# 2 Assigments Economics 12 Th Grade

Answer complete questions in the 2 files attachedOWN WORDS AND ANSWERNO PLAGARISM in text or ideasAl the answer must be correctIn develop questions, need to provide details, and complete information and developmenUSE SAME FORMAT to Answer every question
hst413_03_07_practice_ga.doc

hst413_03_04_practice_ga.doc

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2 Assigments Economics 12 Th Grade
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Name:
Date:
In this exercise, explore the differences between renting and owning in a housing market of your choosing. Where
do you want to live, and how much can you afford to pay? Follow the steps below to begin gathering and
comparing information.
(10 points)
1. Go online and a find a rental property available in a city in which you might consider living.
Which city did you choose, and why? Next, pick a price range for your monthly rent. Which
price range did you choose, and why? Examine a list of available rental units and choose a
rental property in your price range. What is the price of the unit you chose? Did you choose a
city location, or the suburbs? Why?
Score
(10 points)
2. Now, research home ownership choices in the city. Select a price range. Which did you
select, and why? Examine a list of available property and choose a home in your price range.
What is the price of the home you chose? Did you choose a city location, or the suburbs?
Why?
Copying or distributing without K12s written consent is prohibited.
Score
Page 1 of 2
(10 points)
3. Find an online mortgage calculator and estimate what the monthly payment would be for the
Score
property you chose. First, multiply the price of the home you want to buy by 0.1 to calculate
the 10 percent down payment you will need to obtain a mortgage. What is the 10 percent
down payment amount? Next, subtract the down payment amount from the cost of the
property. The result is the amount of money you will need to borrow from the bank. What is the amount?
Enter this figure in the online loan calculator as the loan amount.
Set the calculator to figure a 30-year mortgage, with a 5.0 percent interest rate, annual taxes of \$3,000, and
an annual insurance cost of \$1,000. Now calculate. What will your monthly payment be? How much more will
it cost each month to own versus renting? Based on this activity, do you plan to rent or to buy? Explain.
Copying or distributing without K12s written consent is prohibited.
___ of 30
Page 2 of 2
History | Graded Assignment | Practice: You Do the Math
Name:
Date:
Practice: You Do the Math
(5 points)
1. Calculate the hourly wage associated with the two annual income levels listed below. Assume
that an individual works 40 hours per week for 50 weeks each year.
2013 U.S. federal poverty line for
a family of four
2013 U.S. median household
income
Annual
income
\$23,550
Score
Hourly wage
\$51,994
(15 points)
2. For each of the professions in the left column, calculate the annual pay based on full-time,
year-round employment consisting of 2,000 hours a year (40 hours per week for 50 weeks
each year). Record your calculations under “Annual income” in the table. Then, find the
difference between each annual wage figure and both the poverty threshold and the median
household income. If the difference is a negative number, record it as such.
Hourly wage
Annual
income
Difference
between
annual wage
and federal
poverty line
Score
Difference
between
annual wage
and median
household
income
Federal minimum wage
\$7.25
Oregons minimum wage
\$8.95
Average for all occupations
\$23.87
Marketing managers
\$51.90
Family-practice doctors
\$82.70
Veterinary assistants
\$11.12
Police officers
\$26.57
Child-care workers
\$9.38
Restaurant cooks
\$10.59
Air-traffic controllers
\$58.91
Data source: U.S. Bureau of Labor Statistics (2013)
Copying or distributing without K12s written consent is prohibited.
Page 1 of 2
History | Graded Assignment | Practice: You Do the Math
(5 points)
3. Choose a profession for which the annual income is higher than the U.S. median household
income. Why might this job pay more than the median? How could productivity, the law of
supply and demand, and international competition and technology affect wages for this job?
Score
(5 points)
4. Choose a profession for which the annual income is lower than the U.S. federal poverty line.
Why might this job pay less than the poverty line? How could productivity, the law of supply
and demand, and international competition and technology affect wages for this job?
Copying or distributing without K12s written consent is prohibited.
Score
___ of 30
Page 2 of 2

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