An entire unit on financial literacy that includes a project where students design, create, and sell their own product and calculate the profit after paying back the cost of materials to make it. Students must borrow money from the bank and pay back. All details about this project are in this unit. Here is a link on youtube to see pictures of Market Day so you can see how some of the materials were used (closed sign, sale report, receipts, etc).
The only thing not included in this is the receipts. I bought them from Staples. Here is the link for this.
You don't have to use the receipt books - I used it to make them practice word form for decimals and write the cost in standard form. You can easily make your own or make a copy of something found on the internet.
My e-mail is included in this unit and you can contact me if you have any questions!
You will need to use a large room (cafeteria/gym) with tables for each store. Ask parents to donate items and stands/displays for market day. I have done this 3 years in a row (and 1 year I did this math camp in summer school) and it is an amazing experience for the students. Parents came to me and told me their child has been talking about the project nonstop and were so excited for the day to come and sell their product. In my book that means it was a success! :)
You will also need to download the salary/payday sheet, mall map excel template and example. All of these are free. They wouldn't fit in this packet since it is horizontal or another program.
(C) select tools, including real objects, manipulatives, paper and pencil, and technology as appropriate, and techniques, including mental math, estimation, and number sense as appropriate, to solve problems;
(A) apply mathematics to problems arising in everyday life, society, and the workplace;
(E) represent decimals, including tenths and hundredths, using concrete and visual models and money;
(A) add and subtract whole numbers and decimals to the hundredths place using the standard algorithm;
(10) Personal financial literacy. The student applies mathematical process standards to manage one's financial resources effectively for lifetime financial security. The student is expected to:
(A) distinguish between fixed and variable expenses;
(B) calculate profit in a given situation;
(C) compare the advantages and disadvantages of various savings options;
(D) describe how to allocate a weekly allowance among spending; saving, including for college; and sharing; and
(E) describe the basic purpose of financial institutions, including keeping money safe, borrowing money, and lending.
(C) solve problems that deal with measurements of length, intervals of time, liquid volumes, mass, and money using addition, subtraction, multiplication, or division as appropriate.
SOCIAL STUDIES TEKS
(11) Economics. The student understands the characteristics and benefits of the free enterprise system in Texas. The student is expected to:
(A) describe the development of the free enterprise system in Texas;
(B) describe how the free enterprise system works, including supply and demand; and
(C) give examples of the benefits of the free enterprise system such as choice and opportunity.
(D) describe the impact of mass production, specialization, and division of labor on the economic growth of Texas;
(23) Social studies skills. The student uses problem-solving and decision-making skills, working independently and with others, in a variety of settings. The student is expected to:
(A) use a problem-solving process to identify a problem, gather information, list and consider options, consider advantages and disadvantages, choose and implement a solution, and evaluate the effectiveness of the solution; and
(B) use a decision-making process to identify a situation that requires a decision, gather information, identify options, predict consequences, and take action to implement a decision.
(B) draw inferences and evaluate accuracy of services and product claims found in advertisements and labels such as for toys, food, and sunscreen;