We are beginning an economics unit this week. The students are learning about needs and wants. They earn play money for coming to school which is their job. I tell them that this would be their paycheck in the real world. They take the money that they earn and use it to rent their desks and chairs. They are fined for not raising their hands or not doing their homework. This has been a great way to teach my students about the real world. What activities do you teach in your classrooms that relate to teaching students about economics?
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Our 5th grade students visit our local Junior Achievement center and JA Biztown where they spend a day living and working in a mini economy. The 5th grade teachers also use their curricular materials in the months beforehand.
https://www.jaworldwide.org/experiences
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Our 4th grade students host a May Market (Farmer’s Market) type event. We are a STEM school, so we have students make all of the goods they sell. They also go through the design process before starting production of their goods.
Students also set budgets and analyze how much it would cost vs. how much they would make after selling to determine the products worth.
Finally, they create commercials, ads, and flyers to promote their products and sell them at the May Market.
Class Dojo offers a comprehensive lesson plan guiding students through the process of filing a federal tax return, complete with steps for handling checks, social security cards, W-2s, and 1040 forms. This year, our students not only experienced the joy of earning money but also gained valuable insights into the responsibilities that come with it.
If your school has access to Flocabulary or Freckle, these are also great places to find interactive activities for students. I also incorporate into my math unit since we discuss money in every grade level so anything I can do to boost the math skills is also super helpful!
