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Our study of economics is built directly into the classroom community. Our class economy will evolve as the year progresses. Here are some constants that will last the whole of the year:
• Students are charged rent to sit in their chairs, using our own classroom currency.
• To make the rent each month, the students must work.
• If the student fails to pay rent, the student
will go on welfare. To fund that welfare, other
students will be charged a welfare tax.
• Students will have their own bank accounts. They may deposit or withdraw their money from the bank at any time.
• Money left in the bank earns 10% interest,
compounded monthly.
• At anytime a student has enough money,
they may buy their own chair,
and therefore not pay rent anymore.
• At anytime a student has enough money,
they may buy someone else’s chair and collect the rent.
You can visualize the evolution of our class economy as a series of stages: Not all stages will be followed in order, but all will be present.
When the commercials are complete, the fourth grade will celebrate! They'll host a fourth grade "film festival" for the elementary school and for the parents. After we watch all of the commercials, parents are invited to stay for the second half of the celebration; a big buying and selling day where the parents and some other classes are customers. Parents will be given blank checks.
And now a closer look...
As part of our writing workshop as well as our values unit, in late January and early February we’ll begin to examine techniques of advertising. After discovering several genres of advertising, the students will be writing several of their own for their business. They’ll choose the best one to refine, cast, film and edit.
Students will apply for jobs that I define. They’ll earn a monthly paycheck, and learn to deposit (their paychecks) and withdraw (in order to pay rent) from their bank accounts.
At some point in the second semester, all businesses that are non-government owned will become public and begin to trade on the stock market. Stock prices will be directly correlated to how the business is doing. If the business has a great week in selling, then its stock value will go up the following week. Likewise, if the business has a lousy week in sales, their stock price will go down the following week. The key is for the students to pay attention to which businesses are doing well on any given week, and invest in that business accordingly.
In November, our literature unit
will focus on economics and entrepreneurship.
We’ll read great realistic fiction
books that will help us answer this question:
“What strategies can entrepreneurs
use to promote their product or
service in our class economy?”