Students will use their prior knowledge of budgets from previous grade levels to use a family budget estimator to estimate the minimum household budget and wages needed to meet basic needs for a given city. Items to consider for the minimum household budget and wages include average worked hours per week, average hourly wage, basic needs such as food, electricity, water, clothing, etc.
Below is the monthly household budget for a family of four living in Humble, Texas.
If the parents work an average of 240 hours per month together, what is the approximate minimum hourly wage that they need to make in order to pay all of their monthly bills?
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7.13 Personal financial literacy. The student applies mathematical process standards to develop an economic way of thinking and problem solving useful in one's life as a knowledgeable consumer and investor. The student is expected to:
(D) use a family budget estimator to determine the minimum household budget and average hourly wage needed for a family to meet its basic needs in the student's city or another large city nearby