You Want Me To Teach

an Economics Course in
Middle School?
 The 7th Grade Economics
Course at the University School
of Milwaukee.
 Bringing About Change…
• 1980’s – A math teacher with an interest in economics and personal finance
was hired in the Middle School

• Teacher was allowed the freedom to add a stock unit and a banking unit to
the 6th grade math curriculum

• Applied for grant to help enhance a lower level math class. Class was a hit!
Field trips, visits from business leaders, and operating a T-shirt business.

• In the mid-1990’s, this teacher became the Head of the Middle School.
Returned to find all the economics gone.

• The decision was made to address the lack of emphasis on economic

education in the Middle School at the University School of Milwaukee.
 The USM Middle School Social
Studies Curriculum
1980’s-1999 2000- Present
5th MACOS – The 5th World Cultures and
Geography
Grade Study of Man Grade

6th Ancient History 6th Ancient History

Grade Grade

7th World Geography 7th Fall Semester – Basic

Economics and Personal
Grade and Economics Grade Finance
(1997) Spring Semester – U.S.
History and Geography
8th U.S. History
8th U.S. History and
Grade Government
Grade
Introduction to Basic Economics
and Personal Finance

Welcome to
USM’s 3rd
Annual Toy
Trade Show
 7th Grade Economics Curriculum

Unit 1 - Introduction to Basic Economic Terms

Lessons:
• “Oikonomos” – What is Economics?
• “There is no such thing as a free lunch”!
• What are Goods and Services and how do produce them?
• The Four Economic Questions
• Why do people trade?

Basic Concepts covered: Definition of Economics, Microeconomics,

Macroeconomics, Opportunity Cost, Scarcity, Cost/Benefit analysis,
Goods, Services, Factors of Production, Four Economic Questions,
Trade
 7th Grade Economics Curriculum

Unit 2 – Economic Systems

Lessons:
• What is an economics system (Feudal M&Ms!)?
• The Maasai – a Traditional Economic System
• Don’t worry, the government will take care of you – A
Command Economic System
• The Paper Airplane Challenge! – A look at the Free Market
system
• The Tragedy of the Commons
• Adam Smith vs. Karl Marx

Basic Concepts covered: Definition of Economic System, Feudalism,

the Traditional, Command, and Free Market systems, the Six
Characteristics of the Free Market system, Private Property rights,
 7th Grade Economics Curriculum
Unit 3 – The World of Investing

Lessons:
• The Stock Market True/False Challenge
• Uncle Mort’s Money – Why you DON’T keep your life savings in a mattress!
• Compound Interest, your new BFF
• “When is it a good time to begin investing?”
• “Why do people invest in stock markets?”
• “Why do corporations issue stock?”
• “Okay, so what is a stock?”
• “How do you read a stock quote?”
• “What are commodities?”
• “Selecting stocks – How do I know what companies to choose?”
• The World of Mutual Funds
• “Why do I suddenly have more shares?” Stock Splits!
• The Ups and Downs of Selling Short

Basic Concepts covered: simple interest, compound interest, stocks, bonds,

mutual funds, short selling, stock splits, speculating, etc…
 7th Grade Economics Curriculum

Unit 4– Supply and Demand

Lessons:

• Calling All Babysitters! Why prices go up and down.

• What is Demand?
• What is Supply?

Basic Concepts covered: demand, law of demand, elastic demand, inelastic

demand, supply, law of supply, factors that change the level of demand, factors
that change the level of supply, production costs, fixed costs, variable costs
 7th Grade Economics Curriculum

Unit 5– Money and Banking

Lessons:

Basic Concepts covered:

 Major Projects and Simulations

Zapitalism

Gazillionaire

The Wisconsin Stock Market Simulation

The Kiva Project

Toy Entrepreneur!
Gazillionaire

www.lavamind.com
Stock Market Simulations
Arkansas Minnesota
Iowa Missouri
Illinois Nebraska
Indiana SMS Ohio SMS
Kansas Wisconsin SMS
Kentucky West Virginia
Michigan
 A Wealth of Resources
National Council for Economic Education Illinois Council for Economics Education

EconEdLink Indiana Council for Economics Education

Foundation for Teaching Economics Kansas Council for Economics Education

The Federal Reserve Banks Kentucky Council for Economics Education

Teaching Economics Michigan Council for Economics Education

Teaching K-12 Economics Minnesota Council for Economics Education

The Global Economics Game Ohio Council for Economics Education

Nebraska Council for Economics Education

Arkansas Council for Economics Education Wisconsin Council for Economics Education

Iowa Council for Economics Education West Virginia Council for Economics Education
 Community Resources
• You’d be surprised by the number of people
willing to help you teach something about
economics from their own experiences. They come
from all over!

They can be found in the Public

and Private sectors – yes, even
parents!
 Field Trips
Chicago
(2003 and 2004)
• The Federal Reserve Bank of the U.S. at Chicago

• The Chicago Mercantile Exchange

• The Chicago Board Options Exchange

 Concluding Thoughts
• If we hold our economic beliefs and our
understanding of basic economic concepts to be so
important why isn’t there a more organized
curriculum for economics found in our schools like
there is for, say, history?

• Doesn’t it make sense to find time for at least a

short, semester long course dedicated just to
economics education in our middle level schools?
 References
Bach, D. (2005). You can build a fortune by sweating the small stuff. Yahoo Finance.
Retrieved October 24, 2005, from
http://finance.yahoo.com/columnist/article/millionaire/1287

Greenspan, A. (2005). The importance of financial education today. Social Education, 69,
64-65.

Lopus, J. S., Morton, J. S., & Willis, A. M. (2003). Activity-based economics. Social
Education, 67, 85-89.

Markow, D., Bagnaschi, K. (2005). What American Teens & Adults Know About
Economics. NCEE: Harris Interactive, Inc.

Morton, J. S. (2005). The interdependence of economic and personal finance education.

Social Education, 69, 66-69.

National Council on Economic Education (2005). Survey of the states – Economics and
personal finance education in our nation’s schools in 2004 – A report card. New York:
Author.

Rader, W. D. (1996). Toward a philosophy of economics education. The Social Studies,

87(1), 4-6.

Schug, M. C., Lopus, J. S., Morton, J. S., Reinke, R., Wentworth, D. R., & Western R. D.
(2003). Is economics your worst nightmare? Social Education, 67, 73-78.

Suiter, M, & and Meszaros, B. T. (2005). Teaching about saving and investing in the
elementary and middle school grades. Social Education, 69, 92-95.

Valentine, G. P. (1994). Economics for grades K-9. The Social Studies, 85(5), 218-221.

Vargha, L. D. (2004). Buyer beware! Economics activities for middle school students. The
Social Studies, 95(1), 27-32.

Walstad, W. B. (2001). Economic education in U.S. high schools. The Journal of Economic
Perspectives, 15(3), 195-210.