Question

Economics Tell how much change you would get if you paid for each item with a \(\$ 5\) bill. a pack of PlanetQuest cards for \(\$ 2.23\)

Short answer

The change is \( \$ 2.77 \)

Step-by-step solution

Identify the Amount Paid

The total amount paid for the item is given as \( \$ 2.23 \).

Identify the Total Money Given

The total money given to pay for the item is a \( \$ 5 \) bill.

Calculate the Change

To find the change, subtract the amount paid from the total money given. Calculate \( \$ 5 - \$ 2.23 \).

Key concepts

money subtraction

Calculating change involves subtracting the cost of an item from the amount of money given. In our example, we have an item costing \( \$2.23\) and a payment of \( \$5\). To find the change: \(\$ 5 - \$ 2.23 = \$ 2.77\).

Tips for accurate money subtraction:

• Line up the decimal points to ensure accuracy.


• Borrow from the next digit if the top number is smaller than the bottom number.

Practicing these tips makes subtracting money straightforward and error-free.

basic arithmetic

Basic arithmetic operations, like addition and subtraction, underpin many real-life tasks, like calculating change. Subtracting decimals is a key skill:

• Write the numbers with the decimal points aligned.
  
• Subtract each digit starting from the right-most side.

This process ensures accurate results. Use of placeholders, like zeroes, can help ensure that digit alignment is maintained correctly.

Example: When subtracting \(2.23\) from \(5\), align the decimals and subtract digit by digit. This helps in error-free subtraction crucial for accuracy in everyday calculations.

economics math

Understanding economics math, like calculating change, helps in budgeting and managing finances. When you know how much change you are due, you can manage your money better.

In the real world, transactions frequently involve making sure the right amount is exchanged. Basic math guarantees you’re not overpaying.

• Always verify the change received during transactions.
• Practice mental math to quickly estimate if the change is correct.

By mastering these basic economic math skills, you become more confident in handling daily monetary transactions, ensuring your finances are always in order.