Yesterday I had a conversation with a teacher who had developed his own stock market game for his middle school social studies course. As we were talking I was reminded of a couple of hands-on economics lessons that I have used in the past with high school social studies students.
Captains of Industry is an economics simulation activity. The original version of this activity was developed by my colleague Jason Long. What I’m sharing here is the activity as I’ve modified it for my classroom. My version is about 75% the same as Jason’s original. The point of the activity is for students to experience and experiment with the tactics of American businessmen in the second half of the 19th century. Before trying the activity it is best for students to have some familiarity with the business practices of Rockefeller, Carnegie, Vanderbilt, and Morgan.
Captains of Industry – Economics Simulation
The purpose of Life on Minimum Wage is for students to recognize how difficult it is to save money when your only job(s) pay minimum wage without benefits. To win (prize not determined yet) at Life on Minimum Wage the students have to reach five financial goals that they select. To earn money the students have to complete the tasks of their assigned jobs. The students then have to pay required bills before using money for their selected financial goals. As the game progresses students will be issued “surprise” cards which require them to spend money on things like speeding tickets, trips to a health clinic, and increases in rent.
All of the jobs in Life on Minimum Wage are connected so that if one “business” slows production or closes, the workers of another business are also effected. The goal here is to demonstrate the effects of a business closing on a small town’s economy.
