Reviews and folders were sent home on 9/22. Graded tests were sent home on 10/1.
Economic Concepts:
1. Consumers and Producers:
Students participated in a mini project where they acted as consumers and
producers. They were given a piece of construction paper and told that they
had 12 minutes to create a product using only the goods that they had in their
desks. The products turned out great! I was pleased with their creativity and
bravery. We also had great feedback from students about each other's
products. Ask your child what they created. They acted as consumers when they
were given the opportunity to buy each other's products.
2. Division of Labor:
We discussed and listed various ways in which the labor can be divided in
order to split up the work. Students also discussed positive and negative
aspects of spitting up the work. Examples of students ideas on breaking up the
work included: A positive aspect of splitting up the work is that you get done
quicker if you have more people depending on the job. A negative aspect of
breaking up the work is that sometimes when there are too many people,
arguments may arise or you do not get a turn.
3. Opportunity Costs:
Students were asked to list the costs and benefits of a buying a fish or a
kitten. The opportunity costs is the choice that they gave up!
4. Competition in the Local Community:
Students were asked to pretend that they worked at various local stores in the
community. Next, they created a poster to "sell" their store that included
incentives to attract their customers.
5. Saving Money/Forms of Money-TBA
Economics Vocabulary
1. economics-the careful use of money and goods
2. consumer-a person who uses goods and services
3. producer-a person who makes goods or services
4. division of labor-the breakdown of a whole job into parts
5. specialization- a person who focus on a certain job
6. opportunity costs- a choice you give up based on costs and benefits
7. incentives-what is offered to help you choose one choice over the other
8. cost-example of the negative reasons when making a choice
9. benefits-examples of the positive reasons when making a choice
10. needs-things that you must have in order to survive
11. wants-things that you would like to have
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Room 10 Classroom Economy
Students will participate in a year-long activity where they earn debits and
credits based on their choices. Throughout each week, students can earn
credits for any number of things. For example, students who hold classroom
jobs each week will earn credits on a daily basis according to our agreed upon
payroll. Credits will also be earned sporadically for following rules, showing
good character, putting extra effort into school work, turning in
homework/assignments on time and completed to the best of their ability, and
being responsible. Debits will be given to students when they break laws
(classroom rules) in our community of learners. At the end of each pay period,
students will add up their credits and subtract their debits to calculate
their weekly total. The money can be used to purchase
items at our classroom store at the end of each pay period (bi-weekly).
Students can, of course, choose to save the money that they earn each week to
purchase a more expensive item at the store. For this reason, all students
will have wallets in which they can store their money. As students shop, they
will use shopping logs to keep track of what they are spending. Students will
record the item, the quantity, and the cost before totaling their final bill.
The log will be taken to the cashier to be double-checked and will be used as
the shopper's receipt. The class economist will study the behavior of student
shoppers, keep track of how much students make each week when they cash their
checks at the bank and then keep track of how much they spend at the store.
We will make graphs to compare the two amounts in order to analyze the economy
in our classroom. The economist will also keep track of popular and unpopular
items at the store to determine high or low demand in stock. The economist
will give an economist report to the class and make suggestions about items
that need to go on sale and scarce items that may need a price increase.
Students will learn many "real-world" concepts while participating in our year
long classroom economy. The class store will ultimately be used to teach
economic lessons that include decision-making, opportunity cost, supply and
demand, and inflation.