Objective

By the end of this lesson, you will be able to understand and apply concepts related to the Australian Curriculum Economics, such as buying a car, car depreciation, interest rates for personal car loans, creating a shopping list, and completing a grocery shop.

Materials and Prep

• Pen and paper
• Calculator
• Access to the internet for research

Before starting the lesson, it would be helpful to have a basic understanding of basic math operations, percentages, and interest rates.

Activities

1. Research and Buying a Car

Research the process of buying a car, including the different types of cars, their prices, and factors to consider when purchasing a car. Create a list of at least five cars that you would be interested in buying and write down their prices.

2. Understanding Car Depreciation

Learn about car depreciation and how it affects the value of a car over time. Calculate the depreciation of each car on your list over a period of five years using a depreciation formula or online calculator.

3. Interest Rates for Personal Car Loans

Investigate the current interest rates for personal car loans. Calculate the total interest you would have to pay for each car loan option if you were to borrow the full amount. Compare the total costs of different loans and analyze which one would be the most affordable.

4. Create a Shopping List

Think about the items you would need to buy during a grocery shopping trip. Create a comprehensive shopping list that includes food items, personal care items, pet supplies, and any other incidental items you might need.

5. Complete a Grocery Shop

Using your shopping list, visit an online grocery store or simulate a grocery shopping experience at home. Keep track of the prices of each item and calculate the total cost of your shopping trip.

Eighth Grade Talking Points

• "Buying a car involves researching different types of cars, considering their prices, and evaluating which one suits your needs and budget."
• "Car depreciation refers to the decrease in value of a car over time. It is important to consider depreciation when buying a car, as it affects its resale value."
• "Interest rates for personal car loans determine the additional amount you have to pay in addition to the car's price. It's crucial to compare different loan options to find the most affordable one."
• "Creating a shopping list helps you stay organized and ensures you don't forget any essential items during your grocery shop."
• "During a grocery shop, it's important to keep track of prices and calculate the total cost to stay within your budget."