Before you watch this Tampa Bay Times NIE video, consider the title. What do they mean by: Robots eat millions of manufacturing jobs? What does this article mean in terms of your future career planning? What would you do in the future if you lost your job due to new technology? What should current workers do if new technology evolves?
SS.8.FL.1.3 Explain that getting more education and learning new job skills can increase a person’s human capital and productivity. SS.912.FL.1.5 Discuss reasons why changes in economic conditions or the labor market can cause changes in a worker’s income or may cause unemployment. In general, people with less education and fewer job skills tend to earn lower wages that people with more education and greater job skills. However, this is not always true. Consider this Tampa Bay Times NIE video about the racial wage gap.
Why might changes in economic conditions or policies cause changes in income? Consider the link between Civics and Economics. The wage gap was lower in 1979 than it is now! Have laws changed? What about overall income inequality? What changes in laws and taxes can lead to increasing income gaps? Consider labor unions. Have unions grown or decreased since the late 1970's? How could this impact changes? SS.8.FL.1.4 Examine the fact that people with less education and fewer job skills tend to earn lower incomes than people with more education and greater job skills. SS.912.FL.1.5 Discuss reasons why changes in economic conditions or the labor market can cause changes in a worker’s income or may cause unemployment. Did you know that Katy Perry has a shoe line? I bet even Cinderella had her own line of fancy shoes! Read this article to find out about Katy Perry's line of shoes.
How does this article impact your decision to buy from Katy Perry's line? How do the images influence your decisions about shoe purchases? Now conduct more research online about Katy Perry and her shoe line. What do you read that influences your choice to buy or not to buy?
Extensions: 1) What type of shoes would Cinderella carry in her shop? 2) What shoes would your favorite sports figure carry in his shop? SS.8.FL.2.1 Explain why when deciding what to buy, consumers may choose to gather information from a variety of sources. Describe how the quality and usefulness of information provided by sources can vary greatly from source to source. Explain that, while many sources provide valuable information, other sources provide information that is deliberately misleading. SS.912.FL.2.1 Compare consumer decisions as they are influenced by the price of a good or service, the price of alternatives, and the consumer’s income as well as his or her preferences. Beware of shady investors. Like the Wolf of Wall Street, you can't always tell when an investor is involved in shady deals. And they don't always wear sunglasses, like the Tampa "genius" with luxury tastes who was charged in an investment scheme. Check out the Tampa Bay Times article to consider what the standards don't teach, the most important investment rule of all: If it seems too-good-to-be-true, it is too-good-to-be-true.Discuss the concept of "risk" and how investments with greater risk often have a lower market price but the possibility of a higher rate of return. However, this rate is not guaranteed. Tell students that as they read, search for some of the red flags or too-good-to-be-true signs that they should consider as future consumers of investment opportunities. Then, think of a tweet you would send if you were warning others about shady investors.
SS.8.FL.5.5 Explain that the rate of return earned from investments will vary according to the amount of risk and, in general, a trade-off exists between the security of an investment and its expected rate of return. SS.912.FL.5.4 Explain that an investment with greater risk than another investment will commonly have a lower market price, and therefore a higher rate of return, than the other investment. SS.912.FL.5.6 Describe how diversifying investments in different types of financial assets can lower investment risk. Check out this video by the Tampa Bay Times about the chemicals in fast food wrappers. According to a new study, synthetic chemicals associated with high cholesterol, low birth weight, cancer and other health risks have been found in some fast food wrappers. When consumers make decisions to buy goods, they should gather information and consider various aspects of the product. For example, what are some of the risks of eating too much fast food? How does the information in the video about the chemicals in fast food wrappers affect your decision-making process? What are the health benefits or costs of your current food choices? What do you care more about in choosing what you eat - taste or your health? How does advertising influence what you decide to eat? Should you believe advertisements? Why would some sources be deliberately misleading?
SS.8.FL.2.1 Explain why when deciding what to buy, consumers may choose to gather information from a variety of sources. Describe how the quality and usefulness of information provided by sources can vary greatly from source to source. Explain that, while many sources provide valuable information, other sources provide information that is deliberately misleading. SS.912.FL.2.3 Discuss that when buying a good, consumers may consider various aspects of the product including the product’s features. Explain why for goods that last for a longer period of time, the consumer should consider the product’s durability and maintenance costs. To give or not to give - that is the question you should ask before you donate to one of these charities listed in this series of special reports on the Worst Charities in America. It is important to research charities before you contribute. Did you know that Americans have given almost one billion dollars to some of the charities on the "worst" list, which give almost nothing to the needy? However, there are many worthwhile legitimate charities that need help. Consumer education and research is essential! Tell students to conduct research on 3-5 charities they think are legitimate. Compare and contrast the different charities. Evaluate the costs and benefits of the different choices. Which charity do you think is the best choice? Why?
SS.8.FL.1.2 Identify the many decisions people must make over a lifetime about their education, jobs, and careers that affect their incomes and job opportunities. SS.912.FL.1.3 Evaluate ways people can make more informed education, job, or career decisions by evaluating the benefits and costs of different choices. Did you know that identity theft related tax fraud is the top tax-related scam in the country? Check out this article in the Tampa Bay Times to learn more about how people can protect themselves. How do you think identity thieves obtained the information? What are the potential consequences of identity theft for the victim? How can a person reduce the risk of identity theft?
SS.8.FL.6.7 Evaluate social networking sites and other online activity from the perspective of making individuals vulnerable to harm caused by identity theft or misuse of their personal information. SS.912.FL.6.9 Explain that loss of assets, wealth, and future opportunities can occur if an individual’s personal information is obtained by others through identity theft and then used fraudulently, and that by managing their personal information and choosing the environment in which it is revealed, individuals can accept, reduce, and insure against the risk of loss due to identity theft. Check out this NIE political cartoon about fake news. Consider this Business Insider article on the financial impact of fake news. Consider this Forbes article about how in 2013, after an Associated Press (AP) tweet about an explosion that injured President Obama, $130 billion in stock value was erased in minutes. AP said its Twitter account was hacked. In this case, stock prices recovered in a relatively short period of time. However, news traveling fast on social media can have serious consequences.
It's always important to check sources before posting. That's exactly what the online financial news source Benzinga did when they received a press release alleging that McDonald's was planning to make an informal bid to buy all outstanding shares of Chipotle. Before posting, Benzinga checked with two reliable sources who disputed the claim, so they didn't post it. Imagine the potential impact on financial markets if they would have posted before checking with reliable sources! Use the blank cartoon (based on the one above) to write your own caption explaining the black financial hole that could be a result of fake news Finding a place to live isn't easy, especially when people have debts or fall on hard financial times. Read this article in the Tampa Bay Times about struggling residents who had to leave the modest place they called home. As you read the article, discuss some of the ways in which government assistance can help some of the people who are injured or can't find work. How have unplanned expenses like auto repairs or changes in income due to job losses affected the ways in which people find a place to live? What advice would you give to some of these individuals? Conduct some research and find out where they can go to get assistance in finding a new place to live.
SS.8.FL.1.8 Discuss the fact that some people receive income support from government because they have low incomes or qualify in other ways for government assistance. SS.8.FL.2.5 Discuss the fact that people may revise their budget based on unplanned expenses and changes in income. SS.912.FL.2.5 Discuss ways people incur costs and realize benefits when searching for information related to their purchases of goods and services and describe how the amount of information people should gather depends on the benefits and costs of the information. According to the Consumer Financial Protection Bureau, a payday loan is a short term loan that is usually due on your next payday. Generally payday loans are for $500 or less and the cost of the loan ranges from $10 to $30 for every $100 borrowed. Typically, a two-week payday loan with $15 per every $100 fee equals an annual percentage rate (APR) of 400%. This is huge compared to the APR on a credit card that can range from 12 to 30 percent. There are laws to protect individuals. For example check out this article in the Tampa Bay Times about stronger payday loan rules to protect borrowers. Why are these rules or laws necessary? This article in the Tampa Bay Times discusses the need for more restrictions on payday loans. What do you think?
SS.8.FL.4.4 Explain that lenders charge different interest rates based on the risk of nonpayment by borrowers. Describe why the higher the risk of nonpayment, the higher the interest rate charged by financial institutions, and the lower the risk of nonpayment, the lower the interest rate charged. SS.912.FL.4.1 Discuss ways that consumers can compare the cost of credit by using the annual percentage rate (APR), initial fees charged, and fees charged for late payment or missed payments.
Are you like the 21 Pilots, stressed out thinking about the possibilities of student loans? People vary in their willingness to get more education because these decisions involve immediate costs in order to obtain future possible benefits. Student loans allow people to go to school or training now and pay in the future, when they have jobs. Student loans are good and bad. On one hand, they allow you to go to school now and pay later. However, on the other hand, you have to pay later! That is why it is essential to plan before you take out a loan. Read this opinion column from the Tampa Bay Times on responsible solutions to repaying student loans. What are some of the recommendations? What do you think? The investment in education and training usually has a good return on investment (ROI), except when you don't plan. You can use the loan calculator tool that helps you figure out how much annual income you will need to make to repay loans without suffering hardship.
SS.8.FL.1.5 Examine the fact that investment in education and training generally has a positive rate of return in terms of the income that people earn over a lifetime, with some education or training having a higher rate of return than others. SS.912.FL.1.2 Explain that people vary in their willingness to obtain more education or training because these decisions involve incurring immediate costs to obtain possible future benefits. Describe how discounting the future benefits of education and training may lead some people to pass up potentially high rates of return that more education and training may offer. Read this Tampa Bay Times article to discover some of the problems you can encounter with store credit cards. Discuss the cases from the article. People should always examine their credit card statements to make sure there aren't additional charges for things they didn't buy. Also, it is necessary to check out the interest rate and other fees charged. Examine the credit card statement. In the article, they mentioned a school vice principal from Chicago who discovered a $57 delinquency on their store credit card, which they had paid. The store had reported this delinquency to three credit bureaus and that resulted in a drop to her credit score. Therefore, she had to pay a higher interest rate to buy her home. One bad thing leads to another! How could she have prevented this from escalating? When you have a credit card, it is important to read your statements and check for anything suspicious immediately! Credit Card Statement from Hands On Banking.
SS.8.FL.4.2 Identify a credit card purchase as a loan from the financial institution that issued the card. Explain that credit card interest rates tend to be higher than rates for other loans. In addition, financial institutions may charge significant fees related to a credit card and its use. SS.912.FL.4.5 Explain that lenders make credit decisions based in part on consumer payment history. Credit bureaus record borrowers’ credit and payment histories and provide that information to lenders in credit reports. Before you watch this Tampa Bay Times NIE video, consider the title. What do they mean by: Robots eat millions of manufacturing jobs? What does this article mean in terms of your future career planning? What would you do in the future if you lost your job due to new technology? What should current workers do if new technology evolves?
SS.8.FL.1.3 Explain that getting more education and learning new job skills can increase a person’s human capital and productivity. SS.912.FL.1.5 Discuss reasons why changes in economic conditions or the labor market can cause changes in a worker’s income or may cause unemployment. Why are more phone scammers calling cell phones? Did you know that scammers stole $7.4 billion from callers they fooled last year? These scammers use many techniques to take your money. For example, they might pretend they are your bank, the government or tech support from familiar companies. Watch this Tampa Bay Times NIE video, find out why more phone scammers are calling your cell phone. When scammers phone you, they try to get personal information from you. Never share your personal information with someone on the phone or on social media. Identity thieves may steal or misuse your personal information.
SS.8.FL.6.7 Evaluate social networking sites and other online activity from the perspective of making individuals vulnerable to harm caused by identity theft or misuse of their personal information. SS.912.FL.6.9 Explain that loss of assets, wealth, and future opportunities can occur if an individual’s personal information is obtained by others through identity theft and then used fraudulently, and that by managing their personal information and choosing the environment in which it is revealed, individuals can accept, reduce, and insure against the risk of loss due to identity theft. As we learned in the previous post on fake news - Why do they do it? - there are economic reasons why people create fake news. Consider this recent article about the Clearwater native who started a fake news website as a joke and got 1 million viewers within two weeks. Based on the article, do you think money was the only reason he did this? We live in an attention economy. How does attention serve as an incentive to posting fake news? Read the article and run it through an economic decision-making test by asking the following questions:
1) People make choices: What choice did he make? 2) There are costs and benefits to our decisions: What were the costs and benefits of his decision to spread fake news? As you read the article consider how he weighed the costs and benefits. 3) Incentives matter: What were his incentives to spread the news? Other than money, what other incentive did he have? 4) What were the consequences of his actions? Were they positive or negative? 5) Consider yourself in this situation. Would you stop? Why or why not?
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January 2022
CategoriesAuthorDeborah Kozdras, Ph.D. |