Lessons from my daughter's 4th grade teacher
It’s that time of year again when kids are back in school and parents have to learn all new ways of solving basic arithmetic. For most kids, this time of year also means making new friends, establishing new routines, and getting used to new teachers and their unique styles of teaching.
My kids are in 1st and 4th grade, and while we are still in the early years of school, I am continuously amazed at the creativity and ingenuity the teachers bring to their classrooms. And every year, I pick up new strategies and techniques from their teachers that make me a better parent.
A few weeks ago, I was thrilled to discover that my 4th grader’s math and science teacher is secretly introducing the class to some of the most basic building blocks of economics, but disguised as a fun game. Mr. D and his Friday auctions have become a weekly dinner conversation for our family.
The basics of the lesson are this: Every Friday, half the class is allowed to bring in a “parent-approved” item from home that they want to auction off to the rest of the class. The item can be anything from a stuffed animal or toy that’s no longer played with to something handmade like a craft or piece of art. Once the auction begins, the whole class is allowed to bid on each item in a traditional English style auction with bidders continuing to raise the price until no one is willing to raise the price anymore and the final bidder wins the item.
What are they using to bid? Well, that’s another clever aspect of this lesson. In this classroom, the standard currency is called Auction Bucks (aptly named) and the students have many different opportunities to earn these Auction Bucks every day. Just like in a real economy, there is no limit to the number of Auction Bucks they can earn, and also like a real economy, certain tasks and accomplishments earn more Auction Bucks than others.
As I started to think about the many lessons behind this weekly game, and year-long endeavor, I realized what was happening behind the scenes. These kids are experiencing some of the most basic aspects of a real economy first hand:
Scarcity: At every auction, each student only has a limited number of auction bucks in their possession that can be used to bid on an item, and of course, there is only one of each item so only one person can win it.
Supply & Demand: The more kids that are interested in a particular item, the higher the price of that item is going to climb. And on the flip side, it’s in each student’s best interest to bring in an item that they think will be in very high demand and earn them the most Auction Bucks possible.
Costs & Benefits: When my daughter goes through the process of picking out an item to put up for auction, she has to weigh her own personal value of that item against how many Auction Bucks she thinks she’ll be able to get for it. The great thing about these weekly auctions is the repetitive exercise of assigning a mental value to an item, comparing that value with how much someone else value’s that item, and then having to decide if your original assigned value has changed in light of new information. This is a very real-world mental exercise that adults have to go through almost every day.
As I thought about how to bring some of these principles to our conversations with the kids at home, it reminded me how important it is to talk with them about the concept of value. Not only the value of things they want to buy at the store like new toys, but the value of tasks and chores and how much time and effort they take to complete.
If you’re looking to bring some of these basic economic principles to your own family conversations, think about turning everyday transactions into opportunities to discuss value. If you’re out shopping and they find something they desperately want to buy, ask them to guess the price before looking at the price tag. If you’re shopping for something specific, talk to you kids about how much you’re willing to spend on that item (or just make up a number) and let them help you find something that fits within that budget.
The school year has just begun and I have already learned so much from my daughter’s 4th grade teacher. I can’t wait to see what other great lessons he brings to these students this year.
Thanks, Mr. D!