Developing Financial Literacy through a Classroom Economy
Based off of My Classroom Economy, a classroom management system for teaching financial literacy designed by Rafe Esquith and Vanguard Investment Company, the classroom economy system for Artventure ties together all of the other components of the system, while teaching students important financial skills through real work examples set in a micro-economy.
Debts and Income
To mimic life outside of school, and to teach students about financial responsibilities, every month students within the classroom economy students will have to pay rent for their chair/desk, an electric bill, for the technology they will be using, and taxes, to use communal supplies. Students will also be required to “purchase” the materials that they use to complete Jobs throughout the month. To offset all of these debts student will earn income through a monthly salary, from their chosen profession, the completion of Jobs from the Job Request Board, and from various bonuses. With the money that students have left over they will be able to buy various in game and real world rewards, such as new clothes for their avatar or a piece of candy, and if they save enough they will even be able to buy the deed to their desk and never have to pay rent again.
At the start of each semester students apply for a profession, a position within the classroom economy with set responsibilities and a set monthly salary. Professions give students a sense of ownership and belonging in the classroom and create a beautifully organized classroom management system for the teacher. This salary varies based on the amount of responsibilities that each profession has, some possible student professions, their responsibilities. Some possible ideas student professions are listed on the Professions page.
The Artventure store is the in game store where students are able to spend their virtual currency they have earned from their profession and their Jobs to buy Materials, art supplies for completing other jobs, Class Gear, like candy or bathroom passes, and Equipment, virtual clothes and possessions for their in game avatar.