This saying is often attributed to Benjamin Franklin. But did you know, this isn't exactly what he said? In this Forbes Article you learn that in his 1737 almanac, Benjamin Franklin wrote a column called "Hints for Those That Would Be Rich." In this column, he closed with "A penny saved is two pence clear." Later, in his almanac, he wrote, "A penny saved is a penny got." Compare "a penny saved is a penny earned" and "a penny saved is a penny got" and discuss the difference. Consider this fact, Franklin, a seasoned businessman knew that a penny saved is unspent in the marketplace. Therefore it would never be equal to a penny earned in revenue!
Read this article in the Tampa Bay Times to discover the Top Companies on NASDAQ with the Highest Percentage Gain in Stock Price. Think about the stock prices. Do you think it is a good idea to buy some of these stocks? Which stocks would you choose? Why did you choose those stocks? Are they familiar names?
SS.912.FL.5.9 Examine why investors should be aware of tendencies that people have that may result in poor choices, which may include avoiding selling assets at a loss because they weigh losses more than they weigh gains and investing in financial assets with which they are familiar, such as their own employer’s stock or domestic rather than international stocks.
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.
SS.912.E.1.4 Define supply, demand, quantity supplied,and quantity demanded; graphically illustrate situations that would cause changes in each, and demonstrate how the equilibrium price of a product is determined by the interaction of supply and demand in the market place. Samsung Electronics said Friday that the discontinuation of the Galaxy Note 7 would cost the company about $3 billion during the current and next quarters, bringing the total cost of the recall to at least $5.3 billion. The Note 7 discontinuation will cost close to $1 billion during the October-December period and an additional $884 million during the January-March quarter, the company said in a statement. [Associated Press] You may have heard about the discontinuation of the phones that were catching on fire. What do you think about the company's decisions? How does this news affect your buying decisions? How does the media help protect consumers against faulty goods? How do government institutions help protect consumers against faulty goods? Read the following articles and consider the financial implications.
Consider the timeline of the company's response to the problems. Now conduct more online research. Check your sources. What do you conclude? Did they make a good decision to recall the phones? Standards
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. SS.912.FL.2.7: Examine governments establishing laws and institutions to provide consumers with information about goods or services being purchased and to protect consumers from fraud. Check out this article in the Tampa Bay Times. What does the article say about growth in personal income in Florida? Based on what you have learned about economic and financial literacy concepts, what factors do you think contribute to the growth in personal income in Florida?
Florida Standards 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. Check out this Newspaper In Education Cartoons in the Classroom lesson on health as a campaign issue. People are making big decisions for the upcoming election. How can the health of a political candidate be a problem? What are the possible consequences of political candidates sharing all of their personal information? What information should they share? What are the costs and benefits of sharing health information?
SS.912.E.2.2Use a decision-making model to analyze a public policy issue affecting the student's community that incorporates defining a problem, analyzing the potential consequences, and considering the alternatives.
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.
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 ![]() Ask the students: What are the consequences for Ireland if Apple does not pay the back taxes? Then check out the NIE Headline Geography Activity. Now read the articles and discuss why the Irish leaders are fighting against the European Union (EU) ruling that Apple must pay the back taxes to Ireland. Students prepare an answer, citing evidence, about the consequences of not paying taxes. SS.912.FL.1.6
Explain that taxes are paid to federal, state, and local governments to fund government goods and services and transfer payments from government to individuals and that the major types of taxes are income taxes, payroll (Social Security) taxes, property taxes, and sales taxes. ![]() Check out the article below from the Tampa Bay Times on how the Tampa International Airport (TIA) is investing $2.7 million dollars in new charging stations for mobile devices in the airport. Why do you think they are spending money on renovations? Why would they spend money on new mobile device charging stations? How does this capital investment impact the airport? Would you rather go to an airport where there are many charging stations or would you rather have to wait? Do you think this is a good capital investment? Why or why not? ![]()
SS.912.E.2.5 Analyze how capital investments may impact productivity and economic growth.
Check out some advice from the Deal Divas on how to haggle. In the article, they used a 3-step guide to price negotiation. What was the secret advice the Deal Divas received from their friend Zach, whose dad owned a consignment shop for years? How did they use the advice? Were they successful? 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.
Before watching the video, discuss your students' ideas about riding on a roller coaster. Is it safe? How risky is it?
After watching the video, ask you students how they feel about the riskiness of theme park rides. Do they feel the same or different? Let students know that judgment about risky events is subject to errors because after viewing the video, they may overestimate the probability of these events. This is a recency error that occurs when the most recent information is fresh in our heads. Now consider, would you be willing to pay more money to ride on roller coasters where more inspections take place? What are some of the government regulations in relation to theme park rides? How do you think they add to the price of admission? For more discussion questions check out the link on NIE Videos.
SS.912.FL.6.2 Analyze how judgment regarding risky events is subject to errors because people tend to overestimate the probability of infrequent events, often because they’ve heard of or seen a recent example.
Check out this article about the amount of police calls that come from Walmart. Police salaries are paid by taxpayers. Do you think taxpayers should pay for Walmart police calls?
SS.912.FL.1.6: Explain that taxes are paid to federal, state, and local governments to fund government goods and services and transfer payments from government to individuals and that the major types of taxes are income taxes, payroll (Social Security) taxes, property taxes, and sales taxes.
After watching the video, read what the Tampa Bay Times Newspaper in Education has to say. Now think about yourself. Are you ready for college or a career? What do you have to do to better prepare yourself? What are some decisions you might have to make if you want a good career? What types of education or training would give you a better chance? Education is a lot of work. What are the costs of working at an education? What else do you have to give up; what are the opportunity costs of obtaining training or an education? What are the monetary costs? Are there costs to your social life? What are the future benefits?
What's next for you? Check out this political cartoon from Tampa Bay Times NIE and discuss your future choices. What does this image suggest? What are some things you can do to avoid large student debt? Conduct some research and make a plan. Then create your own political cartoon about smart choices for student loans and saving for college or other post high-school training.
Florida Standards
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.
Do you spend too much time on screen? How often do you use mobile devices? Computers? Television? Watch the video below from Tampa Bay Times Newspaper in Education to take some screen time to find out how screen time might affect you!
When you make a screen time decision, what are some other things you can do? If you choose to use the screen, what is something else you give up? That is your opportunity cost of screen time.
There are different ways to use screen time. Some screen time is a more valuable use of time. How are you using your screen? Are you consuming? Or are you using the screen to creatively produce something? How might your consuming or producing behaviors have positive or negative effects on others? Create a poster or public service announcement to help younger children learn to use screen time wisely this summer. Florida Standards: SS.912.FL.2.2: Analyze situations in which when people consume goods and services, their consumption can have positive and negative effects on others.
Hint: it has something to do with lemonade. How did lemonade make Beyonce the winner of the week? Read the article and watch the trailer. What are the contributions of Beyonce to the music industry in terms of her innovative and entrepreneurial endeavors, like this visual album? What makes you want to purchase and download a particular song or album? Compare your reasons to those of the other students. What different influences were mentioned?
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SS.912.E.2.3 Research contributions of entrepreneurs, inventors, and other key individuals from various gender, social, and ethnic backgrounds in the development of the United States.
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.
After watching the video and reading the article below, what are the economic implications of the new Frozen ride and other similarly themed goods and services?
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SS.912.E.1.4 Define supply, demand, quantity supplied,and quantity demanded; graphically illustrate situations that would cause changes in each, and demonstrate how the equilibrium price of a product is determined by the interaction of supply and demand in the market place.
SS.912.E.1.8 Explain ways firms engage in price and nonprice competition. 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. EEK-a, it's Zika! First, watch the above video on the zika virus, produced by the Center for Disease Control (CDC). If you want more information on pandemic preparedness, check out the Zombie Pandemic graphic novella created by the CDC. Although they don't actually think we will have a zombie pandemic, the novella is full of pandemic preparedness tips that would be relevant to any disease pandemic. While not a pandemic, Zika has been spreading. In the video below, find out how the Gulf Coast states are reacting to growing cases of Zika. After reading the Zombie Pandemic graphic novella, what advice would you give to people in your community? How can they protect against health risks? How does health insurance provide a safety net for individuals who may require doctor's appointments or hospital care if they are infected?
For more on how the Gulf Coast states are reacting, check out the NIE video of the week lesson.
Now read the article in the Tampa Bay Times on the Zika war ![]()
SS.912.FL.6.8 Discuss the fact that, in addition to privately purchased insurance, some government benefit programs provide a social safety net to protect individuals from economic hardship created by unexpected events. SS.912.FL.6.7:Compare the purposes of various types of insurance, including that health insurance provides for funds to pay for health care in the event of illness and may also pay for the cost of preventative care .
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April is Financial Literacy month. Thanks to generous funding by State Farm, the Gus A. Stavros Center at the University of South Florida was able to create daily lesson ideas, which are aligned to Florida Financial Literacy Standards embedded in the High School Economics course. Celebrate the month by engaging your students with articles, videos, political cartoons, and other media provided by the Tampa Bay Times Newspaper in Education and Florida Press Association. The ideas are all found on the Financial Literacy Month Calendar. We will tweet a lesson a day during the month of April. Have a merry money month! May the cash be with you.
Check out the video of the week from NIE. Do people always have the best judgment regarding risky events? Consider accidents regarding selfies. What did you think before watching the video? Is a "No Selfie Zone" reasonable or do you think people are overestimating the danger? Did the video change your opinion on the probability of accidents due to selfies?
Conduct some research in the newspaper online with a partner about risky behaviors. Should there be rules against or consequences for the risky behavior? Why or why not?
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January 2022
CategoriesAuthorDeborah Kozdras, Ph.D. |