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Saturday, May 11, 2013

Life on Minimum Wage - A Hands-on Economics Lesson

Over the last few weeks I have received a lot requests to share the Google Document for my economics lesson Life on Minimum Wage. I thought I had made the document public, but apparently I didn't so I'm sharing it again here.

The purpose of Life on Minimum Wage is for students to recognize how difficult it is to save money when your only job(s) pay minimum wage without benefits. To win (prize not determined yet) at Life on Minimum Wage the students have to reach five financial goals that they select. To earn money the students have to complete the tasks of their assigned jobs. The students then have to pay required bills before using money for their selected financial goals. As the game progresses students will be issued "surprise" cards which require them to spend money on things like speeding tickets, trips to a health clinic, and increases in rent.

All of the jobs in Life on Minimum Wage are connected so that if one "business" slows production or closes, the workers of another business are also effected. The goal here is to demonstrate the effects that a business closing has on a small town's economy.

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