Inflation, CPI and Purchasing Power
Written by Adi Ackerman, Head Teacher
"Inflation, CPI and Purchasing Power" is written for 7th Grade (Ages 12-13). A 6th grader who is already steady on Economics and Money can use it too, and an older student can use it as a short review.
2 pages in this set
7th grade social studies worksheet: build a price index from a sample basket and find inflation and real change in wages. Answer key included. Part of our economic systems economics and money collection.
How do I use this worksheet?
Use the systems sheet as a history lesson, then the inflation sheet as a math connection.
What students will practice
- Students will calculate a price index and an inflation rate.
- Students will find the real change in a wage and in interest earned.
- Students will explain whether inflation helps or hurts a borrower.
Curriculum Links
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FAQ
How do I use this economic systems worksheet?
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Use the systems sheet as a history lesson, then the inflation sheet as a math connection.
What does this worksheet teach?
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Build a price index from a sample basket and find inflation and real change in wages. The directions on the page read: Read the box. In the sample table, add each year's basket cost, then find the index and inflation rate for Years 2 to 4. Round inflation rates to one decimal place. An answer key is included.
Can I use this economic systems worksheet for homeschool or classroom?
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Yes, both. We made it for 7th grade Economics and Money, and it works the same at home or at school. At home, a student can work through it alone and then go over it with you, which shows quickly what is solid and what needs another look. In class it works as independent practice, homework or a warm-up, and you can print one copy or a full set.
What is a mixed economy?
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In a mixed economy, markets and government share the decisions.
What is a command economy?
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In a command economy, central planners decide what is made. Students match a statement about planners setting steel and coal goals to it.
What does inflation do to buying power?
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When prices rise, the same dollars buy less. The sheet shows a negative real change as less buying power.
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Worksheet Details
| Grade | 7th Grade |
| Subject | Social Studies |
| Topic | Economics and Money |
| Pages | 2 pages |
| Difficulty | Medium |
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