal Reserve System is important to understanding the economic conditions in all regions of the country in the Atlanta Fed's video The Fed Explains Regional Banks. http://bit.ly/14A3ASh

Draw pictures that represent financial words and write the definitions of the words on the opposite side. Save these financial flashcards to use for review. Suggested words: bank, save, deposit, withdrawal, interest, emergency fund, short-term goal, long-term goal.

Choose one principle from the Guide to Economic Reasoning and illustrate it using an everyday life situation. (Example: People gain when they trade voluntarily - a picture of a student trading a food item with another student at lunch.)

Cut out or draw pictures of three of your top wants. Estimate how much they cost and determine a budget or way to save for these items. Present your wants and savings plan to the class.

Compose a song or a rap about being a "savvy shopper." Include verses about comparison shopping, purchasing quality vs. quantity, and avoiding buyer's remorse.

How do the Federal Reserve and the European Central Bank compare? Read A Look Inside Two Central Banks: The European Central Bank and the Federal Reserve from the St. Louis Fedand create a Venn diagram showing three similarities and three differences between the organizations. http://bit.ly/15JSIQF

Invite a bank manager to visit as a guest speaker. Create interview questions that ask about the education, skills and responsibilities that are needed for his/her position.

Many students think about running their own business as adults. Ask students to brainstorm types of businesses that interest them. Invite a local business owner from an area of interest to speak to the class about his/her experiences. Prepare for the speaker by making a list of interview questions related to running a business.

Currency is printed at the Bureau of Engraving and Printing (in Washington, DC or Fort Worth, TX) and then shipped to the Federal Reserve for distribution to local banks when needed. Find these locations and the Federal Reserve office closest to you on a U.S. map.

Cut magazine or catalog pictures of natural, human and capital resources and place them randomly into paper bags. Divide students into groups and give each group a resource bag. Ask them to create a new business using their resources and share how each resource is used within their business to produce a product.

Examine samples of foreign currency by going to: www.clevelandfed.org/Learning_Center/Online_Activities/explore_money/index.cfm. Compare bill features for three chosen countries. How are these notes similar? How are they different? What are some basic features that are common to all currency studied?

Research the new Credit Card Accountability, Responsibility and Disclosure Act (CARD Act) at: www.federalreserve.gov/consumerinfo/wyntk_creditcardrules.htm. What rule targets underage consumers? Discuss the advantages and disadvantages of this rule for college students.

You are a producer of a new and unique athletic shoe. Develop a poster or commercial to advertise your amazing shoe.

Use the "Professor Finance and Fed Boy Meet the Catastrophe Clan" lesson: www.kansascityfed.org/education to introduce the Credit CARD Act and consumers' credit rights and responsibilities.

Political cartoons show opinions. Look at the cartoons featured throughout the Kansas City Fed's Balance of Power, Under Pressure, or Integrity, Fairness and Resolve books. Create an original political cartoon related to the Federal Reserve and explain your message.http://bit.ly/11CEUqr

You have two possible babysitting jobs for Saturday - one watching 6-year-old twins for four hours at $3 an hour, and one with two kids, ages 1 and 3, for four hours at $4 an hour. How much would you earn from each job? What would your choice/opportunity cost be?

Discuss opportunity costs in buying school supplies with students. What backpack choices did they make, and what designs were their second choices? Did they consider mechanical pencils vs. regular pencils? Did they choose markers or crayons? Talk about how they made their decisions.

What financial institution lending practices led to the establishment of the Community Reinvestment Act? Why is the CRA important to bankers and consumers today?

Learn about market equilibrium, or the point at which there is no shortage or surplus of a good or service, by watching the third episode of the Economic Lowdown Video Companion Series at: www.stlouisfed.org/education_resources/video_podcasts.cfm.

Depositors want their banks to be "safe and sound." Draw a picture illustrating what these two words mean to you. Discuss what might happen if a bank was not a safe and sound business.

Debate the pros and cons of using money as an incentive for getting higher grades. Is this a good practice? Will this encourage students to work harder for grades?

Read Bunny Money by Rosemary Wells. Use the children's literature lesson to discuss the topic of short and long-term savings goals: www.kansascityfed.org/publicat/education/teachingresources/Bunny-Money-Lesson-Plan.pdf.

Discuss this quote: "I think the environment should be put in the category of our national security. Defense of our resources is just as important as defense abroad. Otherwise, what is there to defend?" - Robert Redford

Justin's assets are a $250 bike, a $1299 computer, and $582 in savings. His liabilities are $475 owed on a loan for the computer and $138 owed to his mom. Add Justin's assets and subtract his liabilities from the total. What is Justin's net worth? ($2131 - $613 = $1518)

How do students buy their goods and services? How many shop online versus going to brick-and-mortar stores? Discuss the use of shopping apps and how they help in comparing prices. Do students ever use apps to comparison shop?

Nominate a president or famous person in U.S. history (no longer living) for a new $500 bill. Write an essay describing how your nominee contributed to American history and why he/she would be a worthy candidate.

Explore money from around the world by visiting the following website: www.clevelandfed.org/Learning_Center/Online_Activities/explore_money/index.cfm. Discuss money symbols and designs from several chosen countries, then vote for the most beautiful piece of currency. Ask students to redesign a U.S. dollar using more symbolism and color.

The Philadelphia Fed's video The Federal Reserve and You features 70 short segments about the Fed, money and banking. Watch the first chapter for an overview of the Federal ReserveSystem. http://bit.ly/11dWbdQ

Add together all the bill denominations currently in circulation. What is your dollar total? ($1+$2+$5+$10+$20+$50+$100=$188)

Draw a picture that shows farmers trading equipment, crops or labor with each other. Explain how this trade situation helps farmers and their families.

Review the story of the Three Little Pigs. Do a cost/benefit analysis to compare their houses of straw, sticks and bricks in terms of materials, labor, cost and effectiveness.

If a company's losses are much greater than its profits, the owners might consider filing for bankruptcy. Research the concept of bankruptcy and write an essay describing the advantages and disadvantages.

Become better informed about payment cards from the Philadelphia Fed's resource What You Need to Know about Payment Cards. Design a poster showing the advantages and disadvantages of the three main types of payment cards. http://bit.ly/18D0HGm

Discuss "interest" as "payments made for the use of money." Ask students if they think earning interest when they deposit money in a savings account is a good incentive to save. Why or why not?

Discuss with students how they make daily decisions, selecting one choice and giving up a second as an opportunity cost. Have them draw two locations for their next birthday party, make a final decision, and label one "my choice" and the other "my opportunity cost."

Follow the lesson plan for "Abraham Lincoln and the Five-Dollar Note" to learn why Lincoln is portrayed on this note and the features of the redesigned $5 bill: www.stlouisfed.org/education_resources/assets/lesson_plans/Lincoln$5Note.pdf.

Research and record the population of five different cities or communities within your region. Develop a bar graph to compare the population results. Discuss how the population of an area can affect its economy, in terms of jobs and housing.

Take turns pantomiming workers performing service type jobs, such as bus driver, construction worker, chef, etc. Have the class try to guess which services are being acted out.

Trade barriers are costs that raise the price of traded products. Examples are tariffs, import and export quotas, and embargoes. In groups, research and make charts to compare and contrast these barriers.

Research the purposes of the World Trade Organization (WTO). Hold a mock debate where two countries use the WTO as a forum to discuss their disagreements concerning a trade policy.

Use the Kansas City Fed's Exploring Economic Sectors lesson to learn how the Federal Reserve assesses economic conditions in the United States. http://bit.ly/13mAbfu

Research Mattel, Hasbro or other toy companies to see how they determine what toys to produce and supply to retail stores. Use the information you find to predict what toys might be popular in 2020.

Ask students to name restaurants they have visited. Tell them to think of all the goods and services that a restaurant is expected to provide. Make a list of these items and ask students to write a creative story titled, “Starting My Restaurant Business” that uses these ideas.

Choose a food product and ask students to brainstorm all of the natural, human and capital resources used to produce it. (For example: a candy bar - cacao beans, land, sun, water, sugar, milk, farmers, factory workers, assembly line, wrapper, etc.) Ask students to draw pictures or work together on a mural showing the production process.

Another name for the Bank Panic of 1907 was the Knickerbocker Crisis.

Design a new $500 bill with your nominee in the portrait. Remember to include legal currency details, such as denomination, serial numbers, seals and signatures. Add additional details to make your note unique.

The Fed is the lender of last resort to financial institutions. Watch Federal Reserve Chairman Ben Bernanke explain this role in lecture one of The Federal Reserve and the Financial Crisis. Draw a political cartoon illustrating how the Fed might assist banks during a financialpanic. http://1.usa.gov/12Txk0q

Choose a job and research its income in two different countries. (Example: a starting teacher in Mexico is paid $10,465 a year, while a starting teacher in Canada is paid $35,400 a year.) Discuss why the same job can have different salary levels in different countries.

Learn about entrepreneurs and economic growth through the Kansas City Fed's lesson Do I Have What it Takes to be an Entrepreneur - and is my Community Ready? Calculate the breadth and depth of entrepreneurship in your county, and discuss if your area is ready to encourage more growth. http://bit.ly/12DHl1H

Write and perform a skit that explores the concept of fair trade, which aims to help producers in developing countries receive higher prices for their goods and improve social and environmental standards. Include advantages and disadvantages to fair trade policies.

View the American Currency Exhibit on the San Francisco Fed's website to explore currency from throughout our nation's history. Choose two bills from different eras and create a Venn diagram to compare and contrast bill symbols and features. http://bit.ly/1922F3l

Trivia: Eldercare services are predicted to be one of the most profitable business opportunities in 2012-2013 due to a boom in the elderly population and longer overall life spans.

Research the concept of balance of trade. Define this term and explain what it means to the U.S. economy.

Interview family members or neighbors about the recent recession and any changes or effects it had on their lifestyles. Report your findings to the class.

Consumers can pay for purchases by using cash, checks, debit or credit cards. Use the lesson and role play for "Payment Parliament": www.kansascityfed.org/education to introduce these different forms of payments to students.

Just who was Salmon Chase and why was he on a $10,000 banknote? Explore the American Currency Exhibit: www.frbsf.org/education/teacher-resources/american-currency-exhibit/showcase-of-bills to learn how our country's history is reflected on our currency.

Create a consumer profile, such as a 20-year-old college athlete, and make a collage of products or services using newspaper, magazine ads and/or computer-generated images that would appeal to that type of consumer.

Draw a cartoon about a time when you experienced either a buyer's high or buyer's remorse after a purchase. In the panels, show the purchase, how the purchase made you feel and what you might do differently in the future.

Write a short story about your last five purchases and whether each was a want or a need. Include lessons you've learned about your spending habits and steps you can take in the future to purchase fewer wants and more needs.

Taylor purchased candy bars from the store at 50 cents each. She wants to sell them at school after lunch for $1 each. From what you've learned about supply and demand, what advice would you give Taylor regarding her price?

Why is a bank holiday not something to celebrate, and why did President Franklin D. Roosevelt establish a national one in 1933? Find out in the Boston Fed's Closed for the Holiday: The Bank Holiday of 1933. http://bit.ly/11I1W4r

Focus on and discuss human capital: the skills, talents and education that people possess. Discuss how improving human capital through education and training correlates with increasing income. Ask students to research and share education levels and average income of chosen careers by going to the Bureau of Labor Statistics website to look at the Occupational Outlook Handbook: www.bls.gov/oco.

The launch of the Air Jordan retro basketball shoe sale caused long lines, fights and store closings across the United States Discuss the concepts of supply and demand in this situation. Ask students to give reasons why these shoes sold out, even though their retail price was $180 a pair.

Two friends set up a lemonade stand, charging 75 cents for two glasses sold. They lowered their price to 60 cents, selling four glasses. Their final price of 50 cents sold six glasses. Create a demand graph that shows this information. What was the twins' total revenue? ($6.90)

Develop a classroom currency to use as pay for completing projects, following rules and helping others. Discuss income earned from these tasks each week and plan a future action to spend this income at the end of the quarter, semester or year.

Money doesn't grow on trees, but it can grow. Watch No Frills Money Skills episode 1 from the St. Louis Fed. Develop a table showing how saving $1,000 at 3% annual interest can compound your savings over a 6-year period. http://bit.ly/11OJ5Pt

Create a map of the neighborhood surrounding the school. Have students add the names of businesses in that area to the map, as well as what good or service they sell. Ask students to suggest other businesses that would complement those already in the neighborhood.

If you had to choose a president for a new $200 bill, which choice would you select and which would be your opportunity cost? A) John Kennedy or B) Franklin Roosevelt. Have students discuss why they made their choice.

Create a rap or song titled, "Invest in Yourself." Include all the ways to invest in your human capital, such as more education, training and practicing to gain experience, and taking care of your health. Perform your verses for the class.

Which is greater: $1 million, or a penny that doubles in value for 30 days? Use a calculator to figure out the compound interest of the doubling penny by taking each new total and multiplying by 2 to double. (The final total for the doubling penny is $5,368,709.12)

Talk about the choices and opportunity costs of school cafeteria lunches with students. Compare the entrêe, salad, sandwich and other choices for the day. What final choice did they make? What was their opportunity cost? Continue each day for a week and have students graph individual and class choices and opportunity costs.

Discuss the correlation between a country's resources and what goods they export and import. Have students choose countries, research their major resources, exports and imports, and share their findings. Discuss which countries might make good trading partners.

Introduce counterfeit money ("fake currency") as the major reason bills have been redesigned. Look at a real note online: www.newmoney.gov/currency/20.htm. Identify security measures placed on new U.S. currency including color, watermarks and micro-printing.

Tell students to imagine they’ve just purchased their first used car. Have them name services their car will need to run efficiently, and goods they could buy to fix up their vehicle. Ask them to go online to find auto stores that provide these goods and services with item costs.

Use the lesson plan "Currency and the Fed" to introduce students to the functions of money and the Federal Reserve System: www.stlouisfed.org/education/assets/lesson_plans/Currency&Fed.pdf. Ask students to write a brief newspaper article on how money is handled by the Federal Reserve.

Discuss capital resources in the area of technology by brainstorming types of technological resources used daily by students. Have students rank these devices by importance in their lives. Which of these capital resources could they do without? How would they compensate?

How do students buy their goods and services? How many shop online versus going to brick-and-mortar stores? Discuss the use of shopping apps and how they help in comparing prices. Do students ever use apps to comparison shop?

Why are federal laws necessary to protect the civil rights of consumers?

Solve this income problem: Jay shoveled snow for five neighbors on his block. He earned $10 from two of them, $12 from the third, and $15 from the fourth and fifth. What was his income total? What was his average income from each shoveling job? (Total income: $62.00. Average income per job $12.40)

How did the settlement pattern of the United States influence the location decisions for Federal Reserve Banks?

Introduce the concepts of income and expenses. Give students the following scenario: Your family has decided to take a summer vacation to Disney World. You are responsible for earning money to spend on park passes and souvenirs during the trip. Brainstorm three ways to earn money and estimate approximately how much income you might receive from each activity. Write a letter to your parents explaining your fundraising plans.

Read Saving Strawberry Farm by Deborah Hopkinson. Use the children's literature lesson to discuss the role banks played during the Great Depression: www.stlouisfed.org/education_resources/assets/lesson_plans/StrawberryFarm.pdf.

Use the Recession Lesson "Navigating the Fear of the Unknown" (http://kansascityfed.org/publicat/education/teachingresources/RecessionLesson-EconomicUncertainty.pdf) to learn about the role that economic uncertainty played during the recent recession for businesses and consumers.

Choose a publicly-traded company, such as Amazon (AMZN), and follow the price of that company's stock each week for a month. Report whether the price has increased or decreased during that time, and provide a recommendation on buying the stock.

Starting your own business as an entrepreneur has opportunity for profit and possibility of loss. Brainstorm a list of potential businesses to start and then list possible profits and losses for one of those businesses. Debate whether the business risks are worth the rewards.

Use the school cafeteria as an example of a business that provides goods and services. Tell students that goods are things that satisfy wants, such as food and utensils. Services are activities that satisfy wants, such as cooking the food and cleaning the cafeteria. Ask students to draw cafeteria foods or other goods on one side of art paper and activities or services on the other side.

Ask students to inventory their personal assets and liabilities and develop a graphic organizer with their results. Have them rate their personal financial situation as great, okay or needing improvement. Tell them to write three goals for their financial health in the next year.

Are you wise about credit? Learn about developing good credit by reading the Kansas City Fed's Common Cents article "Laying the foundation for responsible credit use." Take theGet a Credit Clue quiz to see if you are credit card worthy. http://bit.ly/11Dsm65

Use a blank outline of your state to map your city and the major communities surrounding it. Draw images to represent the businesses and industries that are important in your region, such as a cow for agriculture or a truck for transportation.

Explain a market economy as an economy that operates by voluntary exchange between buyers and sellers in a free market not planned or controlled by government. Ask students to research this and other types, such as traditional and command economies: http://www.councilforeconed.org/resources/lessons/whateconisabout-sample.pdf. Discuss the differences in the three economies and why a market economy works best in our country.

Resource Trivia: What two fabric resources are used to make paper currency? (linen - 25%; cotton - 75%)

Play a game of musical chairs or a game where there is not enough gym equipment for all players. Discuss how the lack of chairs or equipment makes the game more difficult. Scarcity forces us to make choices or decisions.

Check out the Kansas City Fed's Financial Fables ebooks to discover how "money morals" can help students from preschool to fifth grade become money smart. http://bit.ly/11OINYK

Discuss the topic of behavioral incentives and teens. Ask students which types of incentives work best to keep teens in line: extending curfew; car privileges; more computer/video game time; increasing allowance/funds. Tell students to give reasons for their choices.

Weather conditions can create shortages. Work with a partner to make a list of hardware and department store items that might be in short supply during a snowstorm. (snow blowers, shovels, gloves, hats, etc.). Pantomime the use of each item for the class to guess.

Carl Sandburg once said, "Money is power, freedom, a cushion, the root of all evil, the sum of all blessings." Discuss how money could be explained in each of these different ways.

Read Uncle Jed's Barbershop by Margaree King Mitchell. Use the children's literature lesson to discuss starting a business at: www.stlouisfed.org/education_resources/assets/lesson_plans/UncleJedsBarbershop.pdf.

Draw a cartoon to portray one of the following label instructions found on consumer goods: hairdryer-never use while sleeping; iron-do not iron clothes on body; child's costume-cape does not enable user to fly.

Trivia: The Federal Reserve Act was signed by President Woodrow Wilson in 1913. The average annual income that year was $800.

Compare three different credit card offers. Make a chart showing the similarities and differences of each. Decide which offer is best for you and present your information tothe class.

Pick a local publicly traded company. Research the goods and services that the company produces and sells, and create a four-slide minimum PowerPoint illustrating the company and what it does.

Discuss this quote: "The strongest bank in the United States will last only as long as people have sufficient confidence in it to keep their money there." - Carter G. Woodson

Set up a classroom market where students can experience the buying and selling of goods and services by using the "Math: Paying the Price: activity from the Nifty Fifty Econ Cards website: www.federalreserveeducation.org/resources/fiftynifty

Read Saving Strawberry Farm by Deborah Hopkinson. Use the children's literature lesson from the St. Louis Fed to simulate a bank run. http://bit.ly/138xL3x

Use the Core Concepts Cards net worth calculator, available at www.federalreserveeducation.org/resources/coreconcepts/worksheets/whatsyournet, to figure your net worth. How can you increase assets or decrease liabilities to add value to your net worth?

As entrepreneurs invent new products, they often make former products obsolete, or out of date and no longer used. An example of this would be the typewriter, which is now rare because of computer word processing. This concept is called "creative destruction." Ask students to brainstorm and discuss other examples of creative destruction due to new inventions.

A class of 28 students earned popsicles. The teacher bought 2 boxes of popsicles, with 12 in each box. How many more popsicles does the teacher need to avoid a scarcity in her classroom? (4 more)

Explain the wisdom of this quote: "If you lend someone $20, and never see that person again, it was probably worth it."

Read Saturday Sancocho by Leyla Torres. Use the children's literature lesson to discuss the topic of bartering as a form of trade: www.stlouisfed.org/education_resources/assets/lesson_plans/SaturdaySancocho.pdf

Ask students to work with a partner on the following income/expenses problem: You want to convince your family to buy a new computer to replace the outdated one at home. Create a visual that gives family members ideas on how to cut monthly expenses (such as food, clothing and entertainment) in order to save income for the purchase.

Make a chart comparing the costs of a new sports car and a used compact car. Figure the expenses for each car, including loan payment, fuel and insurance. If transportation to your job is a need, which car is the better choice?

Find auto loan 36-month interest rates for a used car from three banks. Record the rates and any additional fees or conditions from each bank. Discuss which bank you would choose to finance your car loan and give reasons why.

What can happen when a person or organization doesn't face all the consequences of their actions? Learn about moral hazard and the role it played during the recent recession and financial crisis in the Kansas City Fed's Recession Lesson: Moral Hazard. http://bit.ly/11JIFss

Look at the Federal Trade Commission's website: www.ftc.gov/bcp/edu/pubs/consumer/credit/cre34.shtm to learn about the Fair Credit Reporting Act. Discuss why consumers should order a copy of their credit report yearly.

Visit a local bank or credit union and ask for some deposit slips. Use addition and subtraction and place value to practice filling out the slips

Read Ten Mile Day by Mary Ann Fraser. Use the children's literature lesson to discuss the role of production in the development of the transcontinental railroad: www.stlouisfed.org/education_resources/assets/lesson_plans/TenMileDay.pdf

Use the lesson plan and role play for "Payment Parliament" to teach students about the many ways we pay for goods and services: www.kansascityfed.org/publicat/education/teachingresources/Payment%20Parliament.pdf.

Learn about online banking by becoming a quiz show participant in the Kansas City Fed's role play To Pay the Price. http://bit.ly/ZT730u

Read Meet Kit: An American Girl by Valerie Tripp. Use the children's literature lesson from the St. Louis Fed to role play the effect that unemployment and reduced spending can have onpeople's lives during a recession. http://bit.ly/12Bxppn

Research the World Trade Organization (WTO) at: www.wto.org/english/thewto_e/whatis_e/whatis_e.htm. What is the goal of the WTO? List three benefits of the WTO trading system.

Design a trophy celebrating an important export from your state and explain your choice and reasoning with the class.

Research President Obama's 2009 total income by going to: www.whitehouse.gov. ($5,505,409) What is his yearly presidential salary? ($400,000) From what sources did he earn most of his additional income? (sales of his books and winning the Nobel Peace Prize.)

Look up the current national budget deficit at www.brillig.com/debt_clock. Consider methods to reduce the deficit, and write a letter to Congress with recommendations.

Discuss fixed budget expenses (costs that remain the same) and variable expenses (costs that change). Write and perform a skit about college students living on campus who deal with these expenses.

Explore myths and realities about the Fed using primary source materials in the Atlanta Fed's lesson Myths, Tall Tales, and Urban Legends: A Lesson on the Facts Behind the Fed. http://bit.ly/YeYn1k

Professionals like lawyers and accountants may trade services, such as an accountant preparing a lawyer's taxes and a lawyer handling a legal matter from the accountant. Write a short news article about the costs and benefits of trading services.

Create a consumer profile, such as a 20-year-old college athlete, and make a collage of products or services using newspaper, magazine ads and/or computer-generated images that would appeal to that type of consumer.

Use the lesson "M&M Interesting," found at http://ecedweb.unomaha.edu/lessons/M&M6-8.pdf# to learn about the advantages of compound interest. Discuss why it is important to start a savings account while you are young.

Explain the benefits as well as the costs (monetary and nonmonetary) of owning a pet. Draw a picture of three pets, listing one cost and one benefit for each.

Write a short essay explaining the reasoning for tariffs on imports to the United States.

Ask students to keep a financial journal, writing down what they spendand save for 30 days. They should keep track of the amount they spendin one column and the amount they save in another column. At the endof the 30 days, ask them to total the amounts of each column and figurethe percentage of money they spent and the percentage they saved.

The Federal Deposit Insurance Corporation, or FDIC, insures bank accounts up to $250,000 per account holder. What part of $1,000,000 is $250,000? (answer: one fourth or 25%)

Discuss that not all organizations are required to pay taxes to the government. These include schools, churches and not-for-profit groups, such as scouts, animal protection agencies and charities. Ask the class for reasons why these organizations are tax-exempt and whether they think this is fair to everyone else. Have students write a letter to the school newspaper explaining their opinion.

You have saved enough money to buy your first computer! Which is the better buy: a laptop for $599, a case for $29, and a mouse for $19; or a desktop monitor for $149, a computer tower for $469, and a keyboard with mouse for $39? (laptop package=$647; desktop package=$657)

Create a map of the Federal Reserve System following the directions from the St. Louis Fed's 25 Cents Worth of History. Locate your state and outline it in your favorite color. Which Federal Reserve Bank is closest to where you live? http:/bit.ly/103kPqV

Your school had a pancake breakfast to raise funds for the sports teams. Expenses included paying for food and set-up costs, which were $949. The number of dinners sold was 275 at $6.00 each. What was the total income from the event? What was the profit after expenses? ($1650; $701)

The interest on your savings account has increased from 1% to 2.5%. How much interest would your $100 deposit earn in a year (without compounding) at each percentage? ($1; $2.50) Explain how receiving interest can be an incentive to save.

Introduce the definitions for save and spend. Describe short-term savings goals as items students want that will require saving for several months. Ask students to choose an item as a savings goal, estimate the cost of the item and figure the amount they would have to save weekly to reach their goal. Have students share their goals and savings plans with the class.

What does a camel have to do with bank supervision and regulation? Find out by reserving the Kansas City Fed's Fed Detective traveling trunk for elementary and middle schoolclassrooms. http://bit.ly/14E67M2

Divide students into two teams. Hold up pictures of natural, human and capital resources and take turns asking teams to identify the type of resource each is. Teams score points for correct answers.

Introduce the concepts of shortage and surplus. Give the example of a popular new toy on sale before the holidays as a possible shortage situation and a less popular toy as a possible surplus. After brainstorming other shortage/surplus situations, have students write a short story titled "Standing in line to buy..."

Choose a product and research the price of that product during a 10-year period. Graph the changes over time and discuss possible reasons for those changes, such as the increasing priceof materials, a better quality product, inflation, etc.

Use the role play There's No Business Like Bank Business toexplore the benefits of saving money in a bank:www.kansascityfed.org/publicat/education/teachingresources/Bank_Business_script.pdf.

How can pocket money make someone a millionaire? Use anonline compound interest calculator to see how a small monthlyinvestment can grow over time by compounding. Write a plan toreach a financial goal using compound interest.

Working in groups, use restaurant menus to pick something to order and then calculate the sales tax on the order. Report the cost with tax and figure the tip using the tax rate as a guide.

Explore bank supervision and regulation by watching Chapter 6 of the Philadelphia Fed's video The Federal Reserve and You. Write three key facts about each of the video segments: Supervision and Regulation History, the Role of Congress, and Bank Examinations.http://bit.ly/11dWBdQ

The following statements are common descriptions of credit. Discuss each example and use one as a topic for a creative story.Credit is your reputation for financial responsibility.Credit is the time allowed for payment for something sold on trust.Credit is a source of revenue for financial institutions.Credit is NOT more money; it is "tomorrow's" money.

Introduce the three types of resources, giving examples of each:Natural - gifts of nature used to make goods and services;Human - workers who make goods and provide services;Capital - goods made and used to provide other goods and services.Hand out magazines and have students find pictures of each type of resource. Use images to create a class resource poster with three columns labeled for the different resource types.

Most states have created 529 plans to assist parents in saving for their children's future education. Have students research plans for the states in their region, including regulators, fees and internet options. Make a chart comparing neighboring states' 529 plans to your home state.

Create a skit in small groups about possible financial situations at age 65 (i.e., no savings vs. wealthy investor). Discuss possible actions that can lead to financial security in retirement.

Write a haiku on the importance of paying yourself first.

Introduce the concepts of supply and demand. Give students play money and set out items for sale such as pencils, erasers and stickers. Set some prices low to encourage sales and others higher to discourage buyers. Let students shop, and then discuss the demand for the products at various prices.

Why does it matter that the recent recession coincided with a financial crisis? Research from the Kansas City Fed that examined banking crises in Spain, Norway, Finland, Sweden andJapan found that when a recession is combined with a financial crisis unemployment increases are unusually severe and persistent. http://bit.ly/11m62Nt

Review your monthly family budget to determine how much your family spends on wants vs. needs. Discuss how your family might reduce the dollar amount of wants over the next few months. Report your budget-saving measures to the class.

Look at a map of the Federal Reserve System. Discuss reasons why there are more Federal Reserve Banks on the East Coast than the West Coast. Find a map at http://1.usa.gov/11CECzE

Gas prices are $3.29 a gallon and then increase to $3.69 a gallon due to a shortage. How much would 18 gallons of gas cost at each price? ($59.22; $66.42) How much would you save if you purchased gas at the lower price? ($7.20)

Read Little House in the Big Woods by Laura Ingalls Wilder to learn about factors of production, which can lead to economic growth. Draw a flow chart that shows the inputs (productive resources) necessary to create chocolate chip cookies (outputs). http://bit.ly/120lmuN

Read The Panic of 1907 by the Boston Fed. Write a skit titled "We Survived the Bank Panic," describing the thoughts and emotions that people may feel as they wait in line to withdraw money before their bank closes for business. http://bit.ly/1840vMy

Discuss the growing threat of identity theft. Ask students to write tips for consumers to follow in keeping their identity safe. (Example: Memorize your Social Security number so you won't need to carry your card with you.)

Research the characteristics of a savings account, certificate ofdeposit, money market account and savings bond. Using the scenarioof a short-term savings goal, decide which one would be the bestplace for your money and explain your reasoning.

Write and perform a skit that tells the story of how banking may have begun. Read the Boston Fed's Banking Basics for one description of the world's first lenders as a reference.http://bit.ly/11ksT7e

Brainstorm the qualities that create credit worthiness. Assume the role of loan officers and review the credit histories of several fictitious individual who are requesting a loan. Decide to approve or reject the requests and provide rationale.

Ask students to choose a class business that might be successful in their school, such as a craft, food or entertainment business. Create a business plan, including the following: resources needed, production process, product display, advertising, pricing and labor schedule. Present the plan to your principal for approval.

Ask students to make a list of items that they would like to purchase in six months, including the estimated cost. Ask them to select on item and divide the cost by 6 for a monthly amount to save. Have them divide the monthly amount by 4 for a weekly savings amount. Ask if it would be a realistic weekly savings goal. If not, what would they do to make this a goal they could reach?

Introduce the stock market as a market in which the public buys and sells stock, or shares of ownership in companies. Brainstorm companies that students are familiar with (such as McDonalds, Nike, Toys R Us, etc.) and ask students to nominate the five best choices for stock purchases. Discuss the reasons for their picks.

Wants and needs may vary depending on culture. Research wants and needs around the world and compare and contrast them with your own community.

Read Supermarket by Kathleen Krull. Use the children's literature lesson to discuss how technology has changed markets: www.stlouisfed.org/education_resources/assets/lesson_plans/supermarket.pdf

Read Earth Day-Hooray! by Stuart Murphy. Use the children's literature lesson to discuss the topic of incentives in the story: www.stlouisfed.org/education_resources/assets/lesson_plans/EarthDayHooray.pdf

Draw a picture showing how a scarcity of natural resources can affect your daily life.

Introduce taxes by asking what happens on April 15. Discuss that one of the purposes of income taxes is to pay for public goods (such as parks and roads) and public services (such as police, fire and military workers). Ask students to imagine what would happen if the government didn't use tax money to provide these goods and services. Have them draw a picture of a situation where a lack of public goods or services caused a problem.

Brainstorm types of financial emergencies (car break-downs, medical problems, home repairs, etc.). Discuss why it is important to have an emergency fund for unexpected expenses.

Introduce the topic of credit and discuss the responsibilities of credit use. Discuss the rule of thumb that credit should not be used for purchase of basic needs (such as groceries, utilities and rent). Make two lists of goods and services. Include items that are good purchases to make with credit on one list, and on the other list detail items you do NOT want to purchase using credit.

Read So Few of Me by Peter Reynolds. Use the children's literature lesson to discuss the topic of opportunity cost in the story: www.stlouisfed.org/education_resources/assets/lesson_plans/SoFewOfMe.pdf.

Why is money deducted from your paycheck and where does it go? Learn how to read a paystub, discuss different methods for receiving wages, and discover ways to get more from your paycheck with the Kansas City Fed's Putting Your Paycheck to Work resources. http://bit.ly/17nFIa0

Discuss the difference between fact and opinion statements used to market a product. Hand out advertisements from magazines that contain both types of statements and ask students to identify the facts and opinions given. How can an awareness of these statements help consumers make wise choices?

Stores often have a surplus of holiday candy after Halloween and Valentine's Day. What methods do store managers use to quickly sell their surplus? (half-price sales; special display) Describe three new and creative ways to reduce this surplus.

Use the limerick below to introduce surpluses and shortages. Ask students to make up their own poem about surpluses and shortages to share. There once was a price just too high,So that no one would bother to buy.On the shelf the stuff sat,Gathered dust like a floor mat.A surplus needs a lower price-that's why! And then there was a price oh so low,That folks stood in a long line, oh no!But the shelves were soon bare,Those still waiting sure cared.A higher price would have solvedtheir shortage woes.

Make a list of incentives that would persuade you to complete the task of cleaning your bedroom from top to bottom. Which of these incentives would your parents agree to?

Compare the unit price, or cost per item, of products. To find unit price, divide the price by the number of pieces, ounces or pounds. What would be the unit price for a 20 pound bag of dog food priced at $15? ($.75 per pound)

Learn more about the importance of credit score by watching "The Drawing Board: your Credit Score" http://www.youtube.com/watch?v=DWa34pB3pQA&feature=player_embedded.

Learn about and compare different payment methods in the Kansas City Fed's role play Payment Parliament. http://bit.ly/196JUbk

Discuss the use of income to purchase holiday gifts and ask students to make a list of five items they'd like to buy for friends, including the price of each gift. Looking at the total amount they'll need, will they earn enough income to make purchases? How might they earn more money to complete their shopping?

Trivia: U.S. household and nonprofit organizations' liabilities, which include mortgages, consumer credit, loans and securities, totaled almost $14 billion in 2010.

Through a story and activities, Piggy Bank Primer introduces students to economic concepts such as saving and budgeting: http://www.stlouisfed.org/education_resources/assets/lesson_plans/piggy_bank_primer/StudentSavingBudgeting.pdf.

Introduce the first two principles: People choose and people's choices involve costs. Explain that opportunity cost is a person's second-best choice that is given up when the first choice is made. Ask students to give examples of choices they make during a school day, such as lunch and recess options, and name the cost and benefits of each choice.

Play "Another Action Hero" in Show Business: The Economic$ of Entertainment at www.bos.frb.org/entertainment/index.htm to learn what the film industry can teach about international trade and globalization.

Look carefully at a picture of a $10 bill. Identify the following features that make the bill legal currency: denomination amount; presidential portrait; serial numbers; Federal Reserve and Treasury seals; important signature. Ask students to look for additional features and discuss.

Write an essay on the topic of rebates as incentives for consumers when they purchase goods and services, such as electronics, cars, etc. Do you think rebates motivate people to spend more? Why or why not?

Ask students to compose a story about becoming an entrepreneur, including the name and type of their new business and a description of the capital and human resources they'd need.

Create an invention or innovation that would make life easier. Name and describe your invention. What price would you sell it for? What would your income be if you sold 100? 250? 500?

Use Lesson 2: "W Is for Wages, W4 and W2" at www.stlouisfed.org/education_resources/assets/lesson_plans/paycheck/IYP_lesson2.pdf to learn about gross pay, net pay and the different deductions that are taken from paychecks.

You have opened a new video game store and hired five full-time employees. If starting salaries are $8.50 an hour and all employees work a 40-hour week, how much should you budget for employee salaries weekly? ($1,700)

Use the "Creative Story Starter-Enterprising Entrepreneur" activity from the Fifty Nifty website: www.federalreserveeducation.org/resources/fiftynifty to have students write about a new product or business they would create.

Display items manufactured by different countries, such as electronics, food products and clothing. Ask students to list the manufacturing country of each good. Have them locate these countries on a large blank world map, using one dot per manufactured good. Discuss reasons why some countries may have more dots than others.

Watch the Economic Lowdown video on supply at: http://www.stlouisfed.org/education_resources/economic-lowdown-video-companion-series/episode-1-supply/. Draw and explain the basic supply curve shown in the video. Howcan this curve change based on market conditions?

Consumer trivia: What is phishing? (a scam where internet fraudsters send spam or pop-up messages to lure personal information from unsuspecting victims.) Why should consumers be aware of this scam?

Read Scraps of Time 1960s: Abby Takes a Stand by Patricia C. McKissak. Use the children's literature lesson to learn about how taxes fund transfer programs such as Head Start and Medicaid: www.stlouisfed.org/education_resources/assets/lesson_plans/Scraps_of_time.pdf

Read Isabel's Car Wash by Sheila Bair and Judy Stead. Discuss how Isabel started her car wash with help from investors, who became part owners with her. Did the car wash earn a profit or show a loss in the story?

The Bureau of Engraving and Printing produces currency daily to avoid a scarcity of money. How many bills are produced in a day? A) 3,500 B) 350,000 C) 3.5 million D) 35 million Answer: (D)

How does the following quote relate to today's rate of savings? "In the old days, a man who saved money was a miser; nowadays, he's a wonder." - Author unknown

Visit the Federal Reserve Board of Governor's website to find tips for improving your credit score. Make a poster to share this information with your classmates. http://1.usa.gov/140Qjnb

Why is there a lag time between the beginning of a recessionary period and when it is officially declared a recession? Answer this discussion question and more with the Kansas City Fed's Teaching Tips: Recessions 101. http://bit.ly/11ML6M3

Many supermarkets have non-food services such as floral departments, pharmacies, banks, dry cleaning and DVD rentals. Why do you think supermarkets offer these additional services?

Using the Chicago Board of Trade (www.cmegroup.com), follow the prices of basic commodities used in producing food, such as corn, wheat and meat products. Report results at the end of the month and make a prediction on food prices for the next month.

Play the online game Pursuit: On the Trail of Economic Growth from the Boston Fed with a small group or individually. This game traces the economic growth of New England throughout history. What events shaped the growth of this area? http://bit.ly/190VJ2L

Discuss this quote: "Entrepreneurs and their small enterprises are responsible for almost all the economic growth in the United States." Ronald Reagan

Read Something from Nothing by Phoebe Gilman. Use the children's literature lesson to discuss the topic of opportunity cost in the story: www.stlouisfed.org/education_resources/assets/lesson_plans/SomethingNothing.pdf

List all the concepts from this planner on the board and number them. Number the sections of a beach ball similarly. Toss the ball to the class. Whoever catches it should explain the concept with the number closest to their right thumb. Repeat.

Visit the National Archives website to learn about the Homestead Act of 1862, which offered free land in the west to anyone over 21 if they agreed to farm it. Create a skit about the act and its effects on economic growth during that time. http://1.usa.gov/13v9G5v

Research your Federal Reserve Bank or Branch Board of Directors members, including the industries and states they represent. Write a short essay explaining why each board member's input is important to understanding the regional economy.

Use lesson 2, "W is for Wages, W4 and W2," from It's Your Paycheck personal finance curriculum to learn what deductions are taken from weekly/monthly income. Discuss why these deductions are necessary for the government and the individual. www.stlouisfed.org/education_resources/assets/lesson_plans/paycheck/IYP_lesson2.pdf

Introduce the concepts of imports and exports. Learn the top three imports and exports of your state by visiting: www.census.gov/foreigntrade/statistics/state/data/index.html. Discuss possible reasons why these resources made the top of the list. Choose a neighboring state and do the same research. Create two Venn diagrams comparing both states' imports and exports.

Discuss the fable of the Grasshopper and the Ant and its "saving for the future" moral. Rewrite the fable using human characters to make the spending and savings decisions.

What does money mean to you? Purchasing power? Security? Freedom? Brainstorm ideas and then create a collage showing what money can represent.

Discuss what economists mean when they say, "There is no such thing as a free lunch." How does this quotation relate to costs and benefits?

Research three universities you may want to attend. Evaluate each one using a decision grid with these criteria: size, location, fields of study and tuition cost.

Change the lyrics of a popular song so that they now convince someone to keep their liabilities low for better financial health.

Discuss that many economic scenarios can cause either a shortage or surplus of used cars. Ask students to brainstorm situations where a used car shortage might develop and where a used car surplus might develop. If you were a used car dealer, what would you do to avoid a large surplus or shortage?

Your credit report is like a report card. It is used to calculate your credit score. You can receive one free credit report every twelve months from each of the nationwide credit bureaus-Equifax, Experian, and Transunion-by visiting www.annualcreditreport.com.

Visit www.bos.frb.org/entertainment to play the online game Show Business: The Economics of Entertainment and learn about economics in the entertainment industry.

Discuss the resources used in the production of chocolate (cocoa beans, sugar, milk) and the producers of each resource. Ask students to choose any product, make a list of resources used in its production, and count the number of producers involved in the process. Can anyone find a product that has more than five producers?

The start-up costs for your lemonade business includes $1.99 for the mix and $2.50 for the cups. If you sell each cup for $.60, how many cups do you need to sell to make a profit? (At least 8 cups.)

Discuss how this quote relates to entrepreneurship: "Wanting something is not enough. You must hunger for it. Your motivation must be absolutely compelling in order to overcome the obstacles that will invariably come your way." - Les Brown

Use actual coins to show that quarters are 1/4 of a dollar, dimes are 1/10 of a dollar, nickels are 1/20, and pennies are 1/100. Use coins to add fractions to see if you have enough money to pay for sample small items.

Discuss the meaning of this quote: "An opportunity cost is an opportunity lost."

Introduce the first three principles, discussing incentives as things that influence the behavior of people. Discuss the concepts of opportunity cost and monetary cost. Provide the following scenario: You are trying to decide whether to start college right after graduation or wait and work for a year before enrolling. Create a table listing the opportunity costs and monetary costs, as well as the benefits of both choices. Make your final decision and explain your reasoning.

Use the Kansas City Fed's Teaching Tips: Is Your Bank Account Safe? to learn what happens when a bank fails and how the FDIC steps in following a bank's closing. Make a brochure that explains why money is well-protected in U.S. banks. http://kansascityfed.org/education/foreducators/high-school/teaching-tips/is-your-bank-safe.cfm

Watch the Economic Lowdown video on demand at: www.stlouisfed.org/education_resources/podcasts/economic_lowdown_video_2.cfm. Take notes on the six ways demand can change, giving an example for each. Create and present a skit showing the effects of supply and demand on the purchase of the newest cell phone, tablet or electronic device.

Brainstorm a class list of typical weekly expenses and add the estimated costs. Find ways to cut expenses and add the new estimated costs. Subtract the new total from the original one to discover how much money can now be saved.

"You Can't Always Get What You Want" by the Rolling Stones is a classic rock song that refers to wants and needs. Brainstorm a class list of other songs on the topic of wants and needs.

If a company produced 10 items at $7 per item and sold all 10 at $8.50 each, what is the profit for the producer? (10 x $1.50 = $15)

Write and perform a skit showing the impact of incentives on changing poor cafeteria behavior.

Use magazine pictures to create a collage of future wants. Develop a budget that includes long term savings goals to purchase these items within the next five to 10 years.

How will paying for goods and services change in the future? Invent and illustrate a new method of payment for the year 2025. Label invention parts and write a brief explanation telling how to use your payment method.

Develop a budget for a classic picnic. Use grocery ads to plan a meal for 20 students that includes an entrêe, two sides and a dessert, for $50 or less

Introduce the concepts of profit and loss. Organize a classroom business selling a food or craft product. Have students figure the cost of materials (expenses); create the products; and decide on a selling price (income) to make a profit. Invite another class to view and buy the products using fake money. After the sale, have students figure the class profit/loss based onthis formula: total income - total expenses = profit.

Develop a chart listing 10 tips that will help the environment through protecting natural resources. (Example: Pick up litter along trails and waterways.)

Ask students to design the "Market of the Future" by drawing a blueprint of their dream store. Have them include basic food departments and cashier areas, and then add original areas to make their market unique.

When you deposit a $5 bill in the bank, will you ever see that exact $5 bill again? Draw a comic strip that shows what happens to the bill that you deposit.

Think you have what it takes to steer our country's central bank? Play the Chair the Fed game from the San Francisco Fed to try your hand at monetary policy. http://sffed-education.org/chairthefed/default.html