Grade 3 economics is all about understanding how individuals and groups interact with the economic world around them. When teaching economics to this age, it is important to focus on the big ideas but make sure the material is presented in a meaningful way that their young minds can understand.

To begin, start with the basics of economics. Explain that economics is the study of how people make decisions to use limited resources most efficiently. Illustrate these concepts through the use of examples related to their daily lives such as a family budget.

After introducing the basic concepts, move on to more complicated topics such as production, specialization, career paths, and scarcity. Use examples they can relate to, such as how kids can specialize in playing a sport or instrument or learn to make crafts to sell. Make sure to emphasize how everyone can be productive in their own way.

Teach the ideas of trading and bartering to help them understand the value of money, goods and services. Use relevant examples to illustrate that money is used as a tool to buy goods and services and that those goods and services have different values.

Explain that governments use taxes to fund public goods and services such as schools, libraries, parks, and roads. Discuss the role of government in fostering economic growth and ensuring a safe business environment.

Discuss the idea of entrepreneurship, how to start and run a business, and the various roles within a business. Introduce the concepts of savings, investments, and the stock market.

Finally, emphasize to students the importance of understanding economics and how it affects their own lives. Discuss how the economic decisions they make today will impact them and their families in the future.