Auction and Rent

Wow! What a great way to end the first month of this classroom based economy! The auction was a huge success! So many students were getting involved! They were trying to get their peers to bid higher to make them spend more of their money. It was fun, entertaining, and exciting. Their excitement was so contagious, that they had both me and my paraprofessional laughing so hard. It was worth all the stress the first month of implementing the economy gave me!

After the auction the students had to pay rent the following Monday. They were sad to see their bank accounts lose that much money. Some even said I don't really want to pay rent. I explained to them that in life adults don't want to pay rent/mortgage either, but if we want a place to live with our family, we have to. I explained that you will be able to earn money back just by showing up to class.

I did have two students pay off their desks so they didn't have to pay rent at all. They both earned the deed of ownership after they paid the $3000 for buying out their desk. I heard other students saying that they hope they will be able to earn enough money to buy their desks.

I had to lower the amount of income they earned for the green tokens. Some were earning way too much in a day. Some students noticed saying, darn that is really cheap now. I explained that it's how real life is. You aren't always able to buy the one item you want because rent and other bills are due.

I created a sheet for them to use to add up all their incomes and expenses for the day. It's color coded to help them better understand what they are adding or subtracting. It was a huge help this week, and this up coming week, they will be doing their account balancing independently.

I can't wait to see what the month of October brings!

Auction Period 4/5

Auction Period 4/5, 2 of my students bidding on an item!

Jose with his Desk Deed.