In this lesson, students will explore a market basket of goods and services and determine what is in each category in the market basket. Students learn that the consumer price index (CPI) is made up of market basket goods and services for which the prices are compared each month to determine if the price of any of the items has changed and if there has been inflation. Students will engage in role-play scenarios to understand the effects of inflation.
This lesson plan is designed for teaching grades 3, 4, and 5.
