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I currently teach third grade in a district that has many students living in poverty. I feel it is important for them to understand economics and the many components that accompany the concept. I have developed a Classroom Economy for my classroom management plan! Students love this! They earn "money" or classroom cash in a variety of ways including; attendance, homework completion, daily work completion, positive behaviors, helping others, classroom jobs, etc. They also loose money for undesired behaviors, incomplete work, rental of materials (desks, pencils, books). Each student has their own checkbook (local bank donated) where they are responsible for depositing and withdrawing their own money. Throughout the week students collect their own money and are responsible for keeping it safe and secure in their "wallets." On Fridays we count their money and deposit into their "bank accounts." Students then use their money or may spend their money in the classroom store. The items in the store are made by students or are brought from students homes. If they sell their products in the store they are paid for it! We have a list of other rewards that can be purchased, as well. For example, chewing gum for a day, eating lunch in the classroom, using a pen for the day, etc. Depending on the demand of each reward the amount can vary. Chewing gum was the most popular one in my class so I would inflate the price. Using a pen for a day was a low desired item so I would lower the price accordingly. Students loved earning money and they didn't even realize they were learning some valuable financial literacy at the same time. They could balance their checkbooks, pay for their rentals, and save money based on their needs and wants!
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