Production, Consumption, and Decision-Making- Economics
Why is economic literacy important? What is involved in economic literacy?
Economic literacy is important because it equips students with skills to fit and function it the fast-evolving global economy. It prepares them for adulthood duties as consumers, producers, and voters (Seefeldt et al., 2014). Economic literacy involves understanding economic concepts, differentiation between needs and wants, evaluation of economic decisions, allocation of scarce resources, understanding consumer behavior, personal financial management, appreciation of economic systems, and critical thinking and problem-solving.
How do children’s economic concepts develop?
Children’s economic concepts develop gradually through various stages, influenced by their cognitive development and experiences (Seefeldt et al., 2014). These stages include
Early Recognition (Ages 0-2)
- Children begin to observe and attend to the physical characteristics of coins.
- They may start to recognize and distinguish coins or money from other objects.
Emerging Awareness (Ages 2-6)
Many kindergarten students fall into this category. At this stage, kindergarteners start showing the following economic awareness:
- Children observe economic activities such as shopping, consuming, and purchasing.
- They engage in pretend play activities that involve economic transactions, like playing store.
- They begin to understand that money is necessary to make purchases.
- Awareness of adult activities as “work” starts to develop.
Concrete Operations (Ages 6/7-10)
- Children develop a clearer understanding of money and its value, including distinguishing between and naming various denominations of coins.
- They can compare coins and understand their relative value.
- They start to grasp the concept that people work to earn money.
- Understanding of needs versus wants begins to emerge.
- Some recognition of employer-employee relationships and production processes occurs.
- They may begin to name several jobs and distinguish between natural and human resources.
Transition to Formal Operations (Ages 12 and older)
Pre-economic ideas are replaced by more accurate and conventional economic concepts.
Children develop a deeper understanding of economic principles such as scarcity, production, and exchange.
They start to comprehend the relationship between the price of goods and the costs of production.
A clearer understanding of the role of labor in economic production emerges.
They begin to understand the complexities of economic systems and decision-making processes.
What concepts are key to the study of economics?
These concepts include scarcity, the necessity of decisions regarding the use of resources, the function of production and consumption, the concepts of trade and barter, and the idea that money is exchanged for goods and services and jobs and careers: educating children for future career choices and roles (Seefeldt et al., 2014).
Why is introducing children to the concept of scarcity important, even in the preschool–primary grades? What economic decisions can young children make?
Introducing children to scarcity early on is vital as it helps them grasp the concept that resources are limited while desires are endless. In kindergarten, children begin to understand the importance of prioritizing needs over wants and conserving resources like time and materials (Seefeldt et al., 2014). Kindergarteners can be engaged in age-appropriate activities that can help them learn to make decisions, budget, and understand the consequences of their choices.
How can you introduce young children to the concepts of consumer and producer? What kinds of concrete experiences can you provide?
Teachers can engage students in role-playing where children take up roles of both consumers and producers. This play can help children understand the exchange of goods and money. In the context of teaching these concepts to children in kindergarten, the teacher can progress from simple to complex scenarios, making children understand the complexities of both roles. Children can be involved in making lists of their favorite items, going through advertisements analyzing them, and comparing advertised goods (Seefeldt et al., 2014). These concrete experiences help them to be discerning consumers. The concept of producers can be effectively taught in kindergarten by crafting concrete experiences. These experiences can involve exploring the production process. Engaging kindergarten children in activities like making crafts, baking, or observing community workers can help them understand the effort and resources involved in producing goods and services.
How do you prepare children today for careers tomorrow?
Children should be prepared for future careers as early as kindergarten years. This can be achieved by explaining to them various jobs, fostering positive attitudes toward work, and building self-confidence through responsibilities (Seefeldt et al., 2014). Additionally, exposing kindergarten children to field trips and areas where they get to see various professionals at work helps them to appreciate different occupations and get to understand the diversity of career paths.
Interview With a 5-Year-Old Child
Me: Hi. What is your name?
Emily: My name is Emily.
Me: It is nice meeting you, Emily. What do you want to be when you grow up?
Emily: I want to be a teacher.
Me: That is wonderful! What makes you want to be a teacher?
Emily: In our kindergarten class, our teacher reads exciting stories from storybooks to us. When I go home, I practice by trying to read books aloud to my pet. I want to read them to small children in class as their teacher when I grow up.
Me: That sounds great, Emily. What do you think you will have to learn or do to become a teacher?
Emily: I think to become a teacher, I need to learn to read well, just like our teacher, who is very fluent. I also think I need to be good at drawing pictures just like our teacher draws for us.
Interview With a 6-Year-Old Child
Me: Hi! What is your name and which grade are you?
Jack: My name is Jack Cody. I am in kindergarten.
Me: Hi, Jack! What do you want to be when you grow up?
Jack: When I grow up, I want to be a firefighter.
Me: That is so cool! Why do you want to be a firefighter?
Jack: I love firefighters because they save people from dying or getting injured when their building is on fire. I like helping people and saving them from trouble.
Me: That is awesome, Jack! What do you think you will have to learn or do to become a firefighter?
Jack: I think I will have to learn how to be brave and strong because I cannot save people if I am a coward. I need to learn to be strong to handle the hoses and put off fire.
Interview With a 7-Year-Old Child
(I met Sarah Walters, who enrolled in school late because of some health problems and is now a kindergartener at 7 years old. Here is how our interview went.)
Me: Hello. What is your name?
Sarah: Hi, my name is Sarah Walters.
Me: Nice to meet you, Sarah! What do you want to be when you grow up?
Sarah: I want to be a veterinarian, so I was eager to start school so that I could become one in the future.
Me: That is interesting! Why do you want to be a veterinarian?
Sarah: I want to become a veterinarian because I love animals so much. I don’t like seeing animals hurt or suffering, so even when my pet is unwell, I do everything to make it feel better.
Me: That is very kind of you, Sarah. What do you think you will have to learn or do to become a veterinarian?
Sarah: I think I will have to be very good at understanding how animals’ bodies function so that I can treat them. I will also need to learn how to be careful when handling, examining, and treating animals.
References
Seefeldt, C., Castle, S. D., & Falconer, R. D. (2014). Social Studies for the Preschool/Primary Child (9th ed.). New York: Merill.
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Question 
Assignment Link on Bb Read chat. 9 276-297 answers focus questions on 276 and page 298 do #3 from “Extend Your Knowledge”-interview a child about their future career choices☺
Production, Consumption, and Decision-Making- Economics
SO, YOU’RE GOING TO READ CHAPTER 9 PAGES 276-297, AND ANSWER THE FOCUS QUESTIONS ON PAGE 276 IN THE TEXTBOOK LISTED DOWN BELOW ON PAGE 298 YOU’RE GOING TO DO #3 FROM “EXTEND YOUR KNOWLEDGE” MY PROFESSOR WANTS US TO INTERVIEW A CHILD TO DO #3 YOU CAN MAKE THE CHILD UP TO ANSWER THE QUESTION.