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Students learn basic economics with a classroom economy.

 
 

MONEYINSTRUCTOR-NOMICS
CLASSROOM ECONOMY:

Paydays

 

A lesson on paydays for a classroom economy.

Teaching Objectives:

  • Students will receive payment for their part-time job.
  • Students will begin to keep a record of incoming and outgoing funds on an Income and Expense log.
  • The class treasurer and payroll clerks will learn to fill out payroll paperwork and pay students for both part-time and full-time jobs.
  • Students will differentiate between gross pay and net pay.
  • Students will use purchase orders to buy items from the class store.
  • Some students may begin to purchase items with their MoneyInstructor-Bucks.

Suggested Grades:

Second Grade - Third Grade - Fourth Grade - Fifth Grade

 
 
 

PAYDAYS LESSON PLAN

 


Teaching Materials

  • Lesson - Paydays (see below for printable lesson)

  • Income and Expense Journal

  • Payroll Log
  • Purchase Order Form



Lesson Excerpt:

The First Payday

1. Keep careful track of each student’s work record in his or her part-time job with the Part-time Job Form.  After students have worked for about one week, plan for a payday. 

2.  Make a transparency of the Income and Expense Journal.  On the overhead, demonstrate the way to keep a running total by recording income and deducting expenses. Each student will keep an Income and Expense Journal in his or her MoneyInstructor-nomics folder and will record all monetary transactions in it.   The journal should show an accurate statement of finances at all times. 

3.  Discuss each student’s work record with him or her individually.  Pay their salary and have them initial for receipt of payment. Help students record this initial payment in their Income and Expense Journal.  Remind students that they are responsible for their own MoneyInstructor-bucks from this point on.

4.  Stock your class store with free or inexpensive items that are desirable to students.  You may want to operate your store out of a tub stocked with goods.  Make special, signed certificates for the intangible items.  Hire a student to make a poster for the store that lists all available items and their prices. 

 

Continued...

 


 


Lesson Printable Materials - Worksheets

Print out the teaching lesson pages and exercise worksheets for use with this lesson:
  

PAYDAYS

Paydays Lesson *

Printable lesson worksheet and activity.

 

Income and Expense Journal *

Income and expense journal.

Payroll Log *

Payroll log.

Purchase Order Form *

Purchase order form.

 

 

 

 

 

 

 

 

 

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