Fourth Grade Creates Mini-Society to Learn Economics
On Friday, May 31, the fourth grade students in Ms. Keenan and Ms. Robinson’s classes put their Mini-Societies into action.
The students have spent a great deal of time learning about business models, market research, and supply and demand. They used all of those lessons to plan and execute their own commerce model. They created currency, and were paid ahead of time. Each student (or group) had to pay rent for their booth, paying more for a prime location, and set up either a service or a product.
There were students that sold handmade creations, which were a STEAM educational approach to learning. There were a wide range of items for sale – from bookmarks and pins to alien friends and wallets. Some students offered a service (such as nail painting), wrote comic books for sale, or had a game of luck that could be played for prizes.
Each student (along with some faculty visitors) had the opportunity to go shopping, and purchase real items/services with the currency that they had created. The students also manned their booths and worked on the sales side for the majority of the morning.
Prior to launching the Mini-Society, the students decided what to call their society. Ms. Keenan’s class decided on The Kindness Society, while Ms. Robinson’s class chose The Wonder Society. Each class voted and created their own name, flag, and currency.
The class learned Economics of the Lemonade Stand, which has informational packets in addition to a textbook to help teach economics in this age group.