Search
EconEdLink: Where Does the Money Come From?
Details
Main Website:
Activity Website:
Activity Description
Source: Where Does the Money Come From? Lesson page (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 Go to 'Multimedia' to see several short videos on different topics. Good for listening practice.
Program Areas
- ASE: High School Diploma
- ABE: Adult Basic Education
- ASE: High School Equivalency Preparation
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 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 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