Our Classroom economy
This year, students in our class will have the opportunity to be involved in a classroom economy system. Through this, students will learn valuable life skills in an experimental way. Specifically, they will be able to:
-Take part in a simulation of real-world economic activity
-Learn the value of earning a paycheck, as they bank salaries from their "jobs"
-Learn how to budget their spending, balance checking accounts, and make scheduled payments
-Discover the importance of saving money to obtain what they want
-Find out that every decision has an opportunity cost
Every month, students earn paychecks and bonus money, pay possible fines, pay rent for their desks, and purchase prizes at auctions, all with classroom economy currency.
-Take part in a simulation of real-world economic activity
-Learn the value of earning a paycheck, as they bank salaries from their "jobs"
-Learn how to budget their spending, balance checking accounts, and make scheduled payments
-Discover the importance of saving money to obtain what they want
-Find out that every decision has an opportunity cost
Every month, students earn paychecks and bonus money, pay possible fines, pay rent for their desks, and purchase prizes at auctions, all with classroom economy currency.
Every student in the class needs a job! These include:
-Banker
-Police Officer
-Clerk
-Messenger
-Custodians
-Librarian
-Attendance Monitor
-Homework Monitor
-Substitute
-Technology Supervisor
-Store Clerk
-News Director
-Data Analyst
-Class President
-Police Officer
-Clerk
-Messenger
-Custodians
-Librarian
-Attendance Monitor
-Homework Monitor
-Substitute
-Technology Supervisor
-Store Clerk
-News Director
-Data Analyst
-Class President
Rent
The obligation to pay rent will be an important part of our classroom economy. The following key concepts are important:
-A student's salary might not quite cover the monthly rent. To make up the difference, students will need to earn bonus money.
-Students who do not meet their rent payments may face some loss of privilege within the system
-Those who make their payments and manage to save additional money will reap benefits
Monthly rent is $1000. Students can also make a one-time desk purchase of $3000 and not have to pay rent for the remainder of the year.
-A student's salary might not quite cover the monthly rent. To make up the difference, students will need to earn bonus money.
-Students who do not meet their rent payments may face some loss of privilege within the system
-Those who make their payments and manage to save additional money will reap benefits
Monthly rent is $1000. Students can also make a one-time desk purchase of $3000 and not have to pay rent for the remainder of the year.
Failure to pay rent
Students who miss a payment may be excluded from that month's auction. Other privileges may be forfeited, but the classroom economy system is designed to help students learn financial responsibility--it is not to punish them. When students miss rent payments, they will be helped to get back on track as soon as possible. They can earn bonuses so that he or she can catch up on rent and get in on the Auction Day fun!
Successful Saving
Students who make their rent payments and manage to save additional money can reap rewards:
-They get to be bidders on Auction Day
-They will be recognized in front of everyone during the year-end wrap-up
-Most temptingly, they will have the chance to buy their desks outright and be forever free of rent
-They get to be bidders on Auction Day
-They will be recognized in front of everyone during the year-end wrap-up
-Most temptingly, they will have the chance to buy their desks outright and be forever free of rent
Bonuses
In addition to the salaries that students earn from their jobs, they can earn bonus money by performing well academically and participating in extracurricular activities. Students need to earn bonuses to make rent and save up for the auction. The following are examples of bonuses student may earn:
-Each 100% on a small test or quiz - $50
-Earn 100% on a major test - $200
-Earn 90% - 99% on any assignment - $100
-Complete and turn in full reading log on time - $100
-Get a compliment from another teacher - $200
-Join in an extracurricular activity - $100
Students will also be creating other bonus opportunities as a class
-Each 100% on a small test or quiz - $50
-Earn 100% on a major test - $200
-Earn 90% - 99% on any assignment - $100
-Complete and turn in full reading log on time - $100
-Get a compliment from another teacher - $200
-Join in an extracurricular activity - $100
Students will also be creating other bonus opportunities as a class
Fines
In the classroom economy, the role of fines is to help students understand costs and consequences--it is NOT TO PUNISH THEM. The following are examples of fines students may be given:
-Dishonesty - $500
-Rudeness - $100
-Messy desk or cubby - $50
-Missing work - $50
-Off-task behavior - $50
-Tardiness - $50
-Dishonesty - $500
-Rudeness - $100
-Messy desk or cubby - $50
-Missing work - $50
-Off-task behavior - $50
-Tardiness - $50