Washington Lee High - ECON N/ACopy of Cost of Living Packet SC-10.4

Document Content and Description Below

0.4 The Cost of Living Student Activity Packet Name: Mark Duynskyi In this lesson, you will learn to: ● Explain what “cost of living” means and why it changes depending on location ● Iden... tify important factors to consider when deciding where to live ● Select a city to live in based on their financial situation, values, and other personal preferences Resources Questions 1 The Cost of Living by State As you probably know, the prices of goods, services, rent, and more heavily depend on where you live. Take a look at this map to see how the cost of living varies from state to state in the U.S. Then, answer the questions on the right. 1. Take a look at the state in which you live. Is the purchasing power of $100 in your state higher than, lower than, or equal to $100? About equal, maybe a bit lower 2. What factors do you think influence the purchasing power of $100 in your state? Prices Changes due to Inflation and Deflation; Wages and Employment; Availability of credit 3. How would you explain the popular term “cost of living” to a friend? The level of prices relating to a range of everyday items. Or in other words, how much you can buy for a certain amount of money [Show More]

Last updated: 1 year ago

Preview 1 out of 5 pages