How to Teach Economics to First Graders
Children can begin learning the basic concepts of money that will later develop into complex economics as early as kindergarten or first grade. The students will first need to know what exactly money is, where it comes from, what it does and how we acquire it, in order to begin to understand how economics works. These concepts can also be built upon to differentiate between wants and actual needs, and why adults need to work in order to survive and function in the world.
Things You'll Need
- Play money and coins
- Banks
- Store items (pencils, erasers, notebooks, folders, toys, etc.)
Instructions
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1
Develop a points system in the classroom that correlates with money. For a daily good deed, for example, a student can earn a quarter. General good behavior at the end of the day can earn each student a dime. Choose one "student of the week" to earn a substantial amount, such as a dollar or 50 cents. Use play money as opposed to actual currency.
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2
Create a bank area of the classroom for each student to store his money. Label piggy banks for each student or have them create their own banks as a craft project. Be sure the banks are displayed in plain sight and are clearly labeled.
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3
Create a "store" area of the classroom for the students to spend their earned money. The store can carry a variety of items at different costs, such as pencils, erasers, brightly colored folders, jump-ropes and puzzles.
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4
Review each item with the class and show them the price of each item. Explain how many pennies, nickels, dimes, quarters and dollars it takes to purchase one of the items.
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5
Establish a classroom shopping day every week, such as Friday.
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6
Count the amount of money the students have accumulated over the week. Explain that the students can use their money as they want. They can spend it all, save it all, save some or spend some.
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7
Allow students to shop one at a time in the classroom store, reinforcing the concepts of earning, saving and spending money.
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References
- Photo Credit money, money, money image by easaab from Fotolia.com
