Developing savvy consumers: Students explore economics

What's New, Nov/Dec 1999 by Jones, Martha

THERE ARE SCHOOLS today with a 50-percent student drop-out rate. At these schools, the majority are eight years behind in reading, writing and math skills. Teachers, parents, administrators and school board members associated with such schools continually seek ways to reverse this unfortunate trend.

One possible solution has begun to work successfully in the Philadelphia School District in Philadelphia, PA. Developed by Dave Kaplan, a high school consumer education teacher, the curriculum is called The Economic Development Program.

The course covers how free enterprise works and how it reinforces basic economic concepts, such American consumers right to compete, sell and promote goods and services in a free society. The course shows how these principles can be applied to every day life.

The program includes a weekly, five-minute, student-operated business news and stock market show airing on the school's closed circuit TV channel. Over 500 students participate in a stock market board game created by the Securities Industry Association. This 10-week game called The Stock Market Game invites students to act as stock market investors.

The school offers a summer internship project enabling students to work in such organizations as the Securities and Exchange Commission, the Philadelphia Stock Exchange and an Enterprise Center. Also during the summer, students attend an eightday free enterprise seminar at the Freedom Foundation, an organization that promotes free enterprise, which encourages competition and entrepreneurship.

Three student-operated businesses have been started at the school. Each supports a board of directors and offers stock ownership and profit sharing. These businesses involve the selling of such items as fruit, snacks, sandwiches, stuffed animals and key chains.

Students also attend a workshop at the Small Business Development Center at Temple University, where they learn the ins and outs of entrepreneurship. Some students have been given $300 in real seed money from the Small Business Development Center to launch an actual business.

More than 1,000 students have participated in various aspects of The Economic Development Program over the past two years. To generate fresh enthusiasm for the program, Kaplan adds more activities. A monthly economic trivia contest for both staff and students has resulted in prizes for free dinners at local restaurants. An essay competition asked students how they could economically improve their community. Forty students entered, each winning a cash prize ranging from $25 to $150.

The key components for a successful Economic Development Program include:

Faculty involvement and ongoing contributions;

Starting small by selecting several hands-on activities that will "hook" students;

Laying the foundation for the program by doing all of the legwork months ahead of time;

Experimenting with activities; and

Coming up with ideas that give students opportunities to do great things and achieve success.

By giving students successes in these entrepreneurial and consumer education experiences, Kaplan has watched his students' self-esteem soar. By combining hands-on experiences with consumer economic principals, these lessons have truly brought learning to life. 0

Martha Jones is an educator and writer based in Flint, MI.