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When most of us hear the word economics, we think of either our present precarious financial circumstances, or of world financial issues far beyond our own understanding, let alone the understanding of our students. But the fact is, a number of variables from economics (supply, demand, surplus, and profit) are important components of simple financial literacy which our students, comprising one of the largest consumer groups in the world, need to understand in order to function and succeed in society. If they can avoid even half of the mistakes adults have made, we'll be much better off!

Understanding Global Economies

A simple picture book such as One Hen: How One Small Loan Made a Big Difference concisely illustrates how planning, hard work, and determination can equal success. At the story's start, young Kojo and his mother just barely survive by gathering and selling firewood. When Kojo is granted a small loan, he chooses to purchase a hen. The hen not only provides eggs to eat, but additional eggs to sell, With the profits, Kojo buys more hens. What's really wonderful, and only revealed at the book's end, is that Kojo is based upon real-life Kwabena Darko, a man who literally changed the economy of his entire village through a microloan. Katie Smith Milway's patient and informative narrative is perfectly matched to Eugenie Fernandes' bright, mural-like illustrations. Kids Can Press provides a free teaching resource for One Hen, and the Heifer Village game (see below) would be an excellent extension for this book.

Similarly, Cycle of Rice, Cycle of Life: A Story of Sustainable Farming (written and illustrated with photographs by Jan Reynolds) shows how people can interact with the environment, providing for their own needs while respecting natural resources. From the water temple system to the farmers' fields, the Balinese people rely upon predictable cycles for their survival. What happens when these cycles are threatened by nature's forces or human progress? Like One Hen, this book presents just a microcosm of world economy, perfect for a class study. See the three-part video series on the sustainability of rice farming at the Lee and Low Books site.

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