So - you want to teach your Kids Economics?
Fun and Easy Ways to Teach your Kids Economics
I am sure every parent will agree that their children need to learn the basics of economics. Our kids will grow up to be the leaders of our cities, counties and country - and if they don't have a firm grasp of economics, we will all suffer. But economics sounds like such a boring subject, and perhaps you know little about it yourself. So, how can you teach your kids economics and make it fun at the same time?
1. Use the news!
Economics happens all the time. A company downsizes and a friend loses their job. Talk to your kids about it. Explain why a company might need to downsize, and the effects it has. Explain why prices are going up and why some things are relatively more expensive than others. Use ordinary English to explain, and they will understand.
This is a brilliant book which gives simple clear explanations of basic economics. Students as young as 5th grade will understand it - and high schoolers will also profit from it.
This is high school level and beyond and is well-known as an excellent book on the subject. It isn't long and I would suggest that you read it with your students / children and discuss as you go along.
Yes, this really is a novel about economics. Both my son and daughter read this in high school when they studied economics - and both enjoyed it. It is not heavy on the 'romance', but manages to weave a lot of economics into a good story.
Duck Tales Inflation Lesson
Gather your kids round you and watch this one together - it is superb! You may enjoy it enough to watch it a few times!
3. Watch movies
Many movies have elements of economics in them. You can find a long list on www.moviesforecon.com but many are only appropriate for teens, or are not appropriate at all, so I am just selecting ones you can watch with the whole family to highlight. It's a Wonderful Life and Charlie and the Chocolate Factory are two that come to mind that fit the category.
4. Play Board Games
Playing board games with economic themes is a great way to reinforce concepts with students. They won't even think about how much they are learning because these games are a lot of fun. While playing students get to use economic terms - and understand their meaning. And because they are "using" the terms and not just learning them by rote from a stuffy text book, they are more likely to remember them and make them part of their vocabulary.
This is set in colonial times. Bailout and Puerto Rice are two other board games that have economic principles as part of the game play.
5. Let them 'play' the Stockmarket
The Stockmarket is a great tool to teach your kids about economics. And you can do it without spending a cent of your money. How the Market Works is a free website that allows you to invest a 'pretend' $10 000 in the Stock Market and see how well your investments would do. You can open accounts for all members of the family and turn it into a mini contest over a defined number of weeks.
And if your children enjoy this, find a few more kids their age and register them for the Stock Market game. Read more about it at Contests for Students