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Icebreaker Activity: 2 Truths And A Lie: Students need to guess the lie and will earn a point for each correct answer. |
Objective: Introduce basic financial concepts like budgeting, pricing, and profit
ChatGPT ACTIVITY:
Each student in the class will choose a term above and ask chat GPT to explain “that term” in very simple terms. Have students read the term and then the explanation given by Chat GPT.
Note: You may need to first copy and paste the term and definition above so Chat GPT understands the word in the correct context
THE INSTRUCTOR OR STUDENTS CAN READ THIS TO THE GROUP.
Budgeting
Creating a Startup Budget with ChatGPT:
A budget is like a blueprint for how you'll use your money. ChatGPT can guide you through creating a detailed budget by:
Listing all the potential costs you'll encounter when starting your business, such as buying supplies or paying for an online shop.
Activity: Ask ChatGPT: Can you provide a budget for my (__your business __) business?
Copy and paste this into a document and edit it as needed. If you’re not sure what types of supplies or materials you’ll need for your business, ask the Ai program
THE INSTRUCTOR OR STUDENTS CAN READ THIS TO THE GROUP.
Need Start-Up Money?
What if you don’t have money to start your business? How can Chat GPT help with the funding of your business? Let’s Ask! I hope this helps give you more confidence to get your business started!
Activity: Ask ChatGPT: How can I find money as a kid to start my business? WHAT DID CHATGPT SAY?
PRICING Your Product or Service
Activity: Set Your Prices
It’s time to set your prices! How much should you charge your customers? If you’re still not sure you can go back to Google and search there OR you can ask ChatGPT for its recommendations. It’s not a bad idea to search on Google for other businesses that are doing what you want to do and compare prices. Remember you want to have an awesome price and still make money to cover your expenses and put extra money into your savings account!
In your Google DOC or word processing program, list your products or services and add prices for each. Think about how much you are spending to make the product (service) and charge enough over that to make a PROFIT!
Example:
Making and Selling bracelets (beads, string, clasps):
Total cost to make: $2.00 each
Bracelet sale price: $5.00
Your profit is $3.00
Example:
Pet Sitting expenses (you may have no expenses)
Total cost/expenses: $0.00
Price to pet-sit: $30.00
Profit: $30.00
Activity: ChatGPT GAMES (10 minutes)
Students will choose which one they want to play for 10 minutes
Here are some ChatGPT-powered games that could be integrated into Money Matters: Finance for Kids" curriculum:
Each of these games utilizes ChatGPT's ability to simulate scenarios, provide feedback, and teach concepts in a conversational manner, making learning about finance both educational and enjoyable for middle schoolers.
TO PLAY… COPY AND PASTE THE ENTIRE ACTIVITY INTO CHAT GPT AND CHAT GPT WILL CREATE THE GAME. Look at the highlighted area as an example of what to copy and paste.
Copy and Paste #1 ( Then try the other ones)
1. The Investment Adventure:
Objective: Understand basic investment concepts and the value of money over time.
How to Play: ChatGPT creates a simple adventure story where kids can choose different investment paths for their money. The outcomes will show how investments can grow or shrink, teaching the concept of risk and return.
2. The Entrepreneur Challenge:
Objective: Apply entrepreneurial thinking to solve problems and make money through a simulated business.
How to Play: ChatGPT will present a series of challenges or customer needs. Kids must come up with creative business solutions, set prices, and decide how much to reinvest in their business to keep it growing.
3. The Price Is Right:
Objective: Learn the concept of value for money and pricing.
How to Play: ChatGPT describes various items or services kids might offer in a business. The players guess the price, and then ChatGPT explains how the cost of goods, labor, and other factors determine the final price.
4. The Financial Flashcards:
Objective: Learn financial terminology in a fun way.
How to Play: ChatGPT can generate a list of financial terms and their definitions. Kids can use these to create flashcards and test each other, or ChatGPT can quiz them in a game format to reinforce learning.
VIDEO TRANSCRIPTION:
Objective: Introduce basic financial concepts like budgeting, pricing, and profit
Understanding Financial Jargon:
Finance can seem like a foreign language, but it's just a matter of learning the terms. With ChatGPT's help, you can understand basic financial concepts, such as:
Asset: Something valuable that an individual or business owns, such as cash, property, or investments.
Liability: A debt or obligation that an individual or business owes, like a loan or mortgage.
Revenue: The total amount of money that a business receives from selling goods or services.
Expense: The costs incurred by a business in the process of earning revenue, like rent, salaries, and utility bills.
Profit: The amount of money a business makes after all expenses are paid. It's calculated as Revenue - Expenses.
Investment: Using money with the goal of making more money in the future, like buying stocks or real estate.
Savings: Money set aside for future use, not spent immediately.
Interest: The cost of borrowing money, often expressed as a percentage of the amount borrowed. It can also be the money earned by saving or investing money.
Budget: A plan for managing income and expenses over a certain period of time.
Credit Score: A number that represents a person's creditworthiness based on their credit history. Higher scores are better and can lead to better interest rates on loans.
ChatGPT can turn these terms into fun, relatable examples, ensuring that you're comfortable and familiar with the financial side of running a business.
PRICING Your Product or Service
Let's talk about something super important in your business adventure: setting the right price for what you're selling. Whether it's bracelets, lemonade, dog walking, or anything else, choosing the right price is a big deal. It's not just about getting back the money you spent making it, but also about making your product look cool and earning some extra cash for your savings account!
Picking the Right Price is a Big Deal. Why?
Paying for Stuff You Used: Your price should be enough to cover the cost of things like beads for bracelets or lemons for lemonade.
Looking Cool: The price you choose tells your friends and customers if your product is super special or a great deal.
Earning Profit: You want to earn more money than what you spent, so you can save up for something big or make more cool stuff.
Attracting Customers: The perfect price makes people excited to buy what you're selling.
Staying in the Game: Look at what others are charging for similar stuff and think about what your friends might be willing to pay.
How ChatGPT, a Super Smart Robot, Can Help You
ChatGPT is like a robot friend who's really good at helping with your business. Here’s how it can help you set the best prices:
Checking Out the Playground: ChatGPT can help you find out what other kids are charging for similar stuff.
Adding Up Costs: It can help you figure out how much you spent on making your product.
Playing 'What If': ChatGPT can help you think about different prices and what might happen.
Understanding Your Friends: By looking at what your friends say, it can help you find a price they'll love.
Learning New Tricks: ChatGPT can teach you cool strategies for setting prices.
Finding Cool Stuff to Read: It can show you fun articles and stories about setting prices.
Remember, while ChatGPT is super helpful, you’re the boss of your business. The price you choose should make sense for what you're selling and feel right to you. Happy selling!
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