Lesson Plans

Grade 7

Components Covered: Production of Goods & Services | Budgeting, Planning, & Goal-Setting | Borrowing & Using Credit | Money & Decision-Making | The Economy: Basics/Key Issues | Economic Citizenship

Teaching Units: Basics of Business | Budgeting | Credit Cards | Decision-Making | Production & Trade | The Economy & the Environment

Targets for knowledge, skills, and behaviours below are possible targets. It is not expected that all will be covered by a single Teaching Unit. Teachers can select their learning targets using the Teaching Units provided, adaptations of these Teaching Units, or Units/Lesson Plans they develop on their own.

TEACHING UNIT:

Basics of Business

Financial Literacy Component Covered: Production of Goods & Services

Social Studies

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Language Arts

Most of the goods and services we use come from businesses. Most people work for a business. And more and more young people are hoping to start a business. Knowing the “basics of business” is important.

LEARNING TARGETS:

KNOW:

  • Every country faces three basic economic questions: what to produce; how to produce it; and how to distribute what is produced

  • How Canada answers the three basic questions

  • How consumers influence what is produced and the concept of “consumer sovereignty”

  • The role of businesses and entrepreneurs

  • Different kinds of businesses that exist

  • Reasons a business may succeed or fail

  • Why some goods and service are produced by governments

BE ABLE TO:

  • Consider their own interest in entrepreneurship

  • Describe contributions of a number of businesses and entrepreneurs to the economy and to the community

  • Develop enterprising skills to apply to any kind of endeavour

  • Discuss and debate decisions as to what goods and services should be provided by business and/or governments

ACTION/BEHAVIOUR:

  • Apply enterprising skills to a wide range of endeavours

  • Support business activity that helps to improve and sustain the environment

  • Identify and explore opportunities as they perceive them – in school, at home, in their community

TEACHING UNIT:

Budgeting

Financial Literacy Component Covered: Budgeting, Planning, & Goal-Setting

Math

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Language Arts

Students can benefit greatly by learning how to budget their money and make a plan. This will help later when they live on their own and have to manage expenses and, hopefully, save some money for future needs and goals.

LEARNING TARGETS:

KNOW:

  • What a budget is

  • Benefits of working with a budget

  • Different types of budgets

  • How to estimate the costs of running a household

  • Other things besides money can be saved and conserved and can reduce costs

  • Difference between a budget and plan

  • Budgets and plans are used to achieve goals

  • How to adjust a budget to achieve a goal

BE ABLE TO:

  • Develop a simple household budget

  • Make changes to see how expenses can be reduced

  • Use a budget to help save

  • Use different strategies to save

  • Develop a plan to save to reach a goal

  • Check and verify bank statements

ACTION/BEHAVIOUR:

  • Keep track of expenses

  • Spend what they can afford

  • Find ways, as possible, to save

  • Develop a plan to achieve tasks and goals

TEACHING UNIT:

Credit Cards

Financial Literacy Component Covered: Borrowing & Using Credit

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Credit cards are very popular today. They have advantages and disadvantages. It is important that students learn about credit cards and how to manage their borrowing and debts wisely.

Math

Language Arts

LEARNING TARGETS:

KNOW:

  • Ways to pay for things over time

  • Where you can borrow money

  • The costs associated with borrowing money

  • What a credit card is

  • How a credit card works

  • Different kinds of credit cards

  • Factors affecting the costs of using a credit card

  • What “living within your means” means

BE ABLE TO:

  • Estimate credit card debt that can be reasonably afforded

  • Compare credit card types, services, and costs

  • Use the services of a bank effectively

ACTION/BEHAVIOUR:

  • Recognize there are limits to borrowing

  • Use a credit card wisely

  • Consider the risks and obligations that come with borrowing decisions

TEACHING UNIT:

Decision-Making

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We all make many decisions every day. But often people have never been taught how to go about making decisions. Decision-making is an important skill – and can be taught.

Financial Literacy Component Covered: Money & Decision-Making

Math

Language Arts

LEARNING TARGETS:

KNOW:

  • The importance of clearly defining the problem, opportunity, or challenge before trying to make a decision

  • Steps to take in making a good decision

  • Common money decisions people face

  • How money can be used to help others

  • Thinking about the future, as well as today, is important when making decisions

  • How to protect personal information and to be very careful sharing it with others – especially online

BE ABLE TO:

  • Identify the best alternative when making a money decision

  • Use a decision-making process to make key decisions

ACTION/BEHAVIOUR:

  • Apply decision-making skills when making key decisions

  • Compare the opportunity cost before making key money decisions

  • Consider the possible impact of their decisions on others

  • Think about the future consequences of decisions made today

TEACHING UNIT:

Production & Trade

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Every country has an economy – and has to decide on the type of economy that is best. It is important for students to learn about how an economy, and Canada’s economy, work to produce and distribute goods and services.

Financial Literacy Component Covered: The Economy: Basics/Key Issues

Social Studies

Language Arts

LEARNING TARGETS:

KNOW:

  • The basic economic questions every society must answer – what to produce, how to produce, and how to distribute

  • How Canada’s economy answers the basic questions

  • The role of key sectors of Canada’s economy–households, business, government, financial, international

  • Factors affecting the level of production and employment in an economy

  • Needs and wants change over time leading to new products and services being produced

  • The exchange of products and services take place in markets and at prices set by the decisions of the buyers and sellers

  • Factors that can affect prices in the economy

  • Why interest rates may change

  • Why countries engage in trade and how both countries can be better off after trade

  • Examples of Canadian imports and exports

  • The concept of “globalization” and how it can affect countries differently

  • The concepts of “trade protection” and “freer trade”

  • Examples of trade issues and challenges

BE ABLE TO:

  • Debate the pros and cons of freer trade

  • Debate the pros and cons of “globalization”

ACTION/BEHAVIOUR:

  • Consider, assess, and discuss the advantages and disadvantages of globalization as events and changes occur over time

  • Consider how production and trade can affect peoples’ lives and the environment

TEACHING UNIT:

The Economy & the Environment

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People need to live, work and play in ways that help sustain and possibly improve the environment. If children make good decisions now about helping the environment, they are more likely to become eco-friendly adults and make decisions that will help sustain our resources and environment.

Financial Literacy Component Covered: Economic Citizenship

Social Studies

Language Arts

LEARNING TARGETS:

KNOW:

  • Concept of “economic sustainability”

  • Concept of renewable and non-renewable resources

  • How business, household, and consumer actions can affect  the environment – positively and negatively

  • How governments policies and actions can affect the environment – positively and negatively

  • Concept of “economic, citizenship” and what it means – e.g. help sustain and improve the environment, be an informed voter, consider impact of decisions on others, consider the circumstances and needs of others, obey laws and abide by regulation

BE ABLE TO:

  • Provide examples of how changes in business and consumer actions can lead to improvements in the environment

  • Make personal decisions that can help sustain and improve the environment

  • Generate ideas to help sustain and improve the environment

  • Discuss and assess various actions of business and governments in terms of the impact on the environment

ACTION/BEHAVIOUR:

  • Live, work, and play in ways that help sustain and possibly improve the environment

  • Support reasonable activities that have a positive impact on the environment

  • Consider careers that involve helping to sustain and improve the environment

  • Take an interest in government and how policies of different political parties could affect their lives

  • When of age, be a responsible voter