Chapter 7: Economics

The study of production, distribution, and consumption of goods and services. It addresses decision making about obtaining and using all kinds of resources, not just money.
What should elementary students learn about economics?
They should learn microeconomics and most of the basic concepts and principles of the field.
What does economics at this level call for?
It calls for students to make decisions about how to spend time and money.
What do elementary students tend to believe about economics?
They believe in a world where people can get whatever money they need/want from banks simply by asking.
What do they understand about economics?
They understand that money is printed by the government, but they do not realize that the amounts of money in circulation are carefully monitored.
What do preschoolers understand about money?
They do not tend to understand money, but when offered coins they will usually pick larger or more attractive coins.
What do older students understand about business?
They mention several sources of money that owners can use to pay employees. They also have a hard time understanding profits and banking operations until the age of 9 or 10.
Do children understand the use of credit cards?
Most children seem to understand when and where credit cards can be used, but only some understand that using them generates bills and eventually reduces a bank account.
What do academic economists believe should be taught?
basic concepts, principles, and data collection and analysis methods used in the discipline
What do business groups believe should be taught?
savings, investments, and knowledge and values related to free market
What do consumer advocated believe should be taught?
critical thinking about advertising and good decisions about spending, credit, and other aspects of personal economics
How can I use the perspective of each social studies discipline to help my students become good citizens?
Economics is a hard concept to grasp for young students. I know that when I was younger I did not understand money to its entirety. I think that the earlier we introduce the concept of money and how to use it to students, the more responsible they will be with it in the future. I can help them become better citizens in the future by teaching them about money at a young age.
How can I help students move to more advanced levels of learning in a specific discipline?
I really liked one example that they gave in the text. They used the example of the teacher setting up a business in the classroom. Groups would be the produce of a certain good. Students would then have to learn how a business works, and what is needed in a business. I think setting up something similar in the classroom would help students become more advanced in the discipline.
How can I teach the social studies disciplines in a way that helps students see connections to big ideas and understand what the social studies disciplines can offer to their everyday lives?
Economics is one disciple students will use no matte what they do for the rest of their lives. Money is something they will deal with. I can teach them that how they spend their money impacts their every day lives. It is very important that they understand how money works.