In 1980, one gallon of gasoline costs $1.22. Today's prices are a lot higher. Is that because the price has gone up or because in 1980 you could buy a lot more than you can buy today for $1.22?
In this activity we investigate the relative value of a gallon of gasoline. Has the cost of gas really gone up? Students can use our activity sheet to discuss and refine the current and past gasoline costs and the effects of inflation.
The Activity: inflation-gas-prices.pdf
For members we have an editable Word docx, an Excel sheet, and our activity solution
Then you and your class can study the charts and make some informed observations about whether the constant dollar cost of gasoline has really gone up, stayed the same, or gone down. Add in some current event facts to the discussion to analyze why the nominal price of gasoline has changed through the years.
This activity is appropriate for students 5th grade or older. It can be used to address many different skills & standards. Some obvious CCSS: 5.G.1, 5.G.2, 5.NBT.7, 6.NS.3, MP3, MP4, MP5