Week 3 - Money and Time, we are exploring economics and the role

Week 3 - Money and Time

This week, we are exploring economics and the role it plays in society as well as how the idea of money evolves philosophically over time.  The idea of what "money" is has changed over time: stones, gold coins, paper money, plastic money, and now digital currency.  However, in economics money is not the only factor that influences its value.  That other factor is time.  In this activity we will look at the influence money has on time and how it affects our decision making.

Activity Question

If you can have $100,000 now versus double a penny for a month, what would you rather have?

Step 1

Calculate what you would have at the end of 30 days if you doubled a penny everyday?

Please watch the video below to make sure your calculation is correct

https://youtu.be/dlJgEFPCW5U

Step 2

Pick a person (e.g., famil, friend, classmate) and ask them the question "Do you want $100,000 now or double a penny for a month?"  

Step 3

Then demonstrate doubling a penny in a month on a piece of paper to the person (it is more convincing to show the daily increase rather than showing them the final result