Budget, Spending, and Borrowing!

Introduction

This is a Webquest designed to teach students about budgets, spending, and borrowing to create an authentic product of learning.

Task

In this WebQuest, you will be collecting information to help prepare you for our classroom market. You are going to choose a product, create a budget for your product, evaluate how much you will spend when creating your product, and decide if there is anything you will need to borrow from the teacher or your peers. Make sure to pick a product that you enjoy and believe other students will want to purchase from the market. 

As you complete the WebQuest, fill out this template about the product you decided to make.

  What is your......
Product

 

Budget

 

Spending

 

Borrowing

 

 

 

 

Process

1. You will use the link provided to discover information about budget and spending. The goal is to figure out how long you will need to save for a product you are interested in creating.

http://www.themint.org/kids/saving-calculator.html?detectflash=false

      - calculate 2 items that you want in the calculator

2. Decide a product you would like to create for the market.

3. Using the links, you will learn about how to create a budget along with how to anticipate spending and borrowing. The goal is to understand budgets more overall, if an item is a want or a need, and to understand what kind of spender you are to be aware of this.

https://www.brainpop.com/socialstudies/economics/budgets/

      - watch the video

      - play 2 games

http://www.themint.org/kids/what-kind-of-spender-are-you.html

      - complete the quiz

http://www.socialstudiesforkids.com/articles/economics/wantsandneeds1.htm

      - read page one and two

      - take the 5 question quiz

4. After you understand budgets, spending, and borrowing you will apply your knowledge to prepare for creating your own for your product. You will create a budget for your product, evaluate how much you will spend when creating your product, and decide if there is anything you will need to borrow from the teacher or your peers.

5. Once the planning process is completed, you will create your product and prepare to create your product to sell in our classroom market.

Evaluation
  3 2 1 0
Product

 

A clear idea of product

 

Some idea of product Creating a product No product
Budget

 

Budget with every expense listed

 

Budget with most expenses listed Budget with some expenses listed No budget with expenses
Spending

 

Price of every expense listed

 

 

Price of most expenses listed

 

 

Price of some expenses listed

 

 

No prices listed 

 

Borrowing

 

A list of items that will be borrowed

 

Some items that will be borrowed listed

Limited items that will be borrowed listed

No items that will be borrowed listed

 

Conclusion

Once you have finished choosing a product and creating a spending, budget, and borrowing list. Once you have completed this, turn it in so that other students can look at it. Tomorrow, we will provide feedback to our peers before you create your product. Think about what you have discovered on this quest, was there anything new that you learned? Write this down on a piece of paper and at a later time, we will all share what we learned with the class.

Teacher Page

This WebQuest is for 5th grade standards covering the standards pertaining to budget, spending, and borrowing. The students that do this WebQuest are tasked to create a product for a classroom market and are required to dig deep when planning and creating this product. 

 

Standards

5.E.2.2 Evaluate the costs and benefits of spending, borrowing and saving. 

5.E.2.1 Explain the importance of developing a basic budget for spending and saving.