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EconEdLink: Where Does the Money Come From?
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Activity Description
Source: Where Does the Money Come From? Lesson page External Link Icon opens in new window or tab (License: Protected by Copyright (c) [i.e. screenshot])
In this activity, students calculate federal tax revenues collected in several different scenarios, learn about different kinds of taxes, and explore sales tax in different states.
Preparation
- Review the lesson plan and activities.
- Create a worksheet using problems and questions from each activity found on the website. Be sure not to include the answers.
- Gather enough calculators for each student.
Teacher Tips
Check the wonderful economics definition list at http://ecedweb.unomaha.edu/THEN/conceptdefinitions.html , or go to http://ecedweb.unomaha.edu/teachsug.cfm for an online webquest about Economics
More Ways
Check the "Great Economics Lessons" at http://ecedweb.unomaha.edu/lessons/lessons6-12.cfm External Link Icon opens in new window or tab Go to 'Multimedia' to see several short videos on different topics. Good for listening practice.
Program Areas
- ABE: Adult Basic Education
- ASE: High School Equivalency Preparation
- ASE: High School Diploma
Levels
- All Levels
Lesson Plan
Warm-up
Icebreaker Activity
- Begin with a quick discussion on what students already know about taxes.
- Ask questions like "What are taxes?" and "Why do we pay taxes?" to get students thinking and engaged.
- Show a short, engaging video External Link Icon opens in new window or tab about the history of taxes and their importance (e.g., from YouTube or another educational resource).
Introduction
Discuss the Importance of Taxes
- Explain how taxes fund essential services such as education, healthcare, and infrastructure.
- Introduce the different types of taxes (income tax, sales tax, property tax, excise tax, etc.).
Presentation
Overview of Federal Tax Revenues
- Present different scenarios where students will calculate federal tax revenues.
- Use a visual aid (like a PowerPoint or chart) to show the various tax brackets and rates.
Types of Taxes
- Explain each type of tax with real-life examples.
- Use interactive tools like an online quiz or drag-and-drop activity External Link Icon opens in new window or tab to match types of taxes with their descriptions.
Practice
Activity 1: Calculating Federal Tax Revenues
- Hand out the worksheet and have students work through each problem in pairs. Encourage collaboration and discussion.
- Walk around the classroom to provide assistance and check for understanding.
- Ask for volunteers to solve problems on the board and explain their thinking.
Activity 2: Types of Taxes
- Discuss the various kinds of taxes and provide students with a worksheet to answer related questions.
- If possible, have students take the drag-and-drop matching quiz on the types of taxes on their tablets or computers.
- Facilitate a group discussion on why different types of taxes are important.
Evaluation
Formative Assessment
- Review the worksheet answers as a class and provide immediate feedback.
- Conduct a quick quiz using an online platform (like Kahoot!) to assess students’ understanding of different types of taxes.
Summative Assessment
- Collect the completed worksheets and grade them to evaluate individual understanding.
- Use the results of the online quiz as part of the overall assessment.
Application
Activity: Exploring Sales Tax
- Introduce the concept of sales tax and how it varies from state to state.
- Provide a worksheet with problems related to calculating sales tax in different states.
Documents
- Where Does the Money Come From.png - Screenshot of Where Does the Money Come From Lesson
Subjects
- Math
- Algebra
- Social Studies
- Economics
Standards
- Measurement and Data
- 5.MD.2 - Represent and interpret data.
- Functions
- 8.F.1,3 - Define, evaluate, and compare functions.
- Algebra: Seeing Structure in Expressions
- A.SSE.1-2 - Interpret the structure of expressions.
Tags
income tax, sales tax, tax, taxes, types of taxes, econedlink, economics, federal tax