Economics

We had a very interesting day learning all about how people and nations make decisions that affect their daily life and economic well being. It was delivered by Mrs Ledger and she helped us to understand a bit more about how people in different countries earn a living and trade their products with each other.

 We found out that lots of the things we wear and the things that we eat have travelled from many different countries. Have a look at the label on your school shirt. What is the country of origin?

 

 In the Global Trade game each group had to be a different country. The children who represented Bangladesh had limited money and limited resources - but through hard work and negotiation they managed to produce good quality goods (well carefully drawn, coloured, cut-out shapes) and managed to pay off their debts and earn some profit.

 

Quality control in the UK was very tight. If the shapes weren't perfect they were rejected. Sometimes the price the UK were prepared to pay fell because demand had gone down for a certain shape. Some people had a tough time!

 

                                   
 In this activity the bank could lend money to the poorer countries. It made us think about how  unfair the global economy could be. But at least our richer countries (USA and Austria) were prepared to pay a fair price for labour the poorer countries offered them.

Then we had to invent a new product...

 

A solar powered torch that fits on the camel's head would mean night time travel for the people of Blandia would be possible.

 

 

 

 

 

A new communication system for the people of Leafland would involve sending signals via and ICORN phone!

 

At the end everyone received a certificate.

Our visitors from the council were very interested in our marketing ideas. Some of the children were very enterprising. 

 

The day really made us think about the skills you need to be employable and successful in business. It also made us think about how times can be very hard for people who have limited resources but still need to make a living in a world dominated by the powerful countries like the USA.