I originally created this chart for my 6 year daughter in Kindergarten. She has always wanted to go to the beach but also has always wanted a trampoline. My husband and I saved up enough money to go to the beach. However, we thought this would be a great lesson to teach her about thinking about how to spend money. I created this chart and had her list good and bad things about using the money to go to the beach and the good/bad with using it to buy a trampoline. I let her choose how to use the money - trampoline or beach. She could not have both.
Economics is the study of choice. With our choices we make, we should think about the pros and cons of each option before choosing what to do. Economics can be taught in all subjects, all grade levels. I strongly believe that more should be taught in the elem. grades - basics such as making choices, how our choices have consequences (costs - NO SUCH THING AS A FREE LUNCH), saving/budgeting, etc.