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An educational activity for students to learn about the concepts of money, net worth, and wealth through the example of bill gates's fortune. Students will calculate how many goods and services they can purchase with $76 billion, and then discuss the differences between money, net worth, and wealth. A handout with a shopping list of various items and their prices, as well as an answer key.
Typology: Lecture notes
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Activity by
Lesley Mace, senior economic and financial education specialist at the Federal Reserve Bank of Atlanta, Jacksonville Branch
Concepts
Money Net worth Wealth
Objectives
Students will be able to:
Time required
Quick Pick: Steps 1 through 4 (5 minutes)
Power Up: Steps 1 through 7 (15 minutes)
Deep Dive: Steps 1 through 8 (20 minutes)
Materials
Handout: “Bill Gates’s Shopping List,” one per student or group of students
Procedures
Shopping List Items Estimated Prices as of 2016
Quantity $76 Billion Will Purchase
$86, (based on 2016– tuition rate)
878, (Only 13.2 million students attended four- year universities in the fall of 2015.)
$845.13 89,926, (It would take Bill Gates 629,488,951 hours or 71,859 years to complete these flights.)