I. Summary:
For grades 3-7. Students this age should understand the value of money and how to manage it, as well as how to identify ways to make money. A clear delineation of wants and needs helps directs students to set goals and strive for something they may want.

II. Objectives:

• Students will be able to evaluate ways they can earn money.
• Students will be able to investigate areas of interest and possible jobs.
• Students will be able to convey their knowledge of making money through a culminating activity.

III. Materials Needed:

• Computer with Internet access
• Printed pages from the It’s My Life topic “Making Money”: Topic sections, Making Money Word Search, IML Journal, and Discussion questions for kids to bring up with adults.

IV. Procedure:

1. Use an introductory anticipatory set. Ask the students: “If you could earn some money, what would you save for, and what would like to purchase?” Ask students to write down their answers and have them share with a partner. Next, create a T chart on the board. On one side, list “Wants” and the other, “Needs.” Ask students to share what they would like to purchase and as a group, create a list of wants and needs. Typically, the “Wants” column will be significantly longer than the “Needs.” Delineate for the students the difference between wants and needs. For instance, for this age group, parents take care of the majority of needs.

   The next part of the discussion could focus on the question: “What could you learn from having a job and saving for something you want?” This can be shared in partners and with the whole class. Follow up with material from the It’s My Life page “Making Money: Why Should You Work?” Have students compare their answers with the information from the Web site.
   URL: /pbskids2008/itsmylife/money/making/article2.html

2. Next, Introduce students to the vocabulary for the unit by having them complete the “Making Money” Word Search.
   URL: /pbskids2008/itsmylife/money/making/print_wordsearch.html

   After completing the word search, students can work in partners to locate the terms in context. Print out the It’s My Life “Making Money” article, which covers topics such as making one’s own money, ways to make money, and responsibilities involved with making money.
   URL : /pbskids2008/itsmylife/money/making/index.html

3. After reading, students can make a web to show what they learned. See worksheet titled "Making Money Web." Have students share their webs.

4. After reading the article, have students concentrate on the section titled ”Making Money: What Can I Do?,” then complete the worksheet titled Talents and Jobs. Hold a class discussion about what types of jobs outside the home the students would like to perform. Then, discuss the types of jobs they can already perform in their homes. Take a class vote and record the top five areas of interest or graph the answers.

5. Cooperative groups: Put students into six groups. Each group will work as a team and must pick a job from the list of jobs found on the Talents and Jobs worksheet. If this is a difficult task for students, you can assign them a job. Assign half the class jobs that could be performed in their own homes, and the other half jobs that could be performed outside the home. Preface working outside the home with first getting parent permission and, depending on student age, having adult supervision. Have each group complete the following:
   a. Create a list of responsibilities that come with the job. Refer to the
       section titled “Making Money: Responsibility” for direction.
   
       URL: /pbskids2008/itsmylife/money/making/article6.html

   b. Create a promotional item such as a flyer, business card, poster,
        or e-mail. Refer to the section titled “Making Money: Advertising
        and Promotion.”
   
        URL: /pbskids2008/itsmylife/money/making/article10.html

   c. Make a list of reasons why someone should hire your group to
       complete the job.

   d. Determine how much money the group will charge for its services.

   e. Determine when and how long the group will work.

   f. Have each group share out their jobs and tasks.

6. Have students choose from this list of culminating activities and complete the assignment:
   a. Writing a story about a working a job and what they are saving
       up to purchase.

   b. Setting a goal and writing out a plan of action with a list of jobs,
       and how much you will charge for each job.

   c. Interviewing a parent or adult about the jobs they worked as
       kids and reporting the findings back to the class.

   d. Work a job in your home (with parent permission). Write about
       what type of job you performed and how it felt to work.

7. You may have students display their projects or share them with a class.

V. Classroom Assessment

The “Making Money Web” can be assessed for student knowledge. The group project can be assessed on group cooperation, presentation, and material covered. A culminating project can also be used to assess student knowledge.

VI. Extensions and Adaptations

1. Have the children perform their regular classroom jobs for two weeks (no longer). Using play money, the students could be paid for the work done and use this money to purchase school supplies or homework passes. It is also important for students to contribute to the class by helping without any pay.

2. Have a local bank come out and discuss banking, savings accounts, and kid banking programs.

3. Bring in a Junior Achievement Representative to discuss the Junior Achievement program.

4. Invite parents to come in and discuss jobs they worked as kids and what they saved for.

5. Have students create a budget and plan of action to work for something they want.

6. Have students research entrepreneurship and brainstorm business ideas

VII. Relevant National Standards

National Economic Standards

Standard 2: Marginal Cost Benefit

• Students will understand that:
  Effective decision making requires comparing the additional costs of alternatives with the additional benefits. Most choices involve doing a little more or a little less of something; few choices are "all or nothing" decisions.

• Students will be able to use this knowledge to:
  Make effective decisions as consumers, producers, savers, investors, and citizens.

Standard 7: Markets - Price and Quantity Determination

• Students will understand that:
  Markets exist when buyers and sellers interact. This interaction determines market prices and thereby allocates scarce goods and services

Standard 11: Role of Money

• Students will understand that:
  Money makes it easier to trade, borrow, save, invest, and compare the value of goods and services.

Standard 13: Role of Resources in Determining Income

• Students will understand that:
  Income for most people is determined by the market value of the productive resources they sell. What workers earn depends, primarily, on the market value of what they produce and how productive they are.

About the Author:
Donna DeTommaso-Kleinert is an elementary English as a Second Language teacher in the North Penn School District in Lansdale, Pennsylvania. She has worked as a learning coordinator as well as an elementary and middle school health and physical education teacher. She holds a masters degree in curriculum and instruction from Temple University and a Pennsylvania Program Specialist Certificate in Teaching ESL from the PA Department of Education.