Buy or Make
WALT:
use sheets (record information in a table) to add money amounts
Big Idea
- Researching costs is an important part of making good financial decisions.
- Time can be a cost.
Financial understanding
In this activity, the students learn the importance of researching all the costs of a project before they decide whether to make a product themselves or buy it from a retailer. This activity emphasises that there is a consequence for each financial decision we make; a good financial decision brings benefits.
Maia and Grandad are collecting, organising, and analysing information when they investigate the cost of all the materials needed to build a rabbit hutch.
Task 1 - Individual Activity
Click the link above and answer the questions creating a sheet to show your working out.
NOTE: ONLY COMPLETE Activity 1
Learn
use Google sheets to calculate costs
use sheets to show information in a table
Create
table of rows and columns to show your working out
Share
Share your link on the tracking sheet
Student Reflection
Click the link above and answer the questions creating a sheet to show your working out.
What costs in this activity were not measured in actual money?
Is it better to buy or make things? Is it better/cheaper to make your own or to buy? Is this always the case?
What other costs involved are there when you make a product? Is that a good use of that person’s time? What could they be doing instead?
What decisions are made with the “cost of time” taken into account and what decisions are made without considering time. Why or why not? What other examples can you find?
What has caused the change over time from people being almost self-sufficient into a society where most businesses specialise in the products they make and sell: Why did most of our grandparents sew, knit, or make their own clothes whereas now most people buy everything? Why might some people still choose to sew, knit, or do other handcrafts?
NOTE: Record your thoughts and ideas using a document and update the link