Introducing economic concepts to children in the lower primary grades can be challenging and is most effective in the format of a game. The trading post lesson plan is simple and informative. Divide students into two groups: those who run the trading post and those who use the trading post. Items such as food, clothing, shelter and services can be represented by objects or written on pieces of paper. Students running the trading post determine prices for their goods and services while those attending the trading post are given money and shopping lists. During the course of one class period, students run through the trading post simulation. At the end of the simulation, encourage students to discuss their experiences: What was fun about the trading post? What was difficult? Should goods or services cost more? What happens if people did not play their parts? After class discussion, point out important concepts and ideas about the economy.
In order to teach children in the middle primary grades that currency has to be part of an established system, use the create-a-currency lesson plan. Divide students into small groups of three or four. Have each group create their own currency system, including a drawing of what their money will look like. Have them make a list of common classroom items and what they will cost. After the various currency systems are created, allow students to exchange their different currencies with each other. Lead a class discussion following the exchange: What problems did students encounter? Did some groups feel their currency was worth more than other groups were willing to give them? Explain the concept of international currency exchange.
A classroom management technique that also establishes concepts of collateral and credit, the pencil economics lesson plan is perfect for middle schoolers. At the beginning of the school year, establish three options for students who forget to bring a pencil to class: borrow, buy or provide collateral. Students who have good behavior "credit" may borrow a pencil from a classmate. Those who have money can buy a plain yellow pencil for 50 cents from the teacher. Students willing to give the teacher one shoe as collateral may use a mechanical pencil for the duration of the class period. After several weeks of this technique, present vocabulary terms such as "supply," "demand," "collateral," "credit" and "competition" to the students. Ask students to come up with real-world examples that reflect these ideas, using their own experiences with pencil economics as a guideline.
The stock market lesson plan is perfect for older students in high school. Allow students to "buy" stocks with a given amount of hypothetical money. Have students track their stocks every day for a week or longer, keeping a record of opening and closing prices, highs and lows, and net point changes. At the end of the given time period, assign students a reflective essay. How much money did they lose or learn? How would they feel if they had invested real money? Encourage students to examine the concepts of the stock market and the way it influences the rest of the economy.