Apptivity of the Month: Econ Lowdown
Do you have a bring-your-own-device program in your school district? Do you have a mobile tablet lab? Are you looking for ways to integrate these technologies into your classroom? Well, we have an "apptivity" for you!
What is it?
Econ Ed mobile learning app by the Federal Reserve Bank of St. Louis
This mobile app allows you to compare the cost of a good in different years, use graphs to compare U.S. inflation rates during different periods in history, and calculate the cost of using credit to purchase goods.
Where can I get it?
You can download the free app from these locations:
What can I do with it?
In this apptivity, you will use the app to practice some basic personal finance skills. Complete the assigned tasks for each topic on the app.
- Inflation: Using the concept of inflation, explain why it is better to receive $1,000 today than $1,000 a year from today. Describe inflation risk and explain how a person could minimize this risk. Use the experiment tab to find out how prices of goods have changed from one year to another and list the price change you calculated.
- Cost of credit: Describe two factors that will cause the cost of using credit to rise. Use the experiment tab to look at the cost of borrowing. Enter the amount borrowed, the interest rate, the monthly payment amount, and the total interest for at least two credit scenarios.
- Select a minimum of two topics in the Personal Finance Flashcards and answer the quiz questions. Keep a list of any topics with questions you answered incorrectly. Describe these topics for your instructor.
Where can my students go to learn more about the cost of credit for college?
If your students like to have all their information in one place, have them check out the College 101 Infographic at stlouisfed.org/education_resources/college101/www.stlouisfed.org/education_resources/college101/.
Do your students want to know about financial aid options for college? Tell them to use the Personal Finance 101 Conversations at stlouisfed.org/education_resources/personal-finance-101-conversations/.
Think your students might want to calculate the total cost and monthly payments for college loan debt? Tell them to check out the student loan calculator at finaid.org/calculators/loanpayments.phtml.
Do you have any more?
Look in Extra Credit's upcoming fall issues for more apptivities of the month.
By Sherilyn Narker, economic and financial education specialist at the Federal Reserve Bank of Atlanta
March 28, 2014