Your local library may have fun activities or books that you can use to help teach your child about the economy. It is your responsibility, as a parent, to make sure your kids know about the economy. One of the first things that kids need to understand about economics is that it’s not only a question of money. At the end of these lessons, your kid should know the difference between a vinyl football and a football team. Please feel free to suggest interesting topics to us – we’re sure to give it a try! One of the best ways to teach a child something is to stimulate their brain with fun activities, like money games. Your email address will not be published. Who uses these paper goggles anymore? The Monopoly game is also a great way to introduce basic principles of the economy. Your email address will not be published. Here are some tips to help you teach your kids about the economy. So, if he wants to open a football team, he’s going to need money to pay for all the incredibly important members of the staff and their services. Start simple with toys like making pretend money, teaching your child basic concepts of finances. After that, you can talk about topics like debt and revenue, explaining what each term means and why the terms are important to know. In other words, move it out of the world of abstract concepts and make it concrete. That is why they have every right to learn about our country. Of course – they’re wants, but could be easily confused for needs. It’s the best picture we could find – sorry. But the basic principles are there. To this extent, it’s probably for the best if you limit that to a basic vinyl football. There are … Ask your child about it. As your kids grow, they may want to gather more knowledge about money and how it works. Ask the kid: “What would you rather be doing instead of going to school?” The answer to this should be overwhelming. You know your child the best, so you already know what you can say to make them understand. It is a very complex but important topic. The answer should be obvious to you, but don’t be surprised if the child doesn’t answer the same at first. We’ve even talked about the ways in which a kid can make money. If you want your children to have a better chance at financial prosperity, browse through our bigger guide to kids and money. At the end of this small lesson, make a larger list – either on the computer or on a piece of paper – of other intriguing things that are somewhere in between the two. But as your child grows up, these concepts may prove key to his understanding of money. Are these two basic things needs or wants? We’ve talked about answering kids’ questions about money. What happens if the economy gets worse? Well, the answer to this is to relate it to things that the kid already understand. What does the economy do to us? You can also add services to spice it up a bit. For example: what is cake? After all, you’re the tutor and he’s the student. Required fields are marked *. The basic concept is that a need is something that a person requires in order to survive, while a want is not necessary. This one is a little more complicated. Is it a need or a want? After a few examples, your child should have gotten the basic principle of the equation by now, and will answer accordingly. No, you won’t be explaining money transactions to your kid. Obviously I’m oversimplifying. How do you simplify economics for kids? Take Your Kids on Field Trips . For example, if you take your kids to a museum of American history, you can show them how different the economy was at different times of this nation's history. More complex concepts enter the arena. We hope that this article has enlightened not only your kids, but you as well. The examples in the beginning should be easy to define. The games feature options to buy and sell, and the success of a player depends on their ability to balance short term gains with long-term goals, exercise restraint, and strategize how to make the most of the resources they have on hand.

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