Economic Perspective

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Economic Perspective

• Dr. Diane E. Newby
• Central Michigan University

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Young Childrens Understanding of Economics

• Provide concrete experiences.
• Money
• coins and currency denominations
• Lesson Plan The Purpose of Money
• Goods
• classroom store factory warehouse and bank
  operated by upper elementary students or teacher.
• Markets
• Bring market life into the classroom daily.
  Allow time each day for students to purchase
  items from the store, to sell items to the store
  or to make a bank transaction.

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Other Instructional Ideas

• Simulation games to teach economic concepts
• Mini-economy where students manage businesses,
  apply for jobs and earn money
• Kids town where students create a classroom
  economy using a salary schedule created by the
  class.
• Role plays of economic situations related to
  problem solving scarcity, opportunity cost. Econ
  and Me is an excellent video about students
  solving problems.

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Major Concepts
Students will distinguish between
Students will be expected to describe the impact
of these concepts at the local, state, nation,
and world levels of government.
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Instructional Resources

• Life of a Dollar Bill
• Federal Reserve Lesson Plan
• Online Banking Activity
• EconEdLink maintains a large library of online
  economics lessons for K-12 teachers and their
  students. Click on the link below.
• Economic Lesson Plans
• Needs and Wants Handout
• Organizations that Encourage International
  Cooperation