Basic economics is actually pretty easy to understand if you put it in the right perspective. In other words, move it out of the world of abstract concepts and make it concrete. This is especially important for children.
Economics for Everybody has a post giving 10 simple ways to teach your kids economics.
- Don’t give kids an allowance; instead, pay them for chores.
- Take them to a farmer’s market or flea market and watch what happens there.
- Have them ask their grandparents what things used to cost when they were their age.
- Get them a copy of Whatever Happened to Penny Candy?
- Play Monopoly
- Help your kids start their own cottage business.
- Play the Stock Market.
- Follow the Tea Party Economist’s Blog
- Show them some good free market websites.
- Watch Economics for Everybody.
