Economics · Lesson Plan
Closing the Economy
This is the unit wrap-up for MoneyInstructor-nomics. Students calculate their total profit from the classroom bazaar using a business tax form, pay a tax on that profit, then take part in a white-elephant auction that pulls the remaining classroom currency out of circulation and brings the economy to a clean close. Finally, students write a reflection on what they experienced and learned — tying the whole unit together with real profit-and-loss math and a culminating discussion.
For Teachers
Lesson at a glance
- Topic
- Economics
- Grade Level
- Grades 3–8
- Resource Type
- Lesson + Worksheet
- Estimated Time
- 45–60 minutes
- Format
- Lesson + activity
- Materials
- Printable lesson, activity sheet, classroom currency
What Students Learn
Learning objectives
- Calculate profit from the classroom bazaar
- Compute and pay a business tax on profit
- Participate in a white-elephant auction to close the economy
- Explain why ending currency must be pulled from circulation
- Reflect on the classroom-economy experience
Materials
What you’ll need
- Printed wrap-up lesson and reflection sheet (one per student)
- MoneyInstructor-nomics business tax forms
- White-elephant items and small store-bought prizes to auction
- Remaining classroom currency to collect
Key Terms
Vocabulary
- Profit
- Total sales minus total expenses.
- Total sales
- Quantity sold multiplied by the average price.
- Total expense
- The cost per item multiplied by the quantity produced.
- Business tax
- A tax charged on a business’s profit.
- White-elephant auction
- An auction of donated items used to close the economy.
- Reflection
- Writing about what you experienced and learned.
For Teachers
Lesson plan
Estimated time: one 45–60 minute class period (the unit finale).
Lesson sequence
- Figure profit (15 min). Students use the business tax form to compute total sales, total expenses, and profit from the bazaar.
- Pay the tax (5 min). Students apply a 5% business tax to their profit and pay the treasurer or tax collector.
- White-elephant auction (20 min). Auction donated and classroom items to pull the remaining classroom currency back into the treasury and close the economy.
- Reflect (10 min). Discuss favorite moments and lessons learned, then students complete the reflection sheet.
Assessment
Assess the completed tax form for correct profit math and the reflection for thoughtful takeaways.
Discussion
Discussion questions
- How do you calculate profit from total sales and expenses?
- Why does a business pay tax on its profit, not its sales?
- Why must the remaining classroom currency be pulled out of circulation?
- What is a white-elephant auction, and why is it a good way to close the economy?
- What was your favorite part of the classroom economy, and what did you learn?
Printable Lesson & Activity
Closing the Economy — Lesson & Activity Sheet
A printable MoneyInstructor-nomics unit wrap-up: profit-and-tax math, a white-elephant auction to close the economy, and a student reflection sheet.
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