Elementary School Economics Activities
Economics activities in an elementary classroom instill an understanding of how society operates based on money. Most children at this age know they can go to the store and buy items. However, many of them fail to realize how the merchandise arrives at the store or where the money originates. Providing hands-on activities that relate to money and economics teaches the basics of the system. This understanding results in children who are more aware of financial responsibilities as they grow into adulthood.
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Bank Book Reward System
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A bank book reward system teaches about money management. Provide each child with a bank book. Create pages for the book on the computer that include columns for a description, deposits, withdrawals and the balance. Staple several of the pages together with a construction paper cover for each child. Students earn dollar amounts throughout the school day, which they add to the bank book. After each amount is entered, the students add it to the previous balance to determine the new total. Set up a classroom store with small trinkets, priced with different dollar amounts. Students use the balance in their bank books to purchase items from the store. This activity allows students to understand how a bank account works while improving their addition and subtraction skills. Some students may learn the value of saving money to purchase larger items, while others will be tempted to spend all of their money immediately on smaller items.
Financial History Time Line
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Explore the major financial events in history that shaped our current economy. The events included on the time line depend on the grade level of the students. Older elementary students understand more in-depth financial topics, while younger students need a basic overview. Event ideas to add on the time line include the establishment of the first bank, the beginning of the stock market, the Great Depression and the origination of credit cards. Create a classroom time line with each event represented by a picture and the date.
Then & Now
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Create a classroom research project to compare the prices of basic necessities throughout history. Develop a list of items to be compared, such as a gallon of gas, milk, bread, eggs and meat. Select two or three points in history and have the students research the price of each item on each of those dates. Provide books, website links and other information that assist in finding the answers. This project works well on an individual or small group basis, depending on your preference and the dynamics of the classroom. After everyone finds the answers, initiate a group discussion comparing the prices on each item. Use the information to create math problems to extend the educational value of the activity.
Dramatic Play
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Dramatic play areas allow students to actively participate in learning activities. Set up different dramatic play areas representing various elements of the economy. Ideas include a farm, a store, a restaurant, a bank, a hospital and a home. Allow the children to interact with one another to exchange goods and services. Provide play money to facilitate an understanding of how money is earned and exchanged. Consider creating different scenarios for the children to re-enact in the dramatic play area.
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