Lessons 18–19 · 2 lessons · E. Sariqov, B. Khaydarov. Foundations of Economics, Grade 8. “Huquq va Jamiyat” Publishing House, Tashkent, 2019
19
Review of Chapter III
Textbook: pp. 84–87
GoalReviews Chapter III – income and spending, property, wealth, saving and insurance, economic decisions and consumer rights – and applies it in calculations.
New words
family budget: a plan of a family's income and spending · oila budjetireal income: nominal income divided by the price index · real daromaddeposit: money put in a bank for interest · omonatconsumer rights: the buyer's rights protected by law · iste’molchi huquqlari
Explanation
The third chapter is about the economics of the family and the household. A family's income (wages, pension, rent, interest, dividend, profit) and spending (compulsory and free) are shown in the family budget; if income is larger, the surplus is saved. Property is personal, collective, state and private; private property brings income. Wealth consists of human and material capital, and real income takes price changes into account. In saving it is necessary to choose a reliable bank, allow for inflation, use insurance and beware of fraud. Before any purchase one should think through the steps of problem, alternatives and criteria and know one's consumer rights.
Worked examples
Review: income 9 600 000 so‘m, spending 8 100 000 so‘m, surplus 1 500 000 so‘m. If part of it, 1 000 000 so‘m, goes into a deposit at 18% annual interest, the annual profit is 1 000 000 · 18 : 100 = 180 000 so‘m.
Review: nominal income 3 300 000 so‘m, price index 1.1. Real income is 3 300 000 : 1.1 = 3 000 000 so‘m.
Class activity
“Adviser”: groups take a conditional family situation (low income, a loan offer, a deposit, insurance), give two or three safe pieces of advice and present them to the class.
Practice
1
With 9 000 000 so‘m income and 7 350 000 so‘m spending, how much is the surplus?
1650000
2
Nominal income 4 400 000 so‘m, I = 1.1. How many so‘m is real income?
4000000
3
2 000 000 so‘m is deposited at 20% annual interest for 6 months. How many so‘m is the 6-month profit?
200000
4
If a friend says, “put in money now and I'll give you 30% every month”, why should you not agree?
Because such profit cannot be guaranteed and is usually a pyramid sign; the risk of losing the money is high. A licensed bank and adult advice are safer.