Using this information, you can tack on a budgeting component to your next market day. Step #3 is really critical in this, because it is all about how much it costs for them to make one unit of their product. I created a market day lesson plan on pricing, so that your students can get guidance on how to price their product. Hint: you'll also want to check out my article on how to teach budgeting. Tons of free worksheets as well, such as a credit and debit log, class store math worksheets, blank check templates, opportunity costs and tradeoffs, etc. Using the Class Store to Teach Economic Principles.Through a classroom store, kids will put concepts like saving, opportunity cost, supply and demand, and inflation in practice. Scholastic has a great, year-long budget project for your classroom where you set up a classroom economy. Creating a Classroom Economy (Grades 3-5) They make the pretend transaction that you, as teacher, will make in the store – using the printable money and coins. They also give a status update on supplies (such as food and bedding), and what needs to be replenished in the future. They report on how much money is in the pot, and how much will be added on X date. Tweak as needed for your classroom and educational objectives! For example, you could create pet groups, and each group takes a turn with being the pet treasurer for the week. As the slush fund grows and is not being used, go ahead and let the class decide on a “thrive list” item to get for the pet. Start with picking out free printable money (or Monopoly money), and counting out one weeks’ worth for the pet costs.Įach week, discuss with the classroom how much was spent last week or month (illustrating with the pretend money), and replenishing of the money for the following week/month.Īs the pet has other needs, such as vet costs, discuss the need to save up for them. Pick a time each week when you’ll go over your money stats with everyone. Get your students involved with the costs of the pet. Step #3: Use a Monopoly or Pretend Money Pay System If possible, set aside a few extra dollars each week added to a “Pet Slush Fund”. How much can your classroom spend to take care of the pet each week or each month?Įstimate how much food the animal will need each week, and how much that will cost, plus any other needs. Step #2: Come Up with a Weekly or Monthly Classroom Pet Budget Hint: dealing with a younger class? Write your needs and wants items all over the board, and have your students raise their hands and tell you which items belong on the “survive list” and which items belong on the “thrive list”. Research the cost for each item, and include it in a pricing column to the right. For example, you might include a hamster ball for exercise, or a hamster tunnel for play. Thrive List: On this list, include a few “extras” that, while your classroom pet doesn’t need, could certainly make life more fun or more comfortable for them. Like water, food, a clean place to sleep, exercise area, any medicines, etc.
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