Tim S Turn to Learn

Tim’s Turn to Learn

1. What is Tim’s problem?

2. What is the first thing Money Mouse advises Tim to do?

3. How does spending money today affect what Tim spends tomorrow?

4. What did Money Mouse do to save money for the new Monster Mouse video game?

5. What were Tim’s biggest expenses?

6. What is the total amount Tim spent on movies and video games? Show your math.

1 Revised July 2013 7. What other things did Tim have on his list? Name the items and how much he spent.

8. What three things did Money Mouse do to spend less and save more?

9. What did Tim do to spend less and save more?

10. How much do you think Tim was able to save by doing these things? Show your math.

2 Name ______# _____

Your Weekly Budget

Weekly In Weekly Out Income Amount Expenses Amount Allowance $15.00 School Notebook $3.00 Extra Chores $3.00 Snacks $5.00 Tropical Fish $5.00

Total Expenses $13.00 +Savings $5.00 Total In Total Out $18.00

Checking Understanding – 5.E.2.1 Explain the importance of developing a basic budget for spending and saving. 5.E.2.2 Evaluate the costs and benefits of spending, borrowing and saving. Use the back of this sheet or another sheet of paper to answer the following questions in complete sentences that explain how you arrived at your answer.

1. How much is earned each week? How much is spent this week? ______How much is saved? ______

2. Assuming you get your allowance on Saturday, on what date will you have your $50? If you continue with this saving/spending pattern, how many weeks will it take to save $150? Show your work.

3. Explain how wants and needs may affect your savings plan.

4. Why is it important to develop a basic budget for spending and saving?

5. What are the ‘costs’ of using money? (spending, borrowing and saving)

3 Revised July 2013 Student Score Card

Simulation Title Money Earned Make as Much as you Want

Don’t Ask Questions, Just do What You’re Told

That’s the Way We’ve Always Done it

4 Student Group Score Card

Simulation Title Money Earned Per Group Make as Much as you Group1 Group2 Group3 Group4 Group5 Group6 Want

Don’t Ask Questions, Group1 Group2 Group3 Group4 Group5 Group6 Just do What You’re Told

That’s the Way We’ve Group1 Group2 Group3 Group4 Group5 Group6 Always Done it

5 Revised July 2013 “That’s The Way We’ve Always Done It”

Values: Your group is really concerned with the way things were done in the past. Positions of authority and jobs are handed down according to tradition. You value the past and see no need to change anything. You see no need to worry about the economic growth of your community. Basically everything in your society is determined by beliefs and customs.

Goals: To produce what your ancestors did and in the same way that they did it. You only want to follow tradition.

Situation: Other countries make necklaces, bracelets and rings, but your country only makes bracelets. That’s all. You will earn $5 for each bracelet that you make.

Directions for making bracelets: Each person must make an entire bracelet by himself. There is no specialization of labor in this country. Since resources are limited, one person gets to have all the resources (beads, ruler, string, scissors, etc.) until he is finished. Then he passes the materials to the next person to his left to begin. After each bracelet is finished, the finished product is passed around the group. Each member of the group must tell the maker how beautiful it is. (This is a tradition of this country.) The maker hands the bracelet to the quality control person (the teacher). If the procedures are followed correctly, the team earns $5.

Cut a piece of string 12 inches long. Then add 8 beads on the string in the following order (because that’s the way you’ve always done it): 3 reds, 2 yellows and 3 greens. Tie a knot at each end of the string. Then trim the knot neatly with the scissors.

6 “Don’t Ask Questions. Just Do What You’re Told”

Values: Your country has a government that is very strong and strict. This government has figured out a way to organize money-making by assigning everyone a job. The plan is meant to be a quick and efficient way to improve the standard of living for your country. It is up to your government leaders to decide what is needed for your country and how the resources will be used.

Goals: The leader of your country knows what’s best for everyone. You must take whatever job you are given, work as quickly as you can, and don’t be wasteful with your resources. If everyone works hard at his assigned job, economic growth will occur for your country.

Situation: Your leader has decided that your team will make only bracelets. Arrange yourself in alphabetical order (by your last name) around the table. The first person (by alphabetical order) will be the string cutter. The next person will be the bead sorter, then comes the bead stringer, the knot tier, and the knot trimmer. After each bracelet is finished and neatly trimmed, it is handed to the quality control person (the teacher), and the money earned is recorded. If your group makes 4 bracelets (the quota) in the allotted time, everybody in your group earns $10. If your group makes more than 4 bracelets, you still only get $10 because extra bracelets will go to the leader of your government. If your group makes less than 4 bracelets, then everybody in your group will have to work extra hours tonight to fill the quota.

Directions for Making Bracelets: Cut a piece of string 12 inches long. Then add 8 beads on the string in the following order (because that’s the way you’ve been told to do it): 2 reds, 2 yellows, 2 blues and 2 greens. Tie a knot at each end of the string. Then trim the knot neatly with the scissors.

7 Revised July 2013 “Make As Much As You Want”

Values: Your country values individual decisions. It is up to each person to make himself/herself richer than other people. Your country is interested in selling whatever will make the most money in a way that costs the least. Workers who help their companies earn lots of money get money bonuses, longer vacations and promotions.

Goals: Your group gets to decide which product it wants to make. Your group can organize however it wants, so long as it doesn’t waste time and resources and makes money fast. Profit is the key.

Situation: With the resources you have been given (beads, string, ruler, scissors, etc.) your group can create rings, necklaces or bracelets. Your group gets $10 for a necklace, $5 for a bracelet and $2 for a ring. Your group produces whatever it wants.

Directions:

It’s up to you to organize your group and choose jobs in whatever fashion you want. (You should have a string cutter, bead sorter, bead stringer, and knot tier). Requirements must be met for each of the following in order to pass quality control.

A ring must be made from a 6-inch piece of string with 4 beads in this order: 1 red, 1 yellow, 1 blue and 1 green. A bracelet must be made from a 12-inch piece of string with 8 beads on it in this order: 2 reds, 2 yellows, 2 blues and 2 greens. A necklace must be made from a 20-inch piece of string with10 beads on it in this order: 3 yellows, 3 blues, 2 greens and 2 reds.

After the beads are strung, tie a knot at each end. You may trim the knot neatly if you want. Hand your finished product to the quality control person (your teacher). Your group will get paid in full for as many products as you make correctly within the time limit.

8 Economic Systems The world has three major kinds of economic systems. An economic system is the way that people in a country decide how to use resources to produce goods and services. Economic systems have different ways of meeting people’s needs. Each economic system has different economic institutions, such as banks and governments that help people meet their basic needs. Every country has to make decisions http://natureandlifephotos.com/category/ami about how to allocate or distribute, its sh/ resources and how to produce the goods In the United States and Canada, some and services that its citizens want. Most groups also follow traditional ways of life. countries use one of three main kinds of The Inuit in Canada make a living by fishing economic systems – a traditional economy, and hunting animals. In the United States, a command economy, or a market the Amish people follow a simple way of life. economy. They do not use electricity, automobiles, or Traditional Economy modern machines. A traditional economy shows little change from earlier times. Most people do the same kinds of work as they have always Command Economy done. Economic choices are usually based In a command economy, the government on custom or habit. or some central power makes most of the Most people in a traditional economy economic choices. It controls both farms make their living by subsistence farming, or and factories. raising just enough food for themselves and People and businesses in a command their families and very little more. They are economy are not free to make their own not able to earn enough to buy better tools decisions. The government decides what to improve their way of farming. They must gods will be made and in what amounts. work mostly as they always have. The government decides how much the No country in North America has a fully workers will earn and how much the goods traditional economy. However, many people and services will cost. The government also living in mountainous area of Central tells consumers, or buyers, what and how America still follow the traditional farming much they can purchase. As a result, a ways of life of their American Indian command economy often leads to a ancestors. shortage of some goods and a surplus of other goods. Cuba has one of the world’s few remaining command economies. All major industries in Cuba are owned and run by the government.

Market Economy In a market economy, like the United States, businesses are owned and run by individuals or groups. People and

9 Revised July 2013 businesses decide which goods and services they will buy or make. They decide how they will spend their money and what kind of work they will do. This freedom of people to own and run their own business with only limited control of the government is called free enterprise. In a market economy, people base their economic choices in part on prices. They must decide if the benefit of having a good or service is equal to its price. Prices are affected by consumers’ demand for a good or service. If the demand increases, prices usually rise. If there are only a few copies of a popular video game, its price is likely to be high. If the demand decreases, prices will fall. Prices are also affected by the supply of a good or service. If businesses increase the amount of a good they produce, then prices usually fall. If businesses decrease the amount of a good they produce, then prices tend to rise.

http://www.huffingtonpost.com/2011/10/31/blackstone -bicycle-works-_n_1067048.html 1

1 Adapted from Harcourt pgs 281- 284

10 Economy Comparison Chart

Simulation Market Command Traditional

Was that country interested in making progress?

Did the workers have a choice of jobs?

Were the workers eager to make many products to sell?

Did the workers have a choice of what to produce?

Were the products of high quality?

11 Revised July 2013 Interdependence Simulation Game

Country Product To 1. Afghanistan Dried Fruit Libya

2. Libya Oil Norway

3. Norway Fish Sweden

4. Sweden Wood Germany

5. Germany Machinery France

6. France Textiles Italy

7. Italy Footwear United States

8. United States Machinery Canada

9. Canada Wheat Venezuela

10 . Venezuela Gold Brazil

11 . Brazil Coffee Djibouti

12 . Djibouti Hides Somalia

13 . Somalia Food Saudi Arabia

14 . Saudi Arabia Oil Switzerland

15 Switzerland Watches Albania

12 16 . Albania Wheat Greece

17 . Greece Tobacco Portugal

18 . Portugal Cork Britain

19 . Britain Manufactured Goods Netherlands

20 . Netherlands Chocolate Japan

21 . Japan Machinery Hong Kong

22 . Hong Kong Manufactured Goods Algeria

23 . Algeria Wine Austria

24 . Austria Iron Kuwait

25 . Kuwait Oil Australia

26 . Australia Coal Argentina

Supply and Demand Cards

13 Revised July 2013 Hurricane Strikes! Your country is at war!

Traders lose 3 goods Merchants lose 3 coins

Chrysler recalls Stock Market plummets! thousands of Jeeps Merchants lose 5 coins Traders lose 4 goods

Local scientist finds Earn interest from the cure for the common bank cold Merchants gain 7 coins Merchants gain 6 coins

Your city will host the Stock Market rises! Olympics Merchants gain 8 coins Merchants gain 7 coins

14 New toy invented Tax Free Weekend

Traders gain 8 goods Traders gain 7 goods

New production process Ford Goes Green! Car created Sales Increase

Traders gain 6 goods Traders gain 7 goods

15 Revised July 2013 Economy Project We have studied how economy works within our country and around the world. Now you will use what you know to research how this has changed over the years. Individuals or small groups will act as diplomats from a specific period in time to create a research presentation. Small groups will explore, with guiding questions, trading partners with United States during that time period, imports and exports at the time, and economic growth as well as impact of social and political decisions of the time.

Assigned Time Period ______Group Members (if working in a group) ______

Part 1 – Research Use the questions on the back of this page* to help guide your research. You will need to use both print resources as well as computer resources to locate the answers to these questions. Use the chart to record your information, as well as to cite your sources. Make sure to take detailed notes and cite ALL of your sources. If you run out of room in the chart, you may use notebook paper. This sheet will be turned in upon completion of your project.

*If your time period is a time prior to the formation of the United States, answer the questions using the colonies and/or territories that existed where the present day United States are located.

Part 2 – Project Creation/Presentation After completing your research, you will begin working on the creation of your project that will be presented to the class.

You will need to choose a presentation method using one of the options below or request permission from your teacher for an alternative that you would prefer. Your presentation should last for approximately 5 minutes, so make sure to practice with a timer prior to your final presentation to the class.

 Create a voicethread including all of the required information  Create a board maker display on Discovery Education including the required information  Create a tri-fold board display with visual aids including all of the required information

16 Your project will be scored based on the criteria listed in the rubric on the back of this page. Please be sure to use this rubric as a guide while you work on the creation of your final product. Time Period Cards

Early Colonial Exploration Settlement

American A New Nation Revolution (1776-1860)

Civil War Reconstruction

Westward Choice Expansion

ECONOMY PROJECT RUBRIC Rubric 4 3 2 1

17 Revised July 2013 Content Objectives: Student is able to Student is able to Student, with Student lacks 5.E.1.1 summarize and summarize and assistance, is able understanding of Summarize the explain the explain the to summarize and the topic and is role of impact and impact of an explain the impact unable to international connection of our economy on of an economy on adequately trade between economy on trade and growth trade and growth present the the United States trade and growth during a during a specified information to the and other during a specified specified time time period to the class. countries through time period to the period to the class, and shows Reconstruction. class class, and shows a basic 5.E.1.2 Explain synthesizing the an understanding understanding of the impact of information into of the content the content production, new throughout the throughout the specialization, understandings entire entire technology and and connections. presentation. presentation. division of labor on the economic growth of the United States.

Reading ResearchStudent is able to Student is able to Student is able to Student is unable Objective: integrate multiple read and read and to understand sources skillfully understand understand information about RI.5.9. Integrate and is able to multiple sources information with the topic. Student information from clearly on the topic in assistance. Is not able to several texts on communicate order to answer Student is able to answer the the same topic in information about research answer some of research order to write or his/her topic, questions the research questions speak about the showing an accurately. questions accurately, even subject advanced Student is able to accurately. with teacher knowledgeably. understanding of appropriately cite assistance. the material. where the information was located.

W.5.7 The writer The writer is able The writer, with The writer is Conduct short synthesizes and to build assistance, is unable to build research conveys new knowledge able to build knowledge from projects that use ideas and through knowledge research on a several sources information about investigation of through topic. to build a subject/topic. different aspects investigation of knowledge Sometimes of a topic using different aspects through incorporating several sources of a topic using investigation of essays, including little several sources

18 different aspects explanations, essays, stories, or including little of a topic. stories, how-to sections in essays, stories, procedural the writing. or how-to passages or how- sections in the to sections in the writing. writing. W.5.8 Recall The writer The writer The writer, with Student is unable relevant chooses words chooses words assistance, to recall relevant information from carefully to carefully to chooses words information from experiences or explain explain carefully to experiences or gather relevant information and information and explain gather relevant information from ideas ideas information and information from print and digital incorporating incorporating ideas print and digital sources; domain-specific specific incorporating sources; summarize or vocabulary with vocabulary with specific summarize or paraphrase explanation. explanation. vocabulary with paraphrase information in explanation. information in The writer The writer notes and notes and includes exact includes exact finished work, The writer finished work, and phrases, phrases, and provide a list includes exact provide a list of comparisons, comparisons, of sources. phrases, sources. analogies, and/or analogies, and/or comparisons, images to explain images to explain analogies, and/or information and information and images to explain concepts. concepts. information and The writer The writer concepts. provides a list of provides a list of sources. sources. The writer provides a list of sources.

Work Habits Student works Student is able to Student is off task Student is off task collaboratively work often and and needs and independently independently and sometimes needs constant to complete work. asks for help reminders in order reminders to He/she serves as when needed. to complete the complete the a role model for assignment. assignment. other students in the class.

Speaking and Listening Objectives S&L.5.4 Report on a topic or text or present an opinion, sequencing ideas logically and using appropriate facts and Not

19 Revised July 2013 relevant, descriptive details to support main ideas or Completed completed. themes; speak clearly at an understandable pace. S&L.5.5 Include multimedia components (e.g., graphics, Not sound) and visual displays in presentations when Completed completed. appropriate to enhance the development of main ideas or themes. S&L.5.6 Adapt speech to a variety of contexts and tasks, Not using formal English when appropriate to task and situation. Completed completed. Instructional Technology Essential Standards 5.SI.1 Apply 5.SI.1.1 Use 5.SI.2 Use 5.SI.3 Use reliable sources of criteria to various types of relevant sources information. determine resources to of information for appropriate gather information an assigned task. information (including print resources for and online media) specific topics and purposes.

5.IN.1 Analyze 5.IN.1.1 appropriate Differentiate strategies when strategies when reading for reading enjoyment and for informational text information. in a variety of formats (e.g., print, online, audio, etc.) to complete assigned tasks.

5.TT.1 Use 5.TT.1.1 Use a 5.TT.1.2 Use a 5.TT.1.3 Use technology tools to technology tools variety of variety of present data and information (e.g., and skills to technology tools technology tools multimedia, audio and visual recording, reinforce and to gather data and to organize data online collaboration tools, etc.). extend classroom information (e.g., and information concepts and Web-based (e.g., word activities. resources, e- processor, graphic books, online organizer, audio communication and visual tools, etc.). recording, online collaboration tools, etc.).

5.RP.1 Apply a 5.RP.1.1 research process Implement a as part of research process collaborative by collaborating research. effectively with other students.

5.SE.1 5.SE.1.1 5.SE.1.2 5.SE.1.3 Understand internet safety Understand Understand the Understand precautions (e.g., personal information,

20 issues related to guidelines for ethical behavior passwords, etc.) the safe, ethical, responsible use of (e.g., copyright, and responsible technology not plagiarizing, use of information hardware. netiquette) when and technology using resources. resources

21 Revised July 2013