Fun Economics for Kids: A Complete 8-Week Lesson Plan for Young Entrepreneurs

Teach children key financial literacy skills with this complete 8-week economics lesson plan. Perfect for homeschoolers and elementary educators, this guide transforms complex ideas into a fun, hands-on adventure. Your young entrepreneur will learn about needs and wants, goods and services, producers and consumers, pricing, and profit. The unit culminates in creating a real business plan and launching a product at a kids' market. Get weekly objectives, material lists, and engaging activities to empower your child with real-world business skills.

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Mirabelle's Market Adventure: An 8-Week Economics Journey

Week 1: The Treasure Hunt for Needs and Wants

Materials Needed:

  • Large paper or poster board
  • Old magazines, catalogs, or grocery store flyers
  • Child-safe scissors and glue stick
  • Crayons or markers
  • Two empty boxes or baskets, labeled "Needs" and "Wants"

Lesson Plan:

  1. Learning Objectives:
    • Mirabelle will be able to define a 'need' as something we must have to live (food, water, shelter, clothing).
    • Mirabelle will be able to define a 'want' as something we would like to have but don't need to survive.
    • Mirabelle will be able to sort items into 'need' and 'want' categories.
  2. Warm-Up (5-10 minutes): Start with a simple story. "Imagine we are packing a backpack for a long trip to a desert island. We can only bring five things. What should we pack?" Guide the conversation to differentiate between things that are fun (a toy) and things that are necessary for survival (water, a sandwich). Introduce the words "Need" and "Want."
  3. Main Activity (20-25 minutes): The "Need vs. Want" Collage.
    • Divide the large paper in half. Label one side "NEEDS" with a picture of a house or apple, and the other side "WANTS" with a picture of a toy or ice cream cone.
    • Give Mirabelle the magazines and scissors. Ask her to go on a "treasure hunt" for pictures of things she needs and things she wants.
    • Help her cut them out and talk about each one. "Is this a bicycle a need or a want? Why?"
    • Have her glue the pictures onto the correct side of the poster board. If she can't find a picture, she can draw it!
  4. Wrap-Up (5 minutes): Play a sorting game with the two labeled boxes. Call out different items (e.g., "a bed," "a video game," "a coat," "a lollipop") and have Mirabelle point to or place an imaginary object in the correct box. Praise her for understanding the difference! Hang up her beautiful collage.

Week 2: The World of Goods and Services

Materials Needed:

  • Chart paper or a whiteboard
  • Markers
  • Index cards
  • Pictures of community helpers (doctor, baker, mail carrier, hairdresser) and items (bread, toy car, book, apple)

Lesson Plan:

  1. Learning Objectives:
    • Mirabelle will be able to define 'goods' as physical items you can buy and hold.
    • Mirabelle will be able to define 'services' as jobs that people do for others.
    • Mirabelle will be able to identify examples of both goods and services in her community.
  2. Warm-Up (5-10 minutes): Ask Mirabelle, "When we go to the grocery store, what do we buy?" (e.g., apples, milk). Explain that these are called **Goods** because we can hold them. Then ask, "When you get a haircut, what are you paying for?" Explain that the haircut is a **Service**—someone is doing a job for you.
  3. Main Activity (15-20 minutes): Goods & Services Neighborhood Walk.
    • Go for a walk around your neighborhood or town (or do a "virtual" walk using Google Maps Street View).
    • Point out examples of goods and services. "Look, there's a bakery. They sell goods like bread and cookies. There's the post office. The mail carrier provides a service by delivering mail."
    • When you get back home, draw a simple map of your walk on the chart paper. Have Mirabelle draw pictures of the goods (a loaf of bread) and services (a letter being delivered) you saw.
  4. Wrap-Up (10 minutes): Play a sorting game with the prepared pictures/index cards. Mix up the pictures of goods and services/helpers. Have Mirabelle sort them into two piles: "Goods" (things) and "Services" (actions/jobs). This will help her start thinking about what she might want to offer at her market.

Week 3: Are You a Producer or a Consumer?

Materials Needed:

  • Ingredients for a simple snack (e.g., fruit salad: different fruits, bowl, kid-safe knife; or simple cookies: pre-made dough, cookie sheet)
  • "Producer" and "Consumer" hats or signs (can be made from paper)
  • Drawing paper and crayons

Lesson Plan:

  1. Learning Objectives:
    • Mirabelle will understand that a 'producer' is someone who makes or grows goods, or offers services.
    • Mirabelle will understand that a 'consumer' is someone who buys goods or services.
    • Mirabelle will be able to act out both roles.
  2. Warm-Up (5 minutes): Talk about the snack you're about to make. "Who made the apples we bought at the store?" (A farmer). "The farmer is a **producer**. Who bought the apples?" (We did). "We are the **consumers**." Explain that today, she will get to be both!
  3. Main Activity (20-25 minutes): Be a Producer!
    • Put on the "Producer" hat. It's time to make the snack!
    • As you wash and chop the fruit (with help) or place cookies on the tray, explain that she is *producing* a good. She is a producer!
    • Once the snack is ready, switch hats. Put on the "Consumer" hat.
    • Pretend to "buy" the snack from her. Then, enjoy eating the delicious good you both consumed. Reinforce that when you eat or use something, you are a consumer.
  4. Wrap-Up (10 minutes): On a piece of paper, have Mirabelle draw a picture of herself as a producer (making the snack) on one side, and a picture of herself as a consumer (eating the snack) on the other. Title it "I Can Be Both!"

Week 4: My Big Business Idea!

Materials Needed:

  • Large "My Business Plan" poster board or notebook
  • Markers, crayons, stickers
  • Reference the Kids Market Preparation Guide, especially the "What to Sell" section.

Lesson Plan:

  1. Learning Objectives:
    • Mirabelle will brainstorm at least three potential products (goods) or services to sell at the market.
    • Mirabelle will choose one business idea to pursue.
    • Mirabelle will create a name and a simple logo for her business.
  2. Warm-Up (10 minutes): Review the concepts of goods and services. Ask, "What is something you love to make? What are you really good at?" Look together at the "What to Sell" ideas on the Kids Market website to get inspired.
  3. Main Activity (25-30 minutes): Business Brainstorm.
    • On the "My Business Plan" poster, create a mind map or list. Title it "Mirabelle's Business Ideas."
    • Help her list ideas. Encourage creativity! Is she a great artist? Maybe she can sell drawings. Does she love baking? Maybe cookies. Does she like making things? Maybe friendship bracelets or painted rocks.
    • Discuss the pros and cons of each. "Bracelets are fun to make, but they take a long time." "Cookies are yummy, but we need to buy ingredients."
    • Let Mirabelle make the final choice! This is her business. Circle her winning idea.
    • Now, the fun part: give the business a name! (e.g., "Mirabelle's Magnificent Drawings," "Rainbow Rock Shop"). Have her design a logo on the poster.
  4. Wrap-Up (5 minutes): Celebrate! She is now the official founder of her own business. Take a "CEO photo" of her with her business plan poster.

Week 5: Let's Get Producing!

Materials Needed:

  • All materials needed to create the chosen product (e.g., beads and string; rocks, paint, and brushes; paper and special markers)
  • A clear jar or piggy bank labeled "Business Costs"
  • Receipts from purchasing materials (or make fake ones)

Lesson Plan:

  1. Learning Objectives:
    • Mirabelle will understand that businesses have costs (money spent on supplies).
    • Mirabelle will begin creating the inventory (the items to sell) for her business.
  2. Warm-Up (5 minutes): Lay out all the supplies you purchased for her product. "To be a producer, we need tools and materials. These things cost money. This is called the 'cost of goods'." Show her the receipts (or fake ones) and explain that you had to pay this much to get everything ready. Put pretend money into the "Business Costs" jar to represent this.
  3. Main Activity (30-40 minutes): Production Time!
    • Set up an "assembly line" or creation station.
    • Spend the session making the products. Focus on quality. "Let's make sure each rock is painted beautifully so our customers will be happy!"
    • Talk about quantity. "How many bracelets do we think we can sell? Let's try to make 10 to start with." This is a great, natural way to practice counting.
    • Make it fun! Put on music, talk about who might buy her creations, and praise her hard work and focus.
  4. Wrap-Up (5 minutes): Line up all the finished products. Admire her inventory! Count how many she made. Talk about how her hard work turned supplies (costs) into valuable goods.

Week 6: How Much Is It? Price and Promotion

Materials Needed:

  • Her finished products
  • Play money
  • Poster board and markers for a sign
  • Small stickers or tags for prices

Lesson Plan:

  1. Learning Objectives:
    • Mirabelle will help set a simple price for her product.
    • Mirabelle will understand that the price should cover costs and hopefully make a little extra (profit).
    • Mirabelle will create a promotional sign for her market booth.
  2. Warm-Up (10 minutes): Put out the "Business Costs" jar from last week and her finished products. Explain, "We need to decide on a price. The price needs to be enough to pay back the money we spent on supplies. And it would be great to earn a little extra money for all your hard work. That extra money is called **profit**."
  3. Main Activity (25-30 minutes): Pricing and Promotion.
    • Keep the math simple. "Let's say we spent $10 on all our supplies. If we sell 10 bracelets, we could charge $1 for each bracelet to get our $10 back. If we charge $2, we'll get our $10 back AND have $10 extra as profit!" Let her help decide on a fair, simple price (e.g., $1.00, $2.00).
    • Once the price is set, make price tags for each item.
    • Now, work on promotion! Get the poster board and design a big, colorful sign for her booth. It should have the business name, what she is selling, and the price. Make it eye-catching!
  4. Wrap-Up (5 minutes): Set up a pretend storefront with the sign and priced items. Have her practice telling you the name of her business and the price of her items.

Week 7: The Dress Rehearsal

Materials Needed:

  • A small table to be the "booth"
  • All products, sign, and price tags
  • A cash box with some play money for making change
  • A tablecloth or decorations for the booth

Lesson Plan:

  1. Learning Objectives:
    • Mirabelle will practice arranging her booth for customers.
    • Mirabelle will role-play customer interactions, including greeting people, explaining her product, and handling money (with help).
    • Mirabelle will feel confident and prepared for market day.
  2. Warm-Up (5 minutes): Talk about what makes a store fun to visit. "Is it clean? Are the people friendly? Can you see everything easily?" Explain that today, she'll design her booth to be welcoming for customers.
  3. Main Activity (30 minutes): Market Simulation.
    • Let Mirabelle set up her table. How does she want to arrange the products? Where should the sign go? This is her storefront design.
    • Now, it's time to role-play. You be the customer. Walk up to the booth.
    • Model different customer types: a curious one ("Tell me about what you made!"), a decisive one ("I'll take this one!"), and a polite one who just looks ("Everything is beautiful, thank you!").
    • Guide her on what to say: "Hello, welcome to my shop!", "I made these myself!", "That will be $2.00, please.", "Thank you for shopping!"
    • Practice handling the play money. For a 6-year-old, focus on the transaction itself, with you providing help with making change. For example, if the price is $1 and you give her a $5 bill, you can say, "Okay, you keep one dollar, and you need to give me four dollars back."
  4. Wrap-Up (5 minutes): Pack everything carefully into a "Market Day Box" so it's ready to go. Talk about any feelings she has—is she excited? A little nervous? Reassure her that she's well-prepared and it will be a fun day no matter what.

Week 8: Market Day & Business Review!

Materials Needed:

  • Her complete market day kit (products, sign, cash box with real change, decorations)
  • A chair, water, and snacks for the day
  • The "My Business Plan" poster/notebook
  • Two new jars: "Profit" and "Future Ideas/Spending"

Lesson Plan:

  1. Learning Objective:
    • Mirabelle will participate in a real-world market, applying all the skills she has learned.
    • Mirabelle will count her earnings and reflect on her business experience.
    • Mirabelle will make a decision about what to do with her profits.
  2. Main Activity Part 1 (The Market!):
    • Go to the market! Set up the booth together, just as you practiced.
    • Your role is to be the support crew: help with making change, provide encouragement, and ensure she stays safe and has fun.
    • Let her be the star. Encourage her to talk to customers and be proud of her work. Celebrate every sale and every nice comment she receives.
    • Remember, the goal is the experience, not just the money earned.
  3. Main Activity Part 2 (After the Market - The Business Review):
    • Back at home, sit down together and open the cash box.
    • First, "pay back" the initial business costs. Take the money you spent on supplies and set it aside.
    • Count what's left. This is her PROFIT! Celebrate her success. Put this money in the "Profit" jar.
    • On her Business Plan poster, help her write down how much she earned.
    • Ask reflection questions: "What was the most fun part?", "What was the hardest part?", "What product sold the best?", "If you did it again, would you do anything differently?"
  4. Wrap-Up (10 minutes): Discuss the profit. What should she do with it? Introduce the concepts of Saving, Spending, and a new one, Investing (maybe in her next business!). Let her decide how to divide her earnings. For example, she might put some in her piggy bank (saving), use some to buy a toy (spending), and put some aside for supplies for her next big idea. Congratulate her on being a successful entrepreneur!