Young children learn early that they cannot have everything they want. Unfortunately, they do not always understand why this is the case or why each choice involves a cost. At the elementary school level, economics is the study of the allocation of scarce goods and resources. It is also about making good decisions. Here are some helpful resources for teaching economics in the elementary grades.
KidsEconPoster Literature Connections - You'll find a number of children's book titles with a short summary and comprehension questions.
http://econed-in.org/kids-econ-posters/literature-connection/
EconEdLink - This site is from the Council for Economic Education and contains a wealth of resources and lesson plans on economics. You'll also find a searchable database of materials.
https://www.econedlink.org/
Virginia Council for Economic Education - Here you'll find a range of resources for supporting economics instruction, as well as a PDF document that contains a list of 30 books that teachers can use to reinforce many of Virginia's K-3 Mathematics SOL and economics concepts in the History and Social Science SOL.
http://vcee.org/elementary-school/state-standards-resources/
Federal Reserve Resources - The various branches of the Federal Reserve system have education departments that create and disseminate FREE resources to teachers. Many can be printed off for free and others can be ordered as consumables.
https://www.federalreserveeducation.org/
United States Mint Education Resources - The U.S. Mint runs this site and provides a number of lesson resources and fun interactives to help students understand money.
https://www.usmint.gov/learn/kids/resources
Economics Concepts Posters (RIchmond Fed) - Each poster front features an illustration of the winning concept and the back features an explanation of the concept, lesson plans, and other teaching tips.
https://web.archive.org/web/20170211200149/https://www.richmondfed.org/publications/education/concepts_posters
Children's Literature
https://www.kansascityfed.org/education/childrens-literature/
50 Nifty Econ Cards and Activities - Fifty Nifty Econ Cards are designed for elementary and middle school students to assist them in developing a knowledge base of economic and personal finance words. Includes a teacher's guide and activity guide.
https://web.archive.org/web/20210310052603/https://apps.kansascityfed.org/resources/fiftynifty/
My Money - My Money is an educational workbook for students in elementary school. Topics include money, coin equivalents, jobs, goods, services, and barter.
https://www.richmondfed.org/publications/education/my_money
How to Define and Explain the Economy to Kids
https://www.thebalance.com/economy-definition-2085358
Classroom Economy
My Classroom Economy enables any educator to teach children financial responsibility through fun, experiential learning. It's a simple classroom economic system based on the idea that students need to earn school "dollars" so that they can rent their own desks. To earn a paycheck, they need to take on classroom jobs. They can get bonuses for academic performance, outstanding behavior, or extracurricular activities. But students can also incur fines for dishonesty, disrespect, or breaking other classroom rules. And for those who can save more than their rent, the system has rewards.
http://www.myclassroomeconomy.org/
Many classroom teachers employ some variation of the classroom economy program as a means to teach economic concepts. Here are some blog posts where teachers describe their approaches.
Beth Newingham – Creating a Classroom Economy
https://www.scholastic.com/teachers/unit-plans/teaching-content/creating-classroom-economy-unit-plan/
Teaching in Room 6 – Posts on Classroom Economy
http://www.teachinginroom6.com/search/label/Classroom%20Economy
Mrs. Moorman’s Class – Classroom Economy ~ How It All Works
https://mrsmoormansclass.shutterfly.com/classroomeconomy
Real Teachers of Orange County – A Day in the Life of a Classroom Economy System
http://therealteachersoforangecounty.blogspot.com/search/label/Economy%20System
Explanation of Classroom Token Economy (6th)
http://allthingskatiemarie.blogspot.com/2012/02/classroom-token-economy.html
O The Places You’ll Go – Brief Overview of Classroom Economy
http://mrsotheplacesyoullgo.blogspot.com/2012/03/class-economystore.html
Classroom Jobs Linky Party
http://seusstastic.blogspot.com/2011/07/classroom-jobs-linky-party.html