Kids deal with economics every day. There are four friends, but only three cookies. Scarcity.wears the blue shirt instead of the red one. Opportunity cost. Athan completes all his chores and gets an allowance. Income in exchange for labor.
Students may be surprised to learn that their economic decisions have a huge impact on the economy. Children’s buying habits impact major industries within the free market including clothing, technology, and food. There are so many choices it’s often difficult to make good consumer decisions.
As adults our students will have many more economic decisions to make. They’ll need to know about getting credit, buying a car, selecting a phone plan, and securing a mortgage. Imagine the future. It’s likely there will be even more fiscal challenges as society continues to change. Today’s kids may have to choose which satellite to subscribe to, or how much they’re willing to pay for controlled air space rights when buying a property.
Teaching students about fiscal literacy is important, but it can also be a lot of fun! Once students understand the basic language of economics, it’s easy to demonstrate how these concepts apply to their everyday lives.
Not sure where to start? Check out these FREE resources.
FREE activity book from the Federal Reserve Bank of Cleveland that makes finances fun. Great Minds Think: A Kid’s Guide to Money is filled with engaging exercises to help students make thoughtful decisions about money. Activities introduce concepts such as earning, spending, budgeting, and saving. Click here to check it out.
FREE printables to introduce, review, and/or assess understanding of goods and services. Download contains two (2) ready-to-use economics activities with teaching suggestions and a full-sized answer keys. Click here to check it out.
FREE online resource that teaches what the stock market is and how it works. Activities include tutorials on how to pick good stocks and a 20 minute delayed Stock market simulation. Click here to check it out.
FREE Economics 101 for Kids is a great online resource where students can read and learn about important concepts at their own pace. Key terms link to definitions. An online quiz is provided for students to check their understanding. Click here to check it out.