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Check out my unit: Creating a Classroom Economy on the Scholastic website |
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Throughout each week, students can earn credits for any number of things. For example, students who hold classroom jobs each week earn credits on a daily basis according to our agreed upon payroll. Credits are also earned sporadically for following rules, showing good character, putting extra effort into school work, and being responsible. Debits are given to students when they break laws (classroom rules) in our community of learners. At the end of each pay period, students add up their credits and subtract their debits to calculate their weekly total. |
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 At the beginning of the year, the class determines daily jobs that are necessary for students to do in the classroom. They also voted on a daily salary for each job by ranking the jobs in order of importance and/or the amount of work required. |
 All students have their own account book. It is a simple mini steno book with a new credit and debit log glued into the book after every pay period. The teacher is the only person in the classroom who adds tallies to the log during school. |
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| I write paychecks to all students at the end of each pay period that reflect the amount that they have earned after balancing their credits and debits.
Download a template of the check: Microsoft Word PDF
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Students cash their checks at the Newingham Bank to receive the money (Newies) that they have earned. Each week a student who has had no missing assignments is chosen to be the banker.
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Students can, of course, choose to save the money that they earn each week to purchase a more expensive item at the store. For this reason, all students have wallets in which they can store their Newies.
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The Newies can be used to purchase items at our classroom store at the end of each pay period. One student who has no missing assignments is chosen to be the cashier. This student helps consumers total their items and makes change if necessary. Tips for Setting Up a Class Store
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 As students shop, they use shopping logs to keep track of what they are spending. Students record the item, the quantity, and the cost before totaling their final bill. The log is taken to the cashier to be double-checked and is then used as the shopper's receipt.
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The Student Economist
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Since the second week of
school, students have been actively involved in a year-long economy unit in
which they earn credits and debits. The activity is cross-curricular since
students are learning major economic concepts, as well as using math
skills on a daily basis.
The
class economist studies the behavior of student shoppers. Using an
Excel spreadsheet, the economist keeps track of how much students make each
week when they cash their checks at the Newingham Bank and then keeps track
of how much they spend at the store. We can make graphs to compare the
two amounts in order to analyze the economy in our classroom. The
Economist also keeps track of popular and unpopular items at the store to
determine high or low demand in stock. The economist then gives an
economist report at class meeting and makes suggestions about items that
need to go on sale and scarce items that may need a price increase.