Grade 6-8, 9-12
,
Activity
What Was a Dollar Worth?
Objective
Students will be able to:
- Determine how inflation changes the value of money over time.
Standard
National Standards in Economics
Money and Inflation
Standard: 11
- Students will understand that: Money makes it easier to trade, borrow, save, invest, and compare the value of goods and services. The amount of money in the economy affects the overall price level. Inflation is an increase in the overall price level that reduces the value of money.
- Students will be able to use this knowledge to: Explain how their lives would be more difficult in a world with no money, or in a world where money sharply lost its value.
National Standards in Financial Literacy
Managing Credit
Standard: 5
- Students will understand that: Credit allows people to purchase and enjoy goods and services today, while agreeing to pay for them in the future, usually with interest. There are many choices for borrowing money, and lenders charge higher interest and fees for riskier loans or riskier borrowers. Lenders evaluate creditworthiness of a borrower based on the type of credit, past credit history, and expected ability to repay the loan in the future. Credit reports compile information on a person’s credit history, and lenders use credit scores to assess a potential borrower’s creditworthiness. A low credit score can result in a lender denying credit to someone they perceive as having a low level of creditworthiness. Common types of credit include credit cards, auto loans, home mortgage loans, and student loans. The cost of post-secondary education can be financed through a combination of grants, scholarships, work-study, savings, and federal or private student loans.
Concepts
In this personal finance activity, students will examine changes in the value of money over time.
Resources
Procedure
This is an individual activity where students examine changes in the value of a dollar over a period of time. Students will complete the activity in one of the following formats: Quizizz Activity, What Was $100 Worth Worksheet, or the ReadyAssessments Activity. Use the What Was $100 Worth Answer Key to facilitate student work in real time. To complete this activity, students should follow the directions below:
- Go to the website What Was $100 Worth in the Decade You Were Born. Read the article.
- Use the information in the article to answer the questions in one of these formats: Quizizz Activity, What Was $100 Worth Worksheet, or ReadyAssessments Activity.