ECONOMICS How much does it cost now?

INTRODUCTIONIn this lesson, students will (1) download the CPI from the FRED database hosted by the St. Louis Federal Reserve Bank; (2) calculate the prices of household staples from earlier time periods into current prices; (3) conclude the lesson by discussing some of the limitations of these conversions with special attention given to changes in technologies, the weights placed on the goods AND services in the representative basket of the urban consumer (not rural), etc.

RESOURCES1981 Economy/Prices: This website provides information about the economy and prices of various items in 1981. For prices in the 1980s, navigate to Flashback Economy.
www.1980sflashback.com:80/1981/economy.asp
St. Louis Federal Reserve Bank FRED database: At this website, click "Browse"; select "Consumer Price Indexes CPI"; select "CPIAUCNS" for "Consumer Price Index for All Urban Consumers: All Items". Click "Edit Graph" and then hit "Refresh Graph" and the appropriate graph will pop up. Click on "Consumer Price Index for All Urban Consumers: All Items, Monthly, Index 1982-84=100, Not Seasonally Adjusted" at the bottom of the screen to access graph data and options. By clicking "View Data" on the top left you will be able to see all dates and values. All other graph options are listed below the graph.
http://research.stlouisfed.org/fred2/graph/?
"How Much Does It Cost Now?": A worksheet activity for this lesson.
www.econedlink.org/lessons/docs_lessons/865_HowMuchDoesItCostNow1.pdf

"How Much Does It Cost Now?" KEY: The key to the worksheet activity for this lesson.
www.econedlink.org/lessons/docs_lessons/865_HowMuchDoesItCostNowKEY2.pdf
Focus on Economic Data: Consumer Price Index and Inflation, April 15, 2009: An excellent EconEdLink lesson that correlates to Consumer Price Index (CPI).
www.econedlink.org/lessons/index.php?lid=838&type=educator
When Gas was a Quarter!: Here is another excellent EconEdLink lesson that relates to Consumer Price Index (CPI).
www.econedlink.org/lessons/index.php?lid=373&type=educator
Was Babe Ruth Under Paid?: One more excellent EconEdLink lesson that correlates to Consumer Price Index (CPI).
www.econedlink.org/lessons/index.php?lid=604&type=educator

Measuring Worth: An article explaining the relative value of U.S. dollars from 1774 to the present. It also contains a calculator that teachers may find useful for this or other lessons.
www.measuringworth.com/uscompare/
PROCESS1. Show how to inflate prices between two time periods.

2. Distribute the worksheet, "How Much Does It Cost Now?"

3. Ask students to use a computer to download CPIAUCNS data series from the FRED database.

4. Ask students to complete the worksheet and discuss limitations.

Economics FINAL PROJECT

Good morning ECO kids,

Hope you enjoyed the Invisible Children Presentation. Please help them and their cause to help war torn regions in Central East Africa.

You are ALL expected to follow at least 5 of your classmates blogs and my blog!

Your ECO final rubric will be completed shortly. So far, these are the things you are expected to have completed by next week.

STEP 11 blog post (March 29, 2011) where you PICK A COUNTRY and post 1-2 links for articles supporting your choice. The country and articles should have economic issues that directly or indirectly affect your life here in America. You should also include a 1-2 paragraph summary on why you feel so strongly about this topic.

For example:
Japan
-earthquake and tsnami have destroyed infrastructure, car factories, and nuclear power plants
-Japanese factories producing car parts are not in operation
-Due to the inability to gain new parts from Japan, factories in Germany have halted production and have had to lay off workers
-Nuclear power plant construction has been halted in TEXAS



STEP 2

1 blog post with your partial presentation and a summary on your progress so far.
you can use the following formats
www.prezi.com
PowerPoint
presentation board
photostory
video

YOUR PRESENTATION SHOULD INCLUDE THE FOLLOWING
1. 10 Slides MINIMUM
2. BRIEF introduction about your country. Try to keep it on 1-2 slides
3. 2-4 Slides describing your current economic issue (war, political unrest, nuclear disaster, natural disaster, etc.) Use pictures, articles, video, etc (cite your sources)
4. 2-4 slides tracing the economic impact back to the US. If you are having trouble ASK ME!!!!!!!!!!!!!
5. 1-2 slides summaraizing possible solutions
6. 1 slide closing arguments
7. 1 slide BIBLIOGRAPHY KNIGHT Cite!!!!!!!!!