Economics Projects Idea
The basic principles of economics can be introduced to children as early as elementary school. Vary the complexity of the activities to teach the same economic concepts to children of all ages. Children can build upon their knowledge base over time with a variety of projects suitable for all grade levels.
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Banking
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Complete a project focused on banking to study the differences between institutions and types of accounts. A project for younger children would be to write a report on the differences between banks and credit unions. Older children could expand upon their knowledge of the differences by conducting an evaluation of which bank is best for preset criteria: a small business; an individual account that frequently goes overdrawn; and an individual account with various savings and investments.
Microeconomics
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Undertake a project on microeconomics and personal finance. Younger children can assess their own budget over the course of a month, recording all income (allowances and gifts) and expenses (toys they bought and lunch money spent). Older students should complete a project on an assigned budget. Students draw random challenges such as a pregnancy, bills, income-tax refund and emergency car repairs, and attempt to balance the budget despite unanticipated expenses and income. Students write a paper based on what they learned, detailing best practices to prepare for unplanned financial situations.
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Entrepreneurship
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Students participate in a project on entrepreneurship. Younger students can complete a gingerbread fundraiser and focus on the advertising and marketing needed for a successful fundraiser. Students should write a report on the marketing and advertising strategies they tried, and identify which approach resulted in the most sales. Older students should develop a mock business plan for a small start-up company. Students should identify the product and the target-market demographics. The project can focus on the marketing and advertising strategies including price-point and distribution.
Supply and Demand
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Complete a case study to examine the principles of supply and demand. Younger children can complete basic supply and demand graphs, studying a product such as VHS tapes. Children will find that the demand was high when the technology was new and remained relatively steady until DVDs were introduced, at which point demand plummeted. Older students can complete a case study of a business such as Levi Strauss or Starbucks and use the Internet to research supply and demand factors for these companies. Students can explore various concepts such as price-point adjustment and over-saturation of the market.
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