The classroom economy system is a classroom management tool that benefits both teacher and students. It's a Real World simulation, an economic infrastructure that promotes work ethic, practical math skills, and financial literacy.
How I use it in my classroom:
-Students apply for jobs each 3 weeks (we are on a 6 week grading period and 3 weeks is easy for me to remember and seems to be the right amount of time for my students to "work" each job).
-Students get paid weekly. They pay rent on their desks once a month. Also, once every 2 months some sort of event will take place that they must plan for (doctor visit, new tires, and other real life events).
-Once a week, usually on Friday students get to spend their earnings in our classroom store.
-A letter to send home to parents that explains the system
-24 classroom jobs and a description of the duties for each job
-A job application for students (with the help and support of their parents) to fill out
-Bank account ledger
-You've been fined slips
-No homework excuse forms