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    What is Inflation?

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    Subject: Social Studies

    Lesson Length: 1 - 2 hours

    Topic: Economics

    Grade Level: 3, 4, 5

    Standards / Framework:

    Brief Description: Students will be able to explain what inflation is.

    Know Before You Start: Students will be familiar with and have a basic understanding of the economy.

    Hook:

    • Ask students how the price of groceries have changed since their parents or adults around them were kids.
    • Inform students that a drink from a vending machine used to cost 50 cents. Ask them how much a drink from a vending machine typically costs now.

    Activity:

    • Create a simple data set of the price of eggs over time using the data from the article listed in the Resources Section below entitled “How Much A Dozen Eggs Cost the Year You Were Born”. 
    • Have students create a graph that represents the data and draw conclusions about the price of eggs. Have them make inferences about emerging trends and what inflation means.
    • Discuss what inflation means and the impact it has on people and the economy.
    • Have students examine the graphs generated by the U.S. Bureau of Labor and Statistics to further discuss inflation. 
    • Have students create a comic that illustrates what inflation means.

    Closure:

    • Have students share their comics with the class or in small groups.
    • Explain how inflation is an important concept to understand because it impacts the value of our money, how much money people will get paid, the cost of goods and services, and much more!

    Differentiation:

    • Allow students to use the speech-to-text feature.
    • Allow students to work in pairs or groups as needed.
    • Allow students to use the voiceover feature to read their comics aloud.
    • Consider adjusting the amount of data you provide students. For example, give only the prices of eggs every 10 years or every 15 years instead of every year. 
    • Consider providing a graph that already displays the data and have students label the graph and the numbers that are plotted.
    • Provide students with a graphic organizer, such as Draw/Plan Then Write, to map out their comic before creating.

    Resources:

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    Related Ideas

    Impact of Resources in a Region

    Students will recognize and understand the impact resources have in the development and growth of their region, either locally or statewide.