Economics Intro!

Dear Parents,

Our current planner is on economics and is called Attention Shoppers. The students will be learning about forms of trade, supply and demand, and the development of a business. The first few concepts we are covering are: income, spending, and savings.

Our big project for this planner will be the Million Dollar Project.

Two concepts this project will cover are that the items they choose to buy will be their economic choice and the item they did not choose becomes their opportunity cost.

This is a very fun and interactive project that allows the family to get involved. The base idea of the project is that each student starts with $1,000,000.00 and must spend it all within $1; without spending more than one million dollars.

Students will make purchases to reach their million dollar spending limit. Once a student has purchased all their items, they must categorize what they have bought. For example: Wants, Needs, Transportation, Living, Vacation, Etc. The students are to decide upon the categories.

Within each category, the student must explain why they purchase certain things. Example: Transportation- I chose to buy a motorcycle and bike as my transportation because I want to save the environment, they are cooler, etc. Explanations for each category should explain your reasoning.

Students ARE required to buy some sort of shelter and transportation. From there… the possibilities are endless.

*The catch: Each purchase must be real.* Students cannot just say I am going to buy a car for $12,000. I must see and actual ad, newspaper clipping, online printout, etc. for EACH purchase. If you want to purchase a home, find an actual home ad or flyer to show. If you go on a vacation, I need to see plane and hotel prices, etc.

And the final layer to the cake!!! The budget and spending. Students will write a check for EVERY purchase. Next to the checks they will also keep on ongoing spending tally to better budget their current balance of money.

This project has very broad guidelines and I am interested in seeing the unique and creative ways student spend their money and explain their purchases.

The project is due on January 13^th.

We will not be working on this project in class!

Remember to manage your time wisely! And keep ORGANIZED!

Thank you for your assistance with this project!

Sincerely,

Mrs. Mackey

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http://www.spellingcity.com/lisanmcdonald/

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