In our Macroeconomics students’ current unit, they have been studying how to calculate GDP (Gross Domestic Product), CPI (Consumer Price Index) and how to adjust prices to different time periods. They put their knowledge to the test and headed to our American Freedom Museum to conclude the unit.
Mrs. Robin Bynum, our museum’s Curriculum Coordinator, created a lesson that allowed our students to put these skills into practice! She walked them through the museum providing information on the costs of various items throughout our nation’s history. Students then performed calculations to see what those prices would look like if we were paying for them today. For example: They learned that the $10,000 penalty for violating ration laws in 1943 would be equivalent to a $171,000 fine today! Or that Robert Triplet’s $100K Loan to help finance the Texas Revolution in 1835 would cost him over $3.3M today! They also got to see the purchasing power of former presidential salaries in our Hall of President’s Exhibit! Students discovered that George Washington’s annual salary of $25K had the same purchasing power as a salary of $840K today!
“It is a fun way to practice their skills outside the classroom and is eye opening for many students to realize the true value of some of the financial costs of our freedom.” – MS. KELLY KING