Friday, June 3, 2016

What would that cost today?

photo credit: Money via photopin (license);
Students always want to know how much something in the past would cost today. Here are some resources that I've used to help to take a cost of an item in the past and bring it to a dollar value of today. An important note to tell students that these are approximations. I've also included YouTube videos that do a good job explaining how money works.

Measuring Worth Website: This is a great website I used a lot to compare prices at different time periods. There is also a lot of background information on how the numbers are determined and several historical examples to look through. I've found this a very trustworthy and great website to use to help s  

iOS App Inflation Calculator: This is an app that works as another great tool to adjust for inflation of currency.  I've found myself using this app in class when students ask me during a lesson. It's pretty easy to pull out my phone and do a quick comparison. 

If a man in the North paid $300 to avoid the Draft
during the Civil War, what would the cost be today?

YouTube Videos:

Here are some good YouTube Videos that talk about how money works. 

What Gives A Dollar Bill Its Value? A TED-ED Video

Explaining Inflation by Wall Street Survivor

What is Money? by Economic Detective

That Film About Money by We The Economy

What are some resources you use to help students learn about money? I would love to hear about them in the comments section below.

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