Our Classroom Economy
Since the first week of school, students have been actively involved in a year-long economy unit in which they earn credits and debits. The activity is cross-curricular since students are learning major economic concepts, as well as using math skills on a daily basis.
Throughout each week, students can earn credits for any number of things. For example, students who hold classroom jobs each week earn credits on a weekly basis according to our agreed upon payroll. Credits are also earned sporadically for following rules, showing good character, putting extra effort into school work, and being responsible. Debits are given to students when they break our constitution (classroom rules) in our community of learners. At the end of each pay period, students add up their credits and subtract their debits to calculate their monthly total.
Throughout each week, students can earn credits for any number of things. For example, students who hold classroom jobs each week earn credits on a weekly basis according to our agreed upon payroll. Credits are also earned sporadically for following rules, showing good character, putting extra effort into school work, and being responsible. Debits are given to students when they break our constitution (classroom rules) in our community of learners. At the end of each pay period, students add up their credits and subtract their debits to calculate their monthly total.
Team Close Payroll At the beginning of the year daily jobs are assigned that are necessary for students to do in the classroom. They voted on a weekly salary for each job by ranking the jobs in order of importance and/or the amount of work required.
| Debit and Credit Notebooks All students have their own account book. It is a simple mini notebook book with a new credit and debit log glued into the book after every pay period. Teachers are the only ones who add or subtract tallies to the log during school.
|
Paychecks
I write paychecks to all students at the end of each pay period that reflect the amount that they have earned after balancing their credits and debits.
Close BankStudents cash their checks at the Close Bank to receive the money (Common Time Cash) that they have earned. Each month a student who has had no missing assignments is chosen to be the banker. | Student Wallets Students can, of course, choose to save the money that they earn each month to purchase a more expensive item at the store. For this reason, all students have wallets in which they can store their Common Time Cash.
|
Our Classroom StoreThe Common Time Cash can be used to purchase items at our classroom store at the end of each pay period. Items include things such as special pencils, wrist bands, book marks, homework passes, and mini journals. One student who has no missing assignments is chosen to be the cashier. This student helps consumers total their items and makes change if necessary. | Shopping Log As students shop, they use shopping logs to keep track of what they are spending. Students record the item, the quantity, and the cost before totaling their final bill. The log is taken to the cashier to be double-checked and is then used as the shopper's receipt.
Students are already learning many "real-world" concepts that can't be taught as effectively in a textbook. The class store is ultimately used to teach economic lessons that include decision making, opportunity cost, supply and demand, and inflation. |
The Student Economist
The class economist studies the behavior of student shoppers. The economist keeps track of how much students how much they spend at the store and what they buy. We make graphs to keep track of popular and unpopular items at the store to determine high or low demand in stock. The class then has a meeting and makes suggestions about items that need to go on sale and scarce items that may need a price increase.
