Building on the first two lessons in the series, this lesson deals with savings and interest.
The picture book One Hen: How One Small Loan Made a Big Difference, written by Kate Smith Milway, takes place in Africa. Here in a Ghanan village, young Kojo cannot afford to go to school after the death of his father. His resourceful mother takes out a small loan and with a few leftover coins he buys a chicken. Soon he is selling eggs and with the profit slowly acquires a large flock. Kojo is able to complete his education and establishes a business that becomes the foundation of his entire community. Upon adulthood, Kojo loans money to aspiring entrepreneurs and the cycle of economic growth continues. Based on a real-life story, this upbeat microfinance story helps students grasp economic and personal finance concepts and admire creative problem solving.
When choosing a place to put their money, people consider how safe there money will be, how easy it is to access, and whether it will earn more money. Students explore how well different savings places achieve these objectives. Students learn that people who don’t want to carry money with them or keep it at home often choose to put their money in a savings account at a bank or credit union. These financial institutions protect money from theft and other losses. They also pay interest on money deposited. This lesson works well as a follow-up to the ABCs of Saving.
The following lessons come from the Council for Economic Education's library of publications. Clicking the publication title or image will take you to the Council for Economic Education Store for more detailed information.
This publication contains 15 lessons that complement the 3-5 Student Workbook. Specific to grades 3-5 are a variety of activities, including a guessing game using clues to identify various occupations; the story Urban Mouse and Rural Mouse which teaches students about entrepreneurs and opportunity recognition; and a role-playing activity in which students learn which method of payment is appropriate in a variety of situations.
10 out of 17 lessons from this publication relate to this EconEdLink lesson.
This publication contains complete instructions for teaching the lessons in Choices and Changes, Grades 5-6. The Choices and Changes series is designed to help students understand how the U.S. economy works and their roles in the economy as consumers, savers and workers.
7 out of 15 lessons from this publication relate to this EconEdLink lesson.
This interdisciplinary curriculum guide helps teachers introduce their students to economics using popular children's stories.
6 out of 29 lessons from this publication relate to this EconEdLink lesson.