DUE DATE:
First Six Weeks Economics Project: Cost of Living
As you prepare to embark on life after high school/college, you will be faced with many important economic
decisions. In preparation for this adventure, you will research what it costs to live on your own. If you plan on
going to college, this assignment will be based on the anticipated experience of your first year out of
college. If you are not planning on going to college, the data will be based on your experiences starting
this June. You will research the cost of a home or apartment, transportation, and other living expenses (see
table on other side). Additionally, you must document the basis for your estimates. Describe how you plan to
meet the needs of your desired living arrangements. What will be your source of income? Additionally, you
must calculate the income received if you took a job at minimum wage. Explain the impact, if any, this exercise
has had on you. Are you on track to meet your desired accommodations? Do you need to alter or change
anything to meet these objectives?
REQUIREMENTS:
Paragraph One: Introduction
Paragraph Two: Describe your future occupation. Why did you choose it? Where are you going to live?
Be specific. Which city and which apartment/house? What will be your source of transportation?
Paragraph Three: Explain in detail what you must do in order to meet these goals. (College? Major? Job
training?) Have you applied? Which schools are you considering? Have you been accepted? How are
you going to pay for schooling? What will you be doing this school year to help you meet these goals?
Are you on track to meet these goals? Give a detailed explanation.
Paragraph Four: Compare your expenses with the income from a minimum wage job. What is the
federal poverty level for a family of one? How does that compare with your anticipated expenses? How
has this experience altered your perception of the poverty level and/or life with a minimum wage?
Paragraph Five: Conclusion. Reflect upon the assignment. Are there any other expenses that you will
have that were not included in this project (for example: subway tickets)? Has it affected your views on
what it takes to live on your own? If so, how? If not, why not? Summarize your observations and/or
learning from the research activity. How does this factor into your decision on what to do and where to
go after high school?
This paper must be stapled to the completed chart with your essay. Failure to type the essay will result
in a 20 point deduction from your grade. You must also attach a printout of your apartment or house
with the correct rental or mortgage information. Your future income should be based upon normal
circumstances (no professional athletes, movie stars, etc.)., and should be reflective of the bottom
income of any scale pertaining to the profession.
GRADING: This project is worth one exam grade and will be graded according to the following criteria:
Completed Chart (with sources/parent signature) 35 points ________
Introductory Paragraph 5 points ________
Paragraph Two 10 points ________
Paragraph Three 15 points ________
Paragraph Four 15 points ________
Paragraph Five 15 points ________
Rental information attached 5 points ________
Total ________
Attention Slackers: This assignment is worth a major test grade. If handed in one calendar day
late, you will lose 25% of your earned points. If handed in two calendar days late, you will lose
50% of your earned points. After two days, papers will not be accepted for credit.
TABLES OF EXPENSES/INCOME:
Expenses Monthly Yearly Amount Source/Parent
Amount signature
Taxes (15% for Min. wage, 30% for
other jobs)
Savings XXXXXXXXX
Charitable offerings XXXXXXXXX
Mortgage or Rent
Student Loans
Electricity
Heating/Gas
Garbage Disposal Service
Water
Phone
Cable
Internet Service
Groceries
Vehicle Cost / Payment
Auto Insurance
Gasoline
Oil Changes
Auto Maintenance
Registration
Inspection
Personal Health Insurance assume $5,000 OC
Entertainment(Movies, Dinner, etc)
Clothing
Total Expenses in $ XXXXXXXXX
(must equal your income; put any
extra income into savings)
Income Monthly Amount Yearly Amount Source
Anticipated income from desired
occupation
Minimum wage (40 hours/week; OC
50 weeks a year)