Q.What is a "classroom economy"?
A. The classroom economy is a year-long project where students are learning major economic concepts, as well as using math skills on a weekly basis. Through the classroom economy, students are learning many "real-world" concepts that can't be taught as effectively in a textbook. The class store illustrates the economic principles, including decision making, opportunity cost, supply and demand, and inflation, that I have taught. Students earn debits and credits based on behavior and demonstrating responsibility. These debits and credits are used to calculate a weekly "paycheck". Each Friday, the students cash their check at our class bank and can go shopping in the class store. Students keep track of how much money they have and how much they spend.
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Q. How do students earn debits and credits?
A. Students earn debits and credits based on behavior and demonstrating responsibility. These debits and credits are used to calculate a weekly "paycheck". Each Friday, the students cash their check at our class bank and can go shopping in the class store. Students keep track of how much money they have and spend.
Throughout each week, students can earn credits for any number of things. Credits are also earned when students complete their class job, return homework on time, have their agenda signed and demonstrate top-notch character or behavior. Debits are given to students when they do not complete their class job, break our class expectations (classroom rules), do not turn in homework, or have their agenda signed. At the end of each pay period (one week), the student's credits are added up and debits are subtracted. The amount left over is given to them in the form of a paycheck.
Q. What are the classroom jobs and how were they created?
A. At the beginning of the year, we discussed what it meant to live in a community and how there are many jobs that are done in order to be sure the community is a great place to be. As a class, we brainstormed and voted on daily jobs that are necessary to keep our classroom running. They also voted on a daily salary for each job based on the difficulty and/or complexity of each job. The jobs and pay scale are as follows:
Job | Day/Time | Daily Rate | Weekly Rate |
Banker | Friday/bank opening | $30.00 | $30.00 |
Bookmobile Driver | Library day/morning | $1.00 | $5.00 |
Cashier | Friday/store opening | $20.00 | $20.00 |
Economist | Friday/store opening | $40.00 | $40.00 |
Electrician | Any day/time | $2.40 | $12.00 |
Errands | Daily/as needed | $2.00 | $10.00 |
Homework Checkers | Daily/morning | $4.00 | $20.00 |
Janitor | Daily/as needed | $2.80 | $14.00 |
Librarian | Daily/as needed | $10.00 | $50.00 |
Line Leader | Daily/as needed | $8.00 | $40.00 |
Lunch Basket Carriers | Daily/before and after lunch | $3.80 | $19.00 |
Mail Carrier | Daily/as needed | $7.00 | $35.00 |
Organizer | Daily/AM, after lunch, PM | $3.20 | $16.00 |
Paper Passer | Any day/time | $4.00 | $20.00 |
Policeman | Daily/afternoon | $19.80 | $99.00 |
Sanitation | Tues/Thurs. in afternoon | $7.50 | $15.00 |
Specials Communicator | Daily/AM | $1.00 | $5.00 |
Sub | Daily/any time | $3.00 | $15.00 |
Teacher Assistant | Any day/time | $12.00 | $60.00 |
Writer | Daily/afternoon | $2.00 | $10.00 |
Each week, the jobs are rotated so that every student gets to do every job. Like in the real world, if a job is not done, a student is not paid!
Q. How are the students paid?
A. All students have their own account book. It is a simple mini steno book with a new credit and debit log glued into the book after every pay period. The teacher is the only person in the classroom who adds debits and/or credits. At the end of each pay period, Pay checks are written to all students that reflect the amount they have earned after balancing their credits and debits. Students cash their checks at our class bank, that is staffed by students, to receive the money that they have earned.
Q. What happens if a student loses his/her money?
A. What happens in the real world if we lose our money??? We learn from it and become more responsible! If a student loses his/her money, it is not replaced.
Q. What do students do with the money they earn?
A. They go shopping at our class store or save the money they earned to buy something more expensive!!
Q. Is the class store the same as the school store?
A. No.
Q. Can I send in money for my child to purchase something at the class store?
A. No.
Q. How do you get items for the class store?
A. I buy many of the items myself from places such as the One Spot at Target or the Dollar Tree. I also accept donations of new or gently used items. Finally, I save the toys that come in kids meals.
Q. How is the store ran?
A. Students act as the cashier and helps consumers total their items and makes change if necessary.
Q. What happens if something a student gets from the store is broke or in disrepair?
A. Just let me know and it will be taken care of immediately!
Q. How can I, as a parent, be involved?
A. There are several options for both the working parent and the stay-at-home parent. For the working parent, donations of goods could be sent in with your child. Donations can be new or second-hand (as long as they are in good condition). If you choose to send in donations, please make sure they are age and school appropriate.
For the stay-at-home parent, the class store/bank are open every Friday during our Social Studies time. Adult volunteers are needed to help assist the cashiers and bankers. Other adult volunteers are needed to work with students as they count the money they have earned and make "ballpark estimates" as they shop. Still other volunteers are needed to work with students at their desk that are done shopping or choosing to save their money.
Last year, I had three parent volunteers who came in each Friday to help. They were amazing! I would love to have at least three volunteers again this year.
