By now, you've probably heard the buzz about our classroom economy. It's certainly been one of the most highlighted learning experiences since the start of the new school year.
In a nutshell, our classroom economy provides an opportunity for students to learn the principles of economics and valuable financial life skills in an experiential way, while promoting positive learning behaviors and skills. It teaches financial literacy and discipline and the rewards that go with it. Here are just some ways our students are benefitting from this experience:
- Taking part in a simulation of real-world economic activity
- Learning the responsibility that comes with completing a job and the value of earning a paycheck
- Learning how to budget their spending and make scheduled payments (i.e. weekly rent and utilities) as well as unexpected expenses (i.e. fines)
- Understanding the importance of saving money to reach their goals
- Discovering that every decision has an opportunity cost
- Learning that the cost of goods and services fluctuates based on supply and demand and the rate of inflation
- Preparing to be responsible citizens in our nation’s economic system, not to mention the importance of developing a strong work ethic
This week's guest bloggers reflect on the first five weeks of engagement in our classroom economy. Enjoy.
One of the benefits of having a classroom economy is that it's teaching us about how the the economy actually works in real life. For example, when prices go up in the real world, prices go up for us, too. Second, we have to pay rent and utilities just like people do in the real world, so we learn that it is important to make money to pay your bills. The economy teaches us that it is important to save money, too. - @Shrek_Dog
I am learning that you should not spend all your money right away because if you do, then you might not have enough money to pay rent and utilities. If you can't pay, then you will have to borrow from the bank and pay the bank double the amount you borrowed. Therefore, you should never spend a lot of money at once. - @BombasticSigma
I am learning that we have bills that we have to pay, but we also get money for doing our daily jobs, which helps a lot. I am also learning that I should save my money and not buy "stuff" at the store. At the moment, I am saving my money and when I have a lot of money, I might buy something at the store. Another thing I am learning is that being responsible for the payment center is a very busy job. There is a lot going on and you have to pay attention to who is paying and if they are paying the correct amount, but it is super fun to do! The classroom economy is very creative and teaches us responsibility as well. - @ILoveCheer123
One of the benefits of having a classroom economy is that it teaches us how to handle money. For example, if you spend all your money on the first thing you see, you won't have any later for things you actually like or need. You want to save your money, so if you see something you really, really want, you will be able to get it. Another benefit is that it makes us better mathematicians because if, for example, I had three 10-dollar bills, six 5-dollar bills, and seven 1-dollar bills, I need to do the math in my head to add up how much money I have. All that thinking helps me improve my mental math skills. - @Preppy_Shrek3572
Did you know that a classroom economy can help you be a better mathematician? If you didn't know that 10-2=8 or 15-8=7 (or other basic math facts), then you wouldn't be able to count your money to pay your bills or buy anything. Our classroom economy can also help with subtraction. For example, if we have to pay a fine, we need to know how to do mental subtraction. - @Angel232
The classroom economy is helping me learn how to exchange lots of smaller dollar bills for fewer larger dollar bills. It's also teaching us to follow through on expectations. - @SnoopDog
I have learned a lot about an economy. I really like money and our classroom economy is so realistic. We have jobs that change each week and get paid when we do our jobs. We also have to pay bills. - @DeadPool
One thing I've learned with our classroom economy is not to spend much, if any, money. Instead, you can deposit it into the bank and make more money. Also, if you get fined too much, you'll be in debt and have to pay back double the amount you owe. Trust me, I've learned the hard way. - @PeanutGuy125
Some of the benefits of having a classroom economy is that all of the kids are learning about money and when to use it. When we first started having an economy, I got my first pay day and I spent all of it on a water bottle sticker, but now I've learned to save my money in case I need it for something. Another benefit is that it is teaching us to be responsible. - @DipLover100
