Exploring Economics in Everyday Life with Jack Meaning
Engage students in understanding the impact of economics through activities centered around the book "Can't We Just Print More Money?" by Jack Meaning. From discussing sandwiches as an analogy for economic concepts to exploring career paths and financial literacy, this lesson plan aims to enhance students' knowledge in an interactive manner.
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Lesson Plan One Book and Authors: Jack Meaning, Bank of England Economist and author of Can t We Just Print More Money? Topic Economics Learning Objective: to understand the impact of economics in everyday life Starter (5 minutes) Test students prior knowledge of the Bank of England with a true/false test. Answers will be on the second slide. Lesson Plan 1 #Merky Books x HSBC Futures
Task one (15 minutes) Students are being asked to define where the average meal deal sandwich comes from. Ask them to draw a sandwich mind-map. It s perfectly fine for them to be thinking of the basics of production here and somebody making it in a factory. The analogy of a sandwich and economics will be discussed in the first part of the talk between Peigh and Jack. Challenge task: Get the students to look at how they can relate a sandwich to economics. Play the first part of the talk, from start to 4.01 Discuss the sandwich methodology and ask students to further annotate their sandwich mind-map to add in additional areas of creation. Lesson Plan 1 #Merky Books x HSBC Futures
Task two (10 minutes) Watch the clip from 4.01 6.18 On the activity sheet (Matching supporting doc) is a list of careers, average salaries and the number of years studying required for each. Please cut these up, and pop them into envelopes for groups to use. Students need to match all three boxes together; the answers will be on the second PPT slide. The aim is for students to see the correlation between the number of years studying and average salaries. It is not always the students who attend university that earn the higher wages. Challenge task: For the higher earning careers, that required a degree, how much student debt (on average) would these people be in ( 9,250 per year undergraduate) ( 10,00 per year postgraduate) Lesson Plan 1 #Merky Books x HSBC Futures
Task three (10 minutes) Ask students to ponder the phrase know more, live longer . They can discuss this as a pair and then ask for a show of hands as to if they think the phrase is true or false. Watch the clip from 6.18 8.30 Research shows that 59% of 16 17-year-olds do not understand the information on a payslip. We touched on deductions in our previous #MerkyBooks lessons, but we would like to take some time to educate students on payslips and deductions to further develop their financial literacy. Quick matching activity use the worksheet (Definitions supporting doc) to match the keyword to the definition. Show the examples of wage slips (Wage slip example supporting doc) to the students and talk through some of the deductions made, from the matching activity. (This can be completed as homework if no access to computers or phones are used in the lesson) Using The Salary Calculator - 2023 / 2024 Tax Calculator ask students to input their future careers wage and then work out their salary after deductions. Lesson Plan 1 #Merky Books x HSBC Futures
Plenary (5 minutes) Exit pass Ask students to think of answers to the questions on the board. Test them on the knowledge gained in the lesson, using the questions provided. Lesson Plan 1 #Merky Books x HSBC Futures
1.Economics Lesson Plan 1 #Merky Books x HSBC Futures
Where did your meal deal come from? Where did your sandwich come from? What has happened to your sandwich to get it made and into your local shop? Challenge task: How does this relate to economics? Lesson Plan 1 #Merky Books x HSBC Futures
Who are the Bank of England? They produce bank notes They set the main interest rate in the UK They receive money from the UK treasury They are government owned They are the UK s central bank They do not supervise all of the major UK banks They keep the whole UK financial system stable Lesson Plan 1 #Merky Books x HSBC Futures
Who are the Bank of England? They produce bank notes TRUE They set the main interest rate, in the UK TRUE They receive money from the UK treasury FALSE They are government owned TRUE They are the UK s central bank TRUE They do not supervise all of the major UK banks FALSE They keep the whole UK financial system stable TRUE Lesson Plan 1 #Merky Books x HSBC Futures
Study longer, earn more? Match the career to the average salary and the number of years studying required. Challenge task: For the careers requiring a degree, work out the average student debt each worker would have (based on 9,250 per year tuition for undergraduate and 10,000 per year for postgraduate) Lesson Plan 1 #Merky Books x HSBC Futures
Match up your answers Lesson Plan 1 #Merky Books x HSBC Futures
Know more, live longer? Lesson Plan 1 #Merky Books x HSBC Futures
Payslips Lesson Plan 1 #Merky Books x HSBC Futures
Payslips Lesson Plan 1 #Merky Books x HSBC Futures
Testing your knowledge Match the keyword to the definition Income Tax Gross Pay Deductions National Insurance Net Pay Salary Wage Lesson Plan 1 #Merky Books x HSBC Futures
Answers Income Tax - A tax paid on earnings and collected by the Government to fund public services Gross Pay - Pay before deductions Deductions - Payments taken by the government and employer to pay for public services and also pensions National Insurance - A tax which pays towards your state pension, sick pay and other benefits Net Pay - Bring home pay, after deductions Salary - An amount of money earned usually expressed as an annual sum Wage - An amount of money earned usually expressed as a weekly amount or hourly rate Lesson Plan 1 #Merky Books x HSBC Futures
Complete your own Payslip Using the template provided, complete your future payslip. The website below will work out these deductions for you: The Salary Calculator - 2023 / 2024 Tax Calculator Lesson Plan 1 #Merky Books x HSBC Futures
Before you exit the classroom What have you learnt today? What might you need help on next lesson? What could you do to secure your knowledge? Exit Pass What could you research or investigate to take your learning beyond what you have learnt in class today? Lesson Plan 1 #Merky Books x HSBC Futures
