Over the last week or so, we've been learning about money - what it is, how to identify different coins and notes and more. We are having a super-duper Market Day at school tomorrow and we will all have the opportunity to apply our knowledge first-hand.
Today we watched a great little clip called Arthur's Pet Business.
This great episode started a very good discussion about how children can earn money, what expenses are and what profit is. This was timely, with our Market Day tomorrow.
We decided we would put our money knowledge to good use. Adit opened a supermarket in our class. He hired an assistant, Yusra and they negotiated how much she should be paid. Between them they found items to sell in their shop and agreed on the prices for each thing.
The children worked in pairs and were given 'money' from the 'bank' (Mrs P). Adit and Yusra were given a float (change) from the bank too. Then children took their turn in pairs to shop - choosing items from the shop, working out how much to pay, getting change etc. Then they chose to trade with one another after they'd been to the shop.
When everyone had shopped, we worked out how much money the shop had made, took away the expenses (paid back the bank, paid Yusra for her work) and worked out the profit.
So much fun and we learnt so much too.