“What is the economy, anyway?” was the first of many questions posed by Grade Three upon beginning our first Unit of Inquiry. When introduced to the Central Idea, Money allows for the exchange of goods and services within a local and global economy, students began to formulate their own questions about money, goods, trade, earnings and the economy as a whole. Students got to explore these questions and more, not only through reading and listening about the economy, but through creating their own classroom economy.
Students busy designing classroom money.
Students earned classroom money, which they named Diamonds, for doing jobs around the classroom. Larger jobs received higher salaries while smaller jobs received lower salaries. Prisha worked hard as our Payroll clerk, issuing paychecks to working members of the economy. Terren cashed student checks and deposited earnings into individual bank accounts as our banker. Students were given the difficult task of creating a personal budget based on their bi-weekly earnings. How much of their income would they save, spend or share as responsible consumers?
Sachin cashes his check with the assistance of the banker, Terren.
The excitement of the grand opening of the class store proved to be too much for many of our students who spent much of their hard earned Diamonds on pencils, erasers, small toys and the ever popular “Scoobies.” Spencer worked as the store cashier and made change for students as they evaluated opportunity cost and purchased items. Prices at the store were established by our classroom economist, Courtney. She evaluated the supply and demand of items and priced items accordingly. Some students decided to save their money, making plans for larger purchases in the future.
Courtney and Spencer prepare for the grand opening.
Through these experiences we hope that students begin to appreciate the value of a hard days work and the financial benefit that comes from it. Making responsible choices regarding personal finance is part of being a member of the economy.
In addition to their economy simulation, students searched for answers to their own research questions. Using multiple books from the library and discussing understandings with their groups, students prepared presentations on their findings. Students used a variety of methods to share what they found with the class. Some groups wrote structured paragraphs, while other groups prepared skits. All the groups presented orally using a visual aid to demonstrate what they learned.
Yann, Trina and Oleg present their findings on goods and services.
As a culminating event, students will be taking on the role of producer and the entrepreneurial spirit by opening their own businesses. Come back later to see what their market research yielded and if anyone was able to make a profit.