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LIFE: An Economics Simulation

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Creative Curricula
186 Followers
Grade Levels
7th - 12th, Higher Education, Adult Education, Homeschool
Resource Type
Standards
Formats Included
  • PDF
Pages
16 pages
$4.99
$4.99
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Creative Curricula
186 Followers

Description

Teaching business skills, life skills, and the basic economic principle of earning more than you spend is both easy and fun with LIFE: An Economics Simulation. This comprehensive economics activity has it all. Students must...

1.) get a career and start a budget.

2.) find an affordable house and then buy it.

3.) furnish the home and determine what the utilities bill will be on a monthly basis.

4.) buy food, clothing, other life necessities.

5.) start a family.

6.) fill out tax forms that look very similar to the standard 1040 EZ.

7.) assess their life at various stages of the simulation with several "Financial Check-Ups."

8.) Receive a final score with just how savvy they are with money on a budget.

LIFE: An Economic Simulation has some similarities to the classic game of Life, but it contains so much more detail. At the end of the simulation, students in my classes invariably say essentially the same thing:

"I never knew just how expensive it is to really just live!"

"You really have to pay attention to your money or it's just gone!"

And when I hear this statement, I smile, and think to myself: "Now you are starting to see the world as it truly is."

Total Pages
16 pages
Answer Key
N/A
Teaching Duration
1 Week
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Standards

to see state-specific standards (only available in the US).
Make sense of problems and persevere in solving them. Mathematically proficient students start by explaining to themselves the meaning of a problem and looking for entry points to its solution. They analyze givens, constraints, relationships, and goals. They make conjectures about the form and meaning of the solution and plan a solution pathway rather than simply jumping into a solution attempt. They consider analogous problems, and try special cases and simpler forms of the original problem in order to gain insight into its solution. They monitor and evaluate their progress and change course if necessary. Older students might, depending on the context of the problem, transform algebraic expressions or change the viewing window on their graphing calculator to get the information they need. Mathematically proficient students can explain correspondences between equations, verbal descriptions, tables, and graphs or draw diagrams of important features and relationships, graph data, and search for regularity or trends. Younger students might rely on using concrete objects or pictures to help conceptualize and solve a problem. Mathematically proficient students check their answers to problems using a different method, and they continually ask themselves, "Does this make sense?" They can understand the approaches of others to solving complex problems and identify correspondences between different approaches.
Reason abstractly and quantitatively. Mathematically proficient students make sense of quantities and their relationships in problem situations. They bring two complementary abilities to bear on problems involving quantitative relationships: the ability to decontextualize-to abstract a given situation and represent it symbolically and manipulate the representing symbols as if they have a life of their own, without necessarily attending to their referents-and the ability to contextualize, to pause as needed during the manipulation process in order to probe into the referents for the symbols involved. Quantitative reasoning entails habits of creating a coherent representation of the problem at hand; considering the units involved; attending to the meaning of quantities, not just how to compute them; and knowing and flexibly using different properties of operations and objects.
Construct viable arguments and critique the reasoning of others. Mathematically proficient students understand and use stated assumptions, definitions, and previously established results in constructing arguments. They make conjectures and build a logical progression of statements to explore the truth of their conjectures. They are able to analyze situations by breaking them into cases, and can recognize and use counterexamples. They justify their conclusions, communicate them to others, and respond to the arguments of others. They reason inductively about data, making plausible arguments that take into account the context from which the data arose. Mathematically proficient students are also able to compare the effectiveness of two plausible arguments, distinguish correct logic or reasoning from that which is flawed, and-if there is a flaw in an argument-explain what it is. Elementary students can construct arguments using concrete referents such as objects, drawings, diagrams, and actions. Such arguments can make sense and be correct, even though they are not generalized or made formal until later grades. Later, students learn to determine domains to which an argument applies. Students at all grades can listen or read the arguments of others, decide whether they make sense, and ask useful questions to clarify or improve the arguments.
Model with mathematics. Mathematically proficient students can apply the mathematics they know to solve problems arising in everyday life, society, and the workplace. In early grades, this might be as simple as writing an addition equation to describe a situation. In middle grades, a student might apply proportional reasoning to plan a school event or analyze a problem in the community. By high school, a student might use geometry to solve a design problem or use a function to describe how one quantity of interest depends on another. Mathematically proficient students who can apply what they know are comfortable making assumptions and approximations to simplify a complicated situation, realizing that these may need revision later. They are able to identify important quantities in a practical situation and map their relationships using such tools as diagrams, two-way tables, graphs, flowcharts and formulas. They can analyze those relationships mathematically to draw conclusions. They routinely interpret their mathematical results in the context of the situation and reflect on whether the results make sense, possibly improving the model if it has not served its purpose.

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186 Followers