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Mastering Money Management: Understanding Ratios, Rates, and Unit Rates

Understanding money management is crucial for financial health. This guide explores key concepts like ratios, rates, and unit rates, helping you make informed decisions. Discover how to compare financial options by analyzing ratios, compute rates that involve different units, and understand the significance of unit rates in everyday transactions. Apply these principles to real-world examples, from calculating earnings to evaluating grocery deals. By mastering these skills, you'll learn to spend wisely and maximize your financial resources.

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Mastering Money Management: Understanding Ratios, Rates, and Unit Rates

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Presentation Transcript

  1. Being Money Wise

  2. Question • Why do you have to be wise with your money?

  3. Skills that will be covered • Ratios • Rates • Unit Rates • Proportions

  4. What is a ratio? • A comparison of two things that have the same unit.

  5. Example • Which team won the NBA 2008 championship? • What was the score of the final game? • Celtics: 131 • Lakers: 92

  6. Lakers 92 • Celtics 131 • This is a ratio • Ratios can be written as follows • 92 to 131 • 92:131 points points

  7. What is a rate? • If ratios compare two things that have the same units, • Then a rate does what? • Compares two things that have different units

  8. Examples of rates $400 4 days • You made $400 in 4 days • This can be written as a fraction • 2 different units (dollars & days)

  9. Unit Rates • Easy question: How much did you make each day? • This is an example of a UNIT RATE $400 $100 4 days 1 day 1st Day 2nd Day 3rd Day 4th Day

  10. Who made more? • If you made $400 working 4 days • And your friend made $900 working 15 days • Whose job pays better? • Find out how much you and your friend gets paid every day. • So the strategy • Is to find the UNIT RATE $400 $100 $900 $60 ? 4 days 1 day 15 days 1 day You Your Friend

  11. Minimum Wage • $5.85 per hour • Write this as a UNIT RATE • By the way, if 2 fractions are equal, do you know what that is called? • A proportion ? $5.85 $58.50 1 hour 10 hours

  12. Minimum Wage of 24 States $8.00 1 hour What states have the highest minimum wage? Why do different states have different minimum wages?

  13. Buying Laundry Detergent • Your mom sent you to the grocery store • She told you to buy washing powder • There were only 2 boxes left! • One box costs $52.21 for 63 loads (WHAT?)

  14. Buying Laundry Detergent • One box costs $52.21 for 63 loads • The other box costs for $39.99 for 40 loads • Which box is the better deal? • Hint: Find unit rates

  15. Setting your problem up $52.21 buys you 63 loads $39.99 buys you 40 loads $52.21 $0.83 ? $39.99 $1.00 ? 63 loads 1 load 40 loads 1 load Answer in Calculator: Answer in Calculator: 0.82873015873015873015873015873016 0.99975 WANT A HINT?

  16. Buying Eggs • When you got home, your mom wants you to go back and get some eggs • A dozen eggs costs $2.75 • 2 ½ dozen eggs costs $5.50 • Which one is the better deal?

  17. $2.75 $0.23 $5.50 $0.18 12 eggs 1 egg 30 eggs 1 egg

  18. Conclusion/Moral If you save a little change here and there The change will change into dollars Which will change into…

  19. Conclusion/Moral THE END

  20. $52 for laundry detergent? • Do you know where most laundry detergents comes from? • Petroleum! • What else is made from petroleum?

  21. Remember This Example? • If you made $400 working 4 days • And your friend made $900 working 15 days • Whose job pays better? • Find out how much you and your friend gets paid every day. • So the strategy • Is to find the UNIT RATE $400 $100 $900 $60 ? 4 days 1 day 15 days 1 day You Your Friend OKAY I GOT IT!

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