Teaching economics in third grade can be one of the most fun standards to teach! It relates so much to their real lives that students are highly engaged in learning all that economics has to offer! Head below to grab some ideas on teaching economics in third grade!
You can start by playing one of the videos shown below.
Then, you can read a great book about economics! I love reading this book called Money (Here on EPIC)
This is a rather long book, so we pick out different parts to read and then I allow students to have about 5 minutes to go and read the parts they are especially interested in!
Learning the Terms
Economics in the classroom is full of new vocabulary terms to learn. Opportunity cost, scarcity, supply and demand, and so much more.
This can be difficult for kids.
First, I go over the vocabulary using videos and anchor charts. Then, I will play a vocabulary game with them several times.
I like to put a word on students’ backs and then the other students have to give them real-life examples to help them figure out what the word is on their back! After that, I start using the vocabulary in the real-life practice mentioned below.
Once you have taught explicitly some of the economic concepts, then it is time to put them into practice. I like to start by giving students situation examples and having them figure out what the opportunity cost is, etc.
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After they go through several example situations, I will have them create situations of their own and have their friends figure out opportunity cost, etc.
The Economics Project
The economics project is the KEY piece in teaching economics. Now that students have learned the concepts it is time to put them into practice.
Students create a business plan of their own in order to sell a resource to the other students in their classroom. They think about scarcity, opportunity cost, etc. while using fake money to plan what they are going to create.
Then, they actually go through and sell their product or service to the students in their class on Market Day. This is where they really learn so many of the economics terms!
It is so much fun and they learn so much.
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