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Use Auctions Instead of Stores in a Classroom Ecomomy
by Grant Zimmerman

 

The Auction Provides the Longer Term Excitement for Classroom Commerce
“It is in this manner that money has become in all civilized nations the universal instrument of commerce, by the intervention of which goods of all kinds are bought and sold, or exchanged for one another.”
(Smith, Adam Smith. Wealth of Nations. Hayes Barton Press, 1776. 4).
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When instituting a classroom economy think about not only what the curricular objectives may be, but also how the students will use their earned income. Setting up stores that sell items of need and desire works in the beginning stages of the unit. Stores, however, become quite cumbersome to maintain from month to month. After all, as the students earn more money through their work and investments, they need a place to engage in the commerce of capitalism. I suggest that you hold an auction of goods and services once every five weeks. As the students earn more money, they are willing to place higher bids as their income grows. Continue these auctions throughout the school year without establishing stationary stores.
Depending on your own circumstances, have willing students open stores during the final month of school. I found that out of a class of 25 students, about half wanted to invest their money in a store. The other students were more interested in spending their money. On the final day in class, have a Final Auction. Before the Final Auction, each student sells his or her property and stock investments. The bankers print out a final tally of each of their client’s bank assets. Over the past years, about 30% of the students accumulated assets greater than 1 million Z bucks. Every student purchased something in the Final Auction.
The list shows how students earned Z bucks:


·         Morning or Class Startup: Design a protocol in which the students earn points for having their materials ready for class. At the end of the week, tally the points. Each student keeps a record of his or her points. This activity becomes part of the greater 5-week Salary Voucher system.     
·         Twice-Weekly Organization: Design another form whereby the students record their scores for staying organized. Creating procedural requirements for notebook organization, including having papers in the correct location, provide students with the needed practice in organizing their materials. Do not skimp here. If each student has a desk, add organizational requirements for keeping it neat. These points become part of the 5-week Salary Voucher.
·         Jobs: Read the blog about which jobs to create. Each job earns a beginning salary of $1,000 each week. Create a tiered program using the points from the Class Startup and Organization that moves the student to a higher income level. I used a six-tiered system similar to hotel rewards programs. During the last month in school three quarters of the students reached the top level. The first level would see a salary increase of 10%. The second level would be 20%. The third level would be 30%. The fourth level would increase to 50%. The fifth level would set the raise at 75%, and the sixth level would be 100% increase from the previous earnings.
·         Reading Requirements: This is a huge topic. According to one of the most recent longitudinal studies, (Cunningham & Stanovich, 1997) the more a student reads the smarter they become. Have the students keep a reading log. Use the total number of pages, not the total number of books, as the earning basis. Earning money for doing work does not debase the value of learning. Going to school is a student’s job.
·         Test and Work Scores: This vehicle for earning an income is the most obvious. Only provide earning opportunities for individual growth and absolute scores. This is student dependent.
·         Subject Q and A: This is kind of like a modified Jeopardy. While studying or reviewing geography you might say, “For $500 name the first 13 Colonies.”
·         Stores: Near the end of the school year students create, advertise, and operate stores. They may include the selling of ice cream or even, the simple yard sale.
The five-week spacing of the Auctions maintains student interest in the ideas of economics, wealth, labor, mathematics, power, sign and symbol, judgment, and commerce. They learn the meaning of living a good life and earning a good living. Entrepreneurial opportunities abound throughout the unit. Because this blog is the fourth in the series about the Paideia Project, Economic Endeavors, take some time to read the previous threads in the Digital Learning Environment archives.
The quote from Adam Smiths, “Wealth of Nations”, is from the text and idea searchable Jack and Mary McCall Library, produced by VitalSource Technologies for The National Paideia Center. The DVD contains over 3,000 complete texts for teachers and students to use in his or her studies.
Grant Zimmerman works at the National Paideia Center at the University of North Carolina as a Program Associate and as a member of the National Faculty. He is also a Senior Education Technology Consultant with Knowledge Network Solutions.

 

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