Economics is an integral part of our daily lives as all are monetary decisions are based on it. Research has shown that children have the ability to grasp economic principles easily at a young age. In fact, the impact of it is such that children start applying those principles to their everyday life. Therefore, it is an added advantage if children learn economics at a young age. The following are a few interesting ways in which you can teach your child the various concepts of economics.
One of the easiest ways to make your child learn various concepts is through learning activities. It can be through fun activities like board games like Life or Monopoly. It can also be an activity book that challenges your child’s mind. To make it more interesting, you can turn these board games into a competition where your child will be rewarded if he or she wins the game. As a result, your child will be able to understand the fundamentals of economics.
Tasks involving money
Small tasks like buying something from the grocery store can teach your child to be conscious about spending money. Taking your child to the Wal-Mart and asking them to figure out products that offer a free gift or come at discounted prices is a great learning lesson. In doing this, your child becomes aware of the supply and demand concept based on the quality of the product, the comparison of rates from last week or month and the discounted prices. By giving these small tasks, you are equipping your child to make financial decisions in future.
Giving weekly allowances
Allowances or pocket money is a great way to encourage your child to save money. Keep monthly goals for saving money, for buying a favourite toy and for donating to charity. Your child will be able to keep tabs on his or her spending along with becoming judicious about money.
Having conversations about economy
It may sound boring, but having a conversation about the changing economy with your child will enable them to clear their misunderstandings about the economy. Research has shown that children believe that going to a shop every day is an outing rather than a financial transaction for a product or that the price of a product only depends on the colour and size rather than the cost of material, brand value, etc. You can also enrol your child into a JC economics tuition centre to learn economic concepts.