VCEE Mini Economy Day

My name is M.C. Burnhart and I teach at Short Pump Elementary, 4th grade. Some of the things they come up with are opportunity cost, scarcity, inflation, supply and demand… If you’re selling something and it doesn’t sell very fast, you might want to lower it …so we’ve been lowering our prices. We’re down to as low as we can go! …and then we kind of brought them to thinking about different types of economies. We’ve talked about command economy and traditional economy. We use economics because it’s kind of helped us out — with barter and trade, and that’s a part of economics. Then we put them into businesses. That was driven by the individual student choice,
and then we went around that. How much money was it? 100..150..150! I’m Morgan Saxby, a 5th grade teacher at A.M. Davis Elementary. In our class economy they get bonuses for extra activities, they get paid a monthly salary for their jobs that they do. They have to pay rent for their desks every month and they also get fines for not doing homework, rudeness to other students. We never really had any problems. We just worked them out if there were problems. We just tried to get things rolling smooth. And it’s been great. The kids loved it, they really bought into the system. You need to save your money for stuff you really want. Because you can waste it very fast.

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