Chapter 8: Concepts and Tools: Economics: Learning about Concepts of Entrepreneurship from the Goo Crew

The idea of having students start their own business is a common one in elementary economics instruction. Programs such as Mini-Society encourage it (Kourilsky & Ballard-Campbell, 1984), and groups like Junior Achievement partner up elementary students with local businesses to teach children about economic concepts through the creation of their own enterprises (www.juniorachievement.org). In many states (the state this unit took place in among them) fourth-grade standards even include participation in a market economy as a required benchmark for learning social studies (e.g., Michigan Department of Education, 2007). Many of us may also remember lemonade stands in our driveways or side hustles selling homemade jewelry or bracelets out of our lockers at school. These experiences with businesses can be engaging and fun, but what specific economic concepts can students learn from these?