Grade 9
Social Studies
Economics
in the
Real-World
What we already know…
Needs and wants
production
The 3 main aspects of an economy are:
distribution
First nations had their own localized economies to satisfy their...
needs and wants
Europeans brought an economy that emphasized different needs and wants than
the aboriginal peoples and production and distribution were much different.
European’s economy emphasized …
Individual not community focus
Competition rather than cooperation
Market economy with buying and selling
Why do I
need to know
this?
Because at some point in the
future you will all be…
Voting
Balancing a budget
Earning an Income
Wanting to retire
First, let’s make sure we understand really
big numbers like million, billion, and
trillion...
http://www.youtube.com/watch?v=caMRBGmja3w
http://www.youtube.com/watch?v=GNFb6qe7Tmg
http://www.youtube.com/watch?v=um0guhNGPPM
time!!
http://demonocracy.info/infographics/usa/world_debt/world_debt.html
Who wants to be a millionaire?
Things to ponder/think about…
Is it likely any of us will be millionaires?
Is it a realistic possibility?
Is $1 000 000 a lot of money?
How many millionaires are there in Canada? Billionaires?
As you progress through this
webquest, remember to read
directions carefully, work
cooperatively, and have fun!
Today, you are just doing the first lesson of several.
Do not worry/stress if you do not finish… it’s
okay!
You will have chances to go back or work ahead in
coming classes!

As you begin Part 1,
remember…
you have a worksheet to complete as you navigate the web-quest.
you should work cooperatively (help one another as partners), but…
each person must complete his/her own worksheet!
not to get frustrated if you are stuck… just ask for help!
to use soft/quiet voices in the Computer Lab!.
Reminder:
Investing for the future…
Many of you probably have a savings account in the bank.
Just play with the
calculators and try different
numbers.
Do not worry if you don’t
‘get it’. We’ll see examples
in class!!
When you put your money into a savings account you earn interest on
your money. Follow link #1 to learn the basics of interest. Follow link #2
to play with the Royal Bank savings calculator.
#1 http://www.brainpop.com/socialstudies/economics/interest/
#2 http://www.rbcroyalbank.com/cgi-bin/products/deposits/es/intro.cgi
Investing for the future
RRSP’s
(Registered Retirement Savings Program)
What happens when we stop working? Where do we get money from in order to
continue living the lifestyle we desire?
One way is to invest your money in an account that will earn a high interest so that
your amount of money will grow faster. One type of account is a registered retirement
savings plan (RRSP).
Play with the Royal Bank’s RRSP calculator to explore how much money you would like to have when you retire,
what age you want to retire, and how much you need to invest to make this a reality.
http://www.rbcroyalbank.com/products/rrsp/rsp-matic/launch.html
You should now have a pretty good idea about the ‘cost’ of retirement.
After viewing the video and ‘playing’ with the
savings and RRSP calculators, complete
worksheet #1 provided .
*Note: When you see the word simulation it means the information/data you
input and the information/data that was output as a result.
* Even if you were working cooperatively with a partner to support/help one another,
each of you is responsible for completing your own worksheet.
* Remember, this is the first of several worksheets. Don’t lose it!!
As you begin PART 2,
remember…
you have a worksheet to complete as you navigate the web-quest.
you should work cooperatively (help one another as partners), but…
each person must complete his/her own worksheet!
not to get frustrated if you are stuck… just ask for help!
to use soft/quiet voices in the Computer Lab!.
Income…
How much is enough?
Reminder:
INcome = $ IN
How much is enough?
Income = The amount of money coming to you, the
house, the business, the country, etc. (money IN)
You usually generate income from a job, or from things like,
pensions, gifts, winning a lottery (very unlikely!!), etc.
What amount of income do you plan to earn?
Things to ponder/think
about…
Do you have a sense and an appreciation for
the varying degrees of income among jobs?
How much does the average Nova Scotian
earn for an income?
Income
Let’s gain a sense of how much money people make for the work/job they do. (Income)
Research a variety of jobs/occupations to get a sense of how much money they make. (Here
are a few sites that might help… but, see what else you can find for a variety of jobs.
Police: http://www.halifax.ca/police/recruiting/2008/CompensationandBenefits.html
Fire: http://www.halifax.ca/fire/Recruitment-GeneralRecruitmentGuide.html
Teacher: http://www.nstu.ca/images/pklot/Salary%20Scales%20to%20July%2031,%202012.pdf
Nurse: http://thechronicleherald.ca/metro/28562-nurses-contract-includes-71-cent-increase
Minimum Wage is the minimum an employer can pay you for work. There are lots of low-paying, unskilled
minimum wage jobs people are working. What is minimum wage in Nova Scotia?
What is the average income earned by a worker in Nova Scotia now that you have a sense of what some jobs
pay?
Average (Household) Income is the total income earned by all workers in the household… usually a couple.
What is the average household income for a household in Nova Scotia?
After researching income information for Nova
Scotians, complete worksheet #2 provided .
Just like math, you need to show your work!
* Even if you were working cooperatively with a partner to support/help one another,
each of you is responsible for completing your own worksheet.
•Remember, this is the second of several worksheets.
•Keep them together. Don’t lose them!!
As you begin PART 3,
remember…
you have a worksheet to complete as you navigate the web-quest.
you should work cooperatively (help one another as partners), but…
each person must complete his/her own worksheet!
not to get frustrated if you are stuck… just ask for help!
to use soft/quiet voices in the Computer Lab!.
Home Ownership
Finding the right home!
Task: To explore the cost of home ownership today.
Here is a great site to use to ‘shop’ for a house:
Viewpoint Realty
http://www.viewpoint.ca/
Have fun viewing properties and narrowing down where you want to live and what
home you would like to buy. (You can also have fun searching for your ‘dream’
home and, hopefully, realizing what this might cost.)
Home Ownership
(The cost of owning a home.)
Now that you have found a home, how much will it cost?
Let’s go to the Royal Bank’s Mortgage calculator and ‘plug-in’ the information needed to
find out things like your monthly payment and how long it will take you to pay off.
https://www.rbcroyalbank.com/cgi-bin/mortgage/mpc/start.cgi
You should now have a pretty good sense of how much it costs to own a home.
* Remember, you have a worksheet to record/demonstrate your understanding.
After researching house prices and mortgage
options, complete worksheet # 3 provided .
Just like math, you need to show your work!
* Even if you were working cooperatively with a partner to support/help one another,
each of you is responsible for completing your own worksheet.
•Remember, this is the third of several worksheets.
•Keep them together. Don’t lose them!!
As you begin PART 4,
remember…
you have a worksheet to complete as you navigate the web-quest.
you should work cooperatively (help one another as partners), but…
each person must complete his/her own worksheet!
not to get frustrated if you are stuck… just ask for help!
to use soft/quiet voices in the Computer Lab!.
Car Ownership
The cost of owing a vehicle (or two…)!
Task: Use the internet to shop in HRM for a car. Then, use the loan
calculator from RBC or the finance calculator right on the dealerships
website to determine the monthly cost of the car and how long you need to
pay.
You could search local dealerships or go straight to car manufacturers
websites (ex: Honda.ca, audi.ca, etc.)
Have fun narrowing down what vehicle you would like to buy and drive.
* Remember, you have a worksheet to complete that will show your work and your understanding
of the cost of car ownership.
Car Ownership
(The cost of owning a car.)
Now that you have found a car, how much will it cost? You may wish to use the
Manufacturer’s website to calculate the cost of the vehicle or…
Go to the Royal Bank’s loan calculator and ‘plug-in’ the information needed to
find out things like your monthly payment and how long it will take you to pay
off.
https://www.rbcroyalbank.com/cgi-bin/personalloans/carloans/lh3.pl
Record the information for this task on your worksheet and make a statement about what
you learned. *You should select a fixed interest rate and you can play around with the
length of term (how long/how many months).
After shopping for a vehicle and discovering the
finance costs of car ownership, complete
worksheet # 4 provided .
Just like math, you need to show your work!
* Even if you were working cooperatively with a partner to support/help one another,
each of you is responsible for completing your own worksheet.
•Remember, this is the fourth of several worksheets.
•Keep them together. Don’t lose them!!
As you begin PART 5,
remember…
you have a worksheet to complete as you navigate the web-quest.
you should work cooperatively (help one another as partners), but…
each person must complete his/her own worksheet!
not to get frustrated if you are stuck… just ask for help!
to use soft/quiet voices in the Computer Lab!.
The Cost
of Living!
Task: Looking at a personal budget plan to determine where our money comes from
(revenue) and where it all goes (expenses).
Tool/Handout: see sample provided (available on HMWK page)
Task: Examining the cost of living through a household budget.
(*We will base our budget on a family of 4.)
Tool/Handout: see sample provided (also available on HMWK page)
After budgeting for a family of four, you have
worksheet # 5 (Personal Money Tracker) and
Worksheet # 6 (Monthly Budget for family of four)
to complete.
Just like math, you need to show your work!
* Even if you were working cooperatively with a partner to support/help one another,
each of you is responsible for completing your own worksheets.
•Remember, this is the fifth and sixth of several worksheets.
•Keep them together. Don’t lose them!!
As you begin PART 6,
remember…
you have a worksheet to complete as you navigate the web-quest.
you should work cooperatively (help one another as partners), but…
each person must complete his/her own worksheet!
not to get frustrated if you are stuck… just ask for help!
to use soft/quiet voices in the Computer Lab!.
Reflection…
This will be provided in class.
You have explored a great deal about economics… congratulations!
Thanks for taking time to reflect on your learning!
Just like math, you need to show your work!
* Even if you were working cooperatively with a partner to support/help one another,
each of you is responsible for completing your own worksheet.
•Remember, this is the final worksheet of 7.
•Please staple them together in order. Pass them in!!
Task
We:
(You may work with a partner or on your own)
1. Planned for retirement (Worksheet #1)
2. Explored Income (Worksheet #2)
3. Took out a mortgage to buy a home (Worksheet #3)
4. Financed a vehicle (Worksheet #4)
5. Examined Budgets (Worksheet #5 and # 6)
6. Summary of experiences / Reflecting on what we learned! (Worksheet #7)
Assessment
4
Social Studies SCO 9.3.1
examine and explain the role that basic economic principles play in daily life
Social Studies SCO 9.3.2
demonstrate an understanding of the role of economics in Atlantic Canadian
society
Social Studies SCO 9.3.5
analyze local, regional, and global economic patterns and related issues that are
challenging Atlantic Canadians
3
2
1