FINAL Module 7 Infographic - Economics in Elementary School

ENTREPRE-NEURSHIP

SAVING AND BUDGETING

SUPPLY AND DEMAND

GLOBAL ECONOMY

TRADE AND EXCHANGE

MONEY AND CURRENCY

GOODS AND SERVICES

NEEDS VERSUS WANTS

Foundation for Future Learning

Creativity and Entrepreneurship

Awareness

Critical Thinking Skills

Financial Responsibility

The Importance of Economic Literacy

ECONOMIC DECISION MAKING

Developmentally Appropriate Activites for Teaching Economics

Economics in Elementary school

9-10 year olds

7-8 year olds

5-6 year olds

3-4 year olds

What Knowledge/Skills Should be Taught in Elementary Economics?

References

https://youtu.be/CE5eJbaHL8s https://d2l.msutexas.edu/d2l/le/content/102067/viewContent/1440387/View https://youtu.be/Tm-YI6zvnak

Money & Currency

Elementary school students should be introduced to the basics of money and currency to develop essential financial literacy skills. In elementary school, children should learn that money is a medium of exchange used to buy goods and services and that it comes in various forms, such as coins and bills. Students should be taught the names and values of common currencies, as well as how to count and make simple transactions with money.

Teaching money and currency in elementary school should be interactive and practical. Students can engage in hands-on activities like counting and sorting coins, role-playing in mock stores, or creating simple budgets. These activities make the concept of money relatable and help students develop basic financial skills that they can apply to real-life situations. Additionally, teachers should incorporate age-appropriate discussions about saving, spending, and the value of money in economics education.

The teacher would begin the lesson by reading the story “The Goat In The Rug” which is about a Goat, Geraldine, who has a friend, Glenmae, that makes and sells rugs. After reading the story, the teacher will inform the student that Glenmae is a producer and she uses resources to make her rugs. The teacher will then inform students about the difference between natural, human, and capital resources as well as intermediate goods. Next, the teacher will hold up cards of each resource from the story and the students will practice identifying these terms by holding up a card with a “C” for capital resource, an “N” for natural resource, and “H” for human resource, or an “I” for intermediate good. Lastly, the students will create their own rug using construction paper and write a short personal narrative about something they produce at home. Asking students to come up with something they produce in their life allows the students to make a personal connection to the content and effectively reinforces their understanding of these economic concepts.

"The Goat in the Rug"

SPEC: Activity for 7-8 year olds

This lesson utilizes children’s literature to teach concepts of producers, resources, and intermediate goods which is an effective way to engage children in economic studies.

By instilling these foundational concepts, elementary students can recognize the role of entrepreneurship in the economy and be inspired to think creatively and ambitiously about their future roles as potential entrepreneurs.

Entrepreneurship

In elementary school economics, students should be introduced to the concept of entrepreneurship as a fundamental understanding of how businesses are created and operate. Students can learn that entrepreneurs are people who come up with ideas and take risks to start and run their businesses. Entrepreneurship teaches students about the importance of hard work, creativity, and problem-solving skills.

Students can participate in simple projects, like setting up a small classroom business or designing and selling products.

Advancing economic literacy at a young age equips students with the necessary skills to navigate the economic challenges of adulthood.

Financial Responsibility

Economic education teaches students the importance of being financially responsible and allows them to understand the consequences, good and bad, of financial choices.

In this lesson, students learn how to be responsible with money. The teacher would begin the lesson by playing the $martpath video which introduces young children to the concepts of saving money. In the video, we see 2 skunk puppets who saved up their money by putting away $2 for every $10 they made so they could buy Stinkland tickets. The skunks have a friend, Flea, who was supposed to come with them, but Flea was not careful with his money and he could not afford Stinkland tickets after forgetting to save money and maxing out his credit card. The video engages students by incorporating catchy songs, comedy, and puppetry. After learning about financial responsibility in the video, the students and teacher will work together to complete a crossword puzzle which addresses some of the vocabulary and concepts from the video.

“Flea the Frog (Saving and Credit Cards)”

PBS LearningMedia $martpath: 3-4 year olds

This lesson is valuable for young children because it introduces them to the important concept of financial responsibility. It shows students that if you spend responsibly and put small amounts of money aside over time, you can save up for big purchases that you will really enjoy. However, if you choose to be an irresponsible spender, you won’t be able to make these purchases.

Elementary school students should learn that trade fosters cooperation, allows people to obtain things they may not have otherwise, and the goal of trade is mutual benefit.

Trade and Exchange

Students should recognize that trade involves the exchange of goods and services between individuals, communities, and even countries. Voluntary trade is when a person exchanges goods, services, or money in hopes that they will get something they want or need. Students should understand that voluntary trade is good for the economy because it allows for a higher standard of living and broader choices of goods and services.

Understanding needs vs. wants establishes the foundation for several of the 6 core economic principles, especially the principles that "People Choose" and "Voluntary Trade Creates Wealth". Teaching needs vs. wants helps students understand scarcity, incentives, and markets.

Needs vs Wants

Teaching elementary school students about needs vs. wants is fundamental in economics education as it lays the groundwork for responsible financial decision-making and helps student develop their prioritization skills. By distinguishing between essential necessities like food, clothing, and shelter (needs) and non-essentials such as toys or treats (wants), students develop crucial life skills.

Needs vs wants encourages students to think critically about their choices and how to be financially responsible. This will set them on a path to make informed decisions and develop valuable economic literacy skills that they will use in their adolescent and adult life.

An understanding of economics can inspire creativity and entrepreneurship by encouraging students to think about new business ideas, innovations and solutions to economic problems.

Creativity and Entrepreneurship

When learning about economics, students may learn about entrepreneurs who made a business about something they felt a passion for.

Students should understand that countries all over the world contribute to the global economy because they all bring different goods, services, and resources to the table.

Global Economy

Lastly, elementary school students should learn about the basics of the global economy. Students should understand that the world is interconnected, meaning that good and services are continuously being exchanged between countries all over the world. They should also be taught that what happens in one countrie's economy can affect the economy in multiple countries.

The critical thinking skills that students learn in economics encourages students to consider all factors when decision-making, as there are many pros and cons to every choice.

Critical Thinking Skills

Learning economics fosters critical thinking skills. Students learn to use evidence and logic to analyze information, assess alternatives, and make decisions that achieve the best balance between costs and benefits.

Understanding basic economic principles early can make it easier for students to grasp more complex ideas as they grow up such as spending, saving, budgeting, and investing.

Foundation for Future Learning

Developing economic literacy at a young age establishes a strong foundation for more advanced economic concepts that students will tackle later in their educational journey.

“Good Boy! (Goods vs. Services)”

PBS LearningMedia $martpath: 5-6 year olds

This lesson teaches students about economic wants, goods, and services. The video provides examples of goods and services that are relevant to students’ interests. For example, the video uses candy as an example of a good and paying someone to walk your dog as an example of a service. The video also has a catchy song that students will remember which explains goods are something you can touch and services are something that a person does. After showing the video, the teacher and students will work together to complete a T-chart that organizes goods and services mentioned in the video. Next, the students will draw pictures of goods and services found in the Candy Shop from the video. The teacher can assess student learning by showing the powerpoint which includes pictures of various goods and services from the video. The students will indicate whether they believe the product is a good or service by standing in front of the term that the photo represents.

Educating students on these concepts from a young age can motivate students to address economic disparities and advocate for positive change when they are older.

Awareness

Economic literacy can begin to help students gain perspective on:

• National & international trade
• Poverty
• Inequality
• Social justice

First, the students will learn about the imaginary town of Chewandswallow by reading “Cloudy With a Chance of Meatballs”. After reading, the students will discuss how Chewandswallow has different needs than the town they live in. The teacher will introduce the difference between Human Resources, Natural Resources, and Capital Resources. For the main activity of this lesson, each of the students will be given a Productive Resource Card and find the Productive Resource Poster that matches their resource. For example, a student that has “cotton” would go to Natural Resources. Students will discuss their resource card and determine whether or not their resource would be needed in Chewandswallow.

“Productive Resources in Chewandswallow”

Lynne Stover: Activity for 9-10 year olds

In this lesson 9-10 year olds will learn about the different types of productive resources by reading “Cloudy With a Chance of Meatballs”. This activity primarily focuses on productive resources, but it also teaches students about early concepts of supply and demand.

Saving and Budgeting

Students should learn that saving involves setting aside a portion of money for future needs, such as goals, emergencies, or items they want but cannot afford immediately. Additionally, they should grasp the idea of budgeting as a means of planning how to spend their money wisely by allocating it for different purposes like necessities, fun activities, and savings. These early lessons should emphasize the value of patience, goal setting, and making thoughtful financial choices, providing a strong foundation for financial literacy as they grow.

One way that teachers can enhance their student's comprehension of saving and budgeting is by setting up a classroom market. Students earn "money" to spend in the classroom market. They can choose to spend it immediately on small prizes or save up their money over time to buy something special. Classroom markets emphasize the importance of delayed gratification and making choices about how to allocate their resources.

Economic Decision Making

Elementary school economics should introduce the concept of economic decision-making as a fundamental life skill. Students should understand that every choice they make has good and bad consequences, good and bad. Students should learn to consider the potential benefits and costs when spending money. Young children should also learn about the concept of opportunity cost, which is the loss of potential gain from other alternatives when one alternative is chosen. Economic decision making develops student's critical thinking skills which gives them the necessary skills to make logical, informed economic and non-economic choices.

This foundational knowledge empowers them to make informed choices, set goals, and efficiently manage resources as they progress through their education and life.

This knowledge equips them with a foundational understanding of how the economic world operates, enabling them to make informed decisions about their own consumption and appreciate how their choices affect the economy.

Goods and Services

Elementary school students should have a basic understanding of goods and services, recognizing that goods are physical items like toys, books, and food, while services encompass intangible things such as haircuts, education, and healthcare provided by individuals or businesses. They should comprehend the idea that both goods and services are essential components of our economy, and their existence plays an important role in our daily lives.

It is essential to employ age-appropriate methods, such as interactive activities and real-world examples, to make the learning experience engaging and relevant, empowering young learners to recognize the importance of goods and services in their community and beyond.

Supply and Demand

Elementary aged students should know that when something is in high demand and its supply is limited, its price tends to go up, while when something is in high supply and the demand is low, its price often decreases. Young children should understand that their choices as consumers impact the availability and pricing of goods. Student comprehension of supply and demand is essential in cultivating their understanding of important economic concepts such as scarcity, markets, incentives, and the consequences of economic choices.

Teachers should simplify the concept and of supply and demand make it relatable for students. Young children can learn about supply and demand by using everyday examples, such as favorite toys or snacks, to demonstrate the idea that when something is in high demand but limited supply, its price may go up. Engaging activities like setting up a mini-market where students trade items can help them understand the concept further.