Values Auction. Grade Level Take Charge of Your Finances

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1 Values Auction Grade Level Take Charge of Your Finances Materials provided by: Linda Majerus, Family and Consumer Sciences Educator, Hobson High School, Hobson, Montana. Deani Goyette Business/Technology Educator at Forsyth High School, Forsyth, Montana. Time to complete: 45 minutes National Content Standards Family and Consumer Science Standards: 2.1.2, 2.5.1, National Council on Economic Education Teaching Standards: 3 National Standards for Business Education Career Development: Economics: Personal Finance: Objectives Upon completion of this lesson, participants will be able to: Budget for the item(s) which is placed significant value. Realize different values held by classmates. Understand the relationship between an individual s values and money. Introduction A value is a fundamental belief or practice about what is desirable, worthwhile, and important to an individual. Values are influenced by family, friends, teachers, religious affiliations, work/career, media, and law. They guide a person s needs, wants, and decisions. A need is something thought to be a necessity or essential items required for life. Examples include food, water, and shelter. A want is something unnecessary but desired or items which increase the quality of living. Examples include a car stereo, CD s, car, and designer clothes. A person s values are influenced by the experiences they have had throughout their life. Imagine what the world would be like if everyone held the same values. Would everyone get along? Learning what others value will help a person understand why another s decision may be different than their own. Each person has different values which guide his/her daily decisions. These decisions may have an affect on their financial situation. For example, if a person values financial security, he/she may focus on saving, investing, and/or finding a high paying career. In this lesson, participants are provided the opportunity to budget play money on items they value during a class auction. During the auction, participants will have the opportunity to learn the differences and/or similarities of their classmate s values. The final assessment for this activity is either a reflective essay about the top five items each participant values or the creation of a values catalog. Body * Note to educator: The activity within this lesson plan can be completed using either the Values Auction Worksheet A1 or A2. The Values Auction Worksheet A1 contains values that are more tangible that may be easier for participants to relate to. If this worksheet is used, be sure to use the Values Auction Family Economics & Financial Education Revised September 2008 Values, Needs vs. Wants, & Goal Setting Unit Values Auction Page 1

2 activity cards H1. The Values Auction Worksheet A2 has values which are more abstract. If this worksheet is used, be sure to use the Values Auction activity cards H2. 1. Define value and give an example. a. A fundamental belief or practice about what is desirable, worthwhile, and important to an individual. i. Family, successful career, having money, etc. 2. Ask participants the following questions: a. What influences a person s values? i. Family, friends, teachers, religious affiliations, work/career, media, law, etc. ii. Experiences they have had throughout their life. b. What do values affect? i. Personal life, lives of others, financial decisions, etc. c. Stress that people have different values guiding their needs, wants, and decisions. i. A need is something thought to be a necessity or essential items required for life. Examples include food, water, and shelter. ii. A want is something unnecessary but desired or items which increase the quality of living. Examples include a car stereo, fancy car, and designer clothes. 3. Introduce and complete the following activity: a. Each person will receive $1, of play money. i. If there is not enough play money, the activity may be done without. b. Hand out the Values Auction Worksheet A1 or the Values Auction Worksheet A2. i. Provide the participants with about ten minutes to allocate their $1, dollars among the items listed in the Amount Allocated column. ii. Participants must choose their top five values from the list provided. iii. Participants must then determine how highly they value each item to determine how much of their $1, they will be willing to spend. Each participant must allocate all of his/her money. No two items may have the same amount allocated for them. Each of the top five items must have an amount allocated. iv. Participants should set a goal to earn at least one of the items during the auction. v. Instruct participants to rank how important each item is. One should be the highest amount allocated, or most important, and five should be the least amount allocated, or least important. c. Auction the items by randomly drawing the Auction Note Cards H1 if using the Values Auction Worksheet A1, or Auction Note Cards H2 if using the Values Auction Worksheet A2. i. By randomly drawing, an element of chance is created which forces the participants to evaluate how much they will be bidding on items. ii. If the teacher chooses to do so, participants can draw the items out of a hat. d. During the auction, participants must record on the worksheet how much they personally allocated to the item in the Highest Amount I Bid column and how much the item was sold for in the Top Bid column. e. If a participant buys an item, they receive the auction values card. f. At the conclusion of the auction, instruct participants to rank their values once again considering how much they actually bid or different conclusions they have made from any class discussion during the auction. Conclusion Hand out the Values Auction Reflection worksheet A3 Instruct participants to record the top five items they value on their Values Auction Reflection worksheet A3. Family Economics & Financial Education Revised September 2008 Values, Needs vs. Wants, & Goal Setting Unit Values Auction Page 2

3 Analyze which five are the most important to the class. Ask each participant to report to the class the amount that they allocated for their five most expensive items. As a class, find the average amount allocated for most highly valued items by adding all of the reported amounts together and dividing by the total number of participants that budgeted money to that item. Instruct participants to record the top five items valued by the class on their Value Auction Reflection worksheet A3 and answer the additional questions. Assessment Hand out Values Auction Reflection essay rubric B1. Each participant will write a one page essay about the top five items he/she places value and what he/she learned from this activity. Or Each participant will create a catalog including pictures and clear descriptions of their top five values indicated at the end of the auction. Participants may complete a values auction catalog by either creating one on a computer using the Values Auction Reflection Catalog Instruction sheet F1. Or participants may use the Values Auction Catalog Template E1 with pictures from a magazine or personal drawings. Participants may also create their own value catalog template. Each project will be assessed using the Values Auction Catalog rubric B2. Materials Values Auction Worksheet A1 Values Auction Worksheet A2 Values Auction Reflection worksheet 1.17.A3 Values Auction Reflection essay rubric B1 Values Auction Catalog rubric B2 Values Auction Catalog Template E1 Values Auction Catalog Instructions F1 Values Auction note cards H1 Values Auction note cards H2 $1, Play money for each student Magazines (optional) Computer lab (optional) Family Economics & Financial Education Revised September 2008 Values, Needs vs. Wants, & Goal Setting Unit Values Auction Page 3

4 A1 Worksheet Values Auction Worksheet Total Points Earned 80 Total Points Possible Percentage Name Date Class Directions: Allocate $1,000 among the different items individuals may value to indicate how much you value each item. No two items may have the same amount allocated. Your top five items must have a dollar amount indicated. Use whole dollar amounts for each item. After you indicate your initial allocation, rank each item s importance. One should be the highest amount allocated, or most important, and five should be the least amount allocated or least important. During the auction, record the highest amount personally bid in the third column and the top bid which purchased the item in the fourth column. Following the conclusion, rank your values again based upon how much you actually bid or different conclusions made from the discussion. Item Amount Rank Highest Top Bid Rank #2 Allocated #1 Amount I Bid during the auction Mom or Dad (parents/guardians) Friends and Friendship Vacations Home & Family Home Community Pets/Animals Boyfriends/Girlfriends Technology (TV, Computers, etc.) Sports (all types) Food Money Social Life Shopping Health Freedom Education Family Economics & Financial Education Revised September 2008 Values, Needs vs. Wants, & Goal Setting Unit Values Auction Page 4

5 A2 Worksheet Values Auction Worksheet Total Points Earned 80 Total Points Possible Percentage Name Date Class Directions: Allocate $1,000 among the different items individuals may value to indicate how much you value each item. No two items may have the same amount allocated. Your top five items must have a dollar amount indicated. Use whole dollar amounts for each item. After you indicate your initial allocation, rank each items importance. One should be the highest amount allocated, or most important, and five should be the least amount allocated or least important. During the auction, record the highest amount personally bid in the third column and the top bid which purchased the item in the fourth column. Following the conclusion, rank your values again based upon how much you actually bid or different conclusions made from the discussion. Item Amount Rank Top Bid during the Rank #2 Allocated #1 auction A Comfortable Life (a prosperous life) Equality An Exciting Life (stimulating, active life) Family Security Highest Amount I Bid Freedom (independence, free choice) Happiness Inner Harmony (no inner conflict) Mature Love (spiritual intimacy) National Security (protection from attack) Pleasure (an enjoyable leisurely life) Salvation (deliverance from sin/eternal life) Self Respect (self esteem, feeling good) Sense of Accomplishment (a contribution) Social Recognition (respect, prestige) True Friendship Wisdom Family Economics & Financial Education Revised September 2008 Values, Needs vs. Wants, & Goal Setting Unit Values Auction Page 5

6 A3 Worksheet Values Auction Reflection Total Points Earned 14 Total Points Possible Percentage My top five valued items are: Name Date Class The top five items valued by the class: I believe my top five items were the same or different compared to the class averages because How did you determine what values were most important to spend the most amount of money? What is one example of how your values influenced your spending plan in the past month? Why is a spending plan for each individual different, even if they have the same amount of money? Family Economics & Financial Education Revised September 2008 Values, Needs vs. Wants, & Goal Setting Unit Values Auction Page 6

7 F1 Information sheet Values Auction Catalog Instructions Upon completion of this assessment, participants will have created an auction catalog of the five top values listed on the Values Auction Worksheet A1 or the Values Auction Worksheet A2. In the catalog, participants are to list their top five values, a description for each value, and what they feel the value is worth. They are then to find an appropriate picture for the value. This assignment will be graded using the Values Auction Catalog rubric B2. Participants may complete this assignment without using a computer. Use the Values Auction Catalog template 1.17.E1, or create your own template. Participants may use magazines or draw their own pictures. If using a computer: o Instructions to create the catalog using Microsoft Office 2003: Open a Microsoft Word document Press control + enter to get two sheets of paper File page layout Choose landscape Format column Choose 2 A note about columns you cannot type in Column 2 until Column 1 is full. You can press enter to reach Column 2 Fill the columns with enters Edit select all Format tabs, set tabs at 3 and 8.5 Click one of the dots by a leader style (decimal or right tabs) o Begin typing your list of values. The font must be Times New Roman Size 12 Remember to go from most to least expensive Press tab to go to the dollar amount o Add appropriate clip art. Insert picture clip art Type your search criteria To make your picture moveable, click on the dog on the picture toolbar and click in front of text o For each value chosen, write a minimum of 100 words, and a clear and concise description of the value. o Create an original cover and back. The cover must include a title, your name, and the date. It may include any clip art, word art, and readable fonts of your choice. Instructions to create the catalog using Microsoft Office 2007: Family Economics & Financial Education Revised September 2008 Values, Needs vs. Wants, & Goal Setting Unit Values Auction Page 7

8 F1 Information sheet o Open a Microsoft Word document o Press control + enter to get two sheets of paper o Page layout Orientation Landscape o Page layout Columns Choose 2 o A note about columns you cannot type in column 2 until column 1 is full. You can press enter to reach column 2 o Fill in the columns with enters o Select all by pressing control + A o To format tabs: Click the arrow at the bottom right of the paragraph section of the ribbon. Click tabs in the lower left of the pop up window. Set tabs at 3 and 8.5. Click one of the dots by the leader style (decimal or right tabs) o Begin typing your list of values. The font must be Times New Roman size 12 Remember to go from most to least expensive Press tab to go to the dollar amount o Add appropriate clip art Insert clip art Type your search criteria To make your picture moveable, under format click on the dog by text wrapping and click in front of text. o For each value chosen, write a minimum of 100 words, and a clear and concise description of the value. o Create an original, interesting cover and back. The cover must include a title, your name, and the date. It may include any clip art, word art, and readable fonts of your choice. Family Economics & Financial Education Revised September 2008 Values, Needs vs. Wants, & Goal Setting Unit Values Auction Page 8

9 E1 Resource Values Auction Catalog Template Picture 1, description, and amount value is worth Picture 2, description, and amount value is worth Picture 3, description, and amount value is worth Picture 4, description, and amount value is worth Picture 5, description, and amount value is worth Family Economics & Financial Education Revised September 2008 Values, Needs vs. Wants, & Goal Setting Unit Values Auction Page 9

10 B1 Assessment Values Auction Reflection Essay Rubric Name: Date: Directions: 1. Write a one page typed, double-spaced, 12pt. font with 1 inch margins essay on the values auction activity. 2. Write a reflection essay about the top five valued items and what was learned from this activity. The essay should provide specific examples of why those items were valued the highest. 3. Grading will be based upon the following rubric. Content Content Writing Skills Presentation and Completion Exemplary - 3 Satisfactory - 2 Unsatisfactory - 1 Rating Weight Score Essay includes Essay includes Essay lists only two 3 five values and three values and values and an examples of what examples of example of what that those values what those value personally personally mean. values personally means. mean. Essay includes at least three examples of things learned from the activity. Sentences are fluent and effective. Very few errors in mechanics, punctuation, and word usage. Assignment is easily read and neatly assembled. All answers have been attempted. Presentation quality is excellent. Essay includes two examples of things learned from the activity. Sentences are generally controlled. Minor errors in mechanics, punctuation, and word usage. Assignment is adequate. Answers may be missing, incomplete or too brief. Presentation quality is adequate. Essay lists only one example of what was learned from the activity. Sentences are generally adequate. Lapses occur in mechanics, punctuation, and grammar. Assignment is incomplete. Answers show lack of attention. Presentation is sloppy. Total Points Earned Total Points Available 30 Percentage Family Economics & Financial Education Revised September 2008 Values, Needs vs. Wants, & Goal Setting Unit Values Auction Page 10

11 B2 Assessment Values Auction Catalog Rubric Name: Date: Directions: 1. Create a catalog including pictures and clear descriptions of the top five values indicated at the end of the auction by either creating one on a computer using the Values Auction Reflection Catalog Instruction sheet F1 or by using the Values Auction Reflection Catalog Template E1. 2. Grading will be based upon the following rubric. 3. Attach your completed values auction worksheet chart to your final project. Content Graphics Chart Completion Creativity Exemplary - 3 Satisfactory - 2 Unsatisfactory - 1 Rating Weight Score 5 values are 3-4 values are Fewer then 3 values 3 shown with shown with 3-4 are shown with less pictures and a pictures and a then 3 pictures and minimum of 100 description that descriptions are word clear and could be clearer. poor. concise description of the value. 5 values have pictures that directly relate. All rows and columns of the chart are completed and it is attached to the final project. It is creative, neat, and all requirements are met. 3-4 values have pictures that directly relate. A majority of the chart has been completed or it was not attached to the final project. It is difficult to follow or all requirements are not met. Fewer then 3 values have pictures that directly relate. The chart was not completed and not attached to the final project. It is sloppy, and all requirements are not met. Total Points Earned Total Points Available 30 Percentage Family Economics & Financial Education Revised September 2008 Values, Needs vs. Wants, & Goal Setting Unit Values Auction Page 11