"Location, Location, Location"
Introduction
Students have read about the monetary costs, the trade-offs,
and the opportunity costs associated with purchasing a home.
In this lesson, students will compare housing costs and the
costs of living in their own area against four other cities.
Lesson
Description
Students will use information from the Moving.com
Web site to record information on costs of living, home purchase
costs, median family income, and property taxes for five cities
(including their own area). Students will answer four questions
and then use what they have learned to prepare review
of the city that they feel provides the highest quality of
life for its residents. Previous Knowledge Expected
Trade-off: sacrificing one good or service to purchase
or produce another Applied
Content Standards (from the Council for Economic Education)Standard 8: Prices send signals and provide incentives
to buyers and sellers. When supply or demand changes, market
prices adjust, affecting incentives. Instructional
Objectives- Students will be able to compare housing costs in their
community to housing costs in four other areas.
- Students will be able to use this information to write
reviews of the cities with the best living standards.
Student
Web Activity Answers- Cost of living standards will vary. Comparison against
the national average will also vary.
- Home purchase costs will vary.
- Sales taxes rates will vary.
- Employment rates will vary.
- Students' reviews will vary but should be supported
by cost data, education statistics, quality of life factors,
crime and population figures, and climate information. Trade-offs
may also be cited.
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