GUEST BLOG: Market Day...An Engaging Economics Lesson for Elementary Students — Kelly Miller, South-Western City Schools

4/18/2018

By: Guest Blogger

GettyImages-871005836.jpgSometimes people who don’t work in schools find it surprising that students begin learning the basics of subjects like algebra, physics and even economics as early as elementary school. We expect teachers to cover these topics in high school and college, but elementary school teachers begin building this knowledge in their students much earlier. As a second grade teacher, I am always looking for ways to make learning fun and engaging. For example, teaching economics to second-graders certainly is not going to look like the stereotypical dry lecture you might imagine in a college setting. In fact, when it is time to teach the economics strand of the social studies standards to my second-graders, I get so excited about the project. Every year, my students love this lesson.

When I first started teaching economics, I stumbled upon a packet of teaching materials for second-graders. The packet basically covered important vocabulary words that are involved in understanding how money works. After looking it over and collaborating with my co-workers, we decided we had to make these concepts more interesting. This is how the “market day” project was born. To make the learning more meaningful, we created a unit where students build and participate in a marketplace. In this marketplace, students have an opportunity to design a product, create a business and sell their products to their classmates.  

We begin the first day of the project by having the students take notes in a packet to help them learn the key vocabulary. The next day, they start to put their learning in action. Students form groups of three. Each group is responsible for designing a product that meets certain criteria:

  • It has to be something that students can make at school. If students need materials not available in the classroom, they bring them from home.
  • Students are “paid” on production days with fake money. 
  • Students set prices for their products based on the demand (which was a vocabulary word they learned).

My fellow teachers and I also teach students about advertisements. Students create their own advertisements, which I videotape. After weeks of producing goods and advertising them to their classmates, market day arrives. Students eagerly set up their stores and begin shopping in their classmates’ stores. They spend only the money they earned on production days. By doing this, they learn how to make choices as consumers because they don’t have enough money to buy everyone’s products. Some of the items that students created were bookmarks, hair bows and — what every household needs — a box to hold straws. This year, one group even added a gimmick to make its bookmark store more appealing. The store offered customers the opportunity to lower a fishing pole into a pile of bookmarks and “fish” for bookmarks. This took real entrepreneurship and creativity because the group knew it was competing with another bookmark store.

The buying and selling happens in cycles so that only one of the business owners can go out and shop while the others stay back to sell their products and collect the money. We wrap up the unit by having the students add up their profits and reflect on their sales and what they might have done differently. For example: Was the pricing right? Did you create enough product or too much product?

Market day makes economics in elementary school so much fun. The students are always proud of their products, and they get hands-on experience with the decisions that all consumers and business owners make. It is a great way for my students to learn the concepts of economics through an authentic, highly engaging project. I can’t wait to teach this lesson again next year!

Kelly Miller is a second grade teacher at Monterey Elementary School in South-Western City Schools. You can contact Kelly by clicking here.

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