Economic$| Home |
Activities
| - Supply Demand Charts (11/16/04) | -Economics Pretest (11/19/02) |
| - Lemonade Stand (11/19/02) | - Buying a House (11/20/02) |
| - Family Budget Homework(11/19/02) | - Money Lecture Notes (11/26/02) |
| - Car Buying Guide (11/24/02) | - Stock market (12/04/02) |
| - Savings Accounts (12/02/02) | - Checks (12/10/02) |
| - Trade/Import/Export (12/09/02) | - Profit Notetaking Page (12/7/04) |
| -Economic Systems (12/13/02) | -Business Failures Stories(PDF DOWNLOAD) -Competition Activities (12/9/04) |
| -Credit Cards (1/13/05) | |
Today we will be looking at Supply and Demand in the simplest of terms, by working a Lemonade Stand. This is a good way to look at this economic concept as it has very few variables(meaning things that can control the success or failure of your business). Your goal is to figure out how to manage your lemonade stand and make the most revenue you can. Use the spreadsheet I will hand out in class to keep track of your lemonade stand.
This is Mr.C's best score so far.
Follow these steps to figure out how much house you can afford
1) Get out a calculator
2) Find the collumn below that says "Mortgage Payment" and Locate a figure that is near the figure you came up with when you calculated 35% of you income.
4) You must add the Property Tax and the Homeowners Collumns each to the mortgage payment to figure the true cost of the house
For example: if you wanted to buy a house worth $130,000.
Mortgage payment = $825.35
plus property tax = $108.33
plus homeowners= $35.42
GRAND TOTAL = $969.10 - If this is less than the figure you got when you figured you 35% you could afford - CONGRATULATIONS, you can buy this house!!
5) Find a house that you can afford and that has enough room for your family.
6)Using the calculations similar to the above example, figure the cost of the home and write the check.(I will give you an example of what a correct check looks like)
Cost of Mortgage
Mortgage Payment Property Taxes Homeowners Insurance Total Cost of this house 520.87
Car Buying Guide
Transportation costs should be between 10% and 20% of your take home income. Multiply your beginning balance of your checkbook by .10 and write that number down. Then multiply your beginning balance by .20 and write that number down. Your car expense should fall between those two numbers.
Next: Find a car that you can afford. As with buying a house, there is more to the cost of transportation than the price of a car. You have to add usage fees(gas and maintenance) as well as insurance. I have added those things in to the prices below. Use the chart below to find the car you can afford.
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Money, Money, Money Notes Page
Four things you can do with money
1. Spend it
2. Save it
3. Invest it
4. Donate it
Checks - To see a display of how checks work, go to the FED 101 website.READ ALL 9 STEPS IN THE PROCESS, THEN COME BACK HERE to WRITE THE STEPS DOWN
Checks -
1)Deposit money in your checking account
2)Go to a store and write a check
3)Store brings check to their bank.
4)Their bank electronically communicates with your bank and withdraws the amount of your check from your account.
5) Their bank account is increased and yours is decreased by the amount of the check
FEDERAL RESERVE
*STARTED IN 1913
*U.S. SPLIT INTO 12 DISTRICTS
*FEDERAL RESERVE
BANKS HOLD ONTO
EXTRA CASH AND DESTROY
OLD, WORN OUT CASH
The next three things on your note page .......
Printing Money
Three ways to create income
and
Gross national product
are found in
SCROLL DOWN AND read the cartoon that will come up in
PDF format, meaning Acrobat will load and it will be read separate from Internet Explorer.
When your notepage is completed, Answer this Bonus question on your note page.
Which of these dollar bills from around the world looks the most like
our $100 bill?
