Classroom Societies and Common Markets: The Gem Fair

Abstract

In-class societies such as the Mini-Society and Mini-Economy provide opportunities for teaching important lessons about choice, scarcity, and economic organization. Those lessons are multiplied when in-class societies meet each other for simulated international trade. We describe a Global Entrepreneurship Marketplace Fair (GEM Fair) for participating elementary and middle school students. The basics of in-class societies, the benefits of cross-society trade, and the administrative setup of an international marketplace are summarized. The limitations of a GEM Fair as also discussed, including large subsidies from parents, “end-of-the-world” effects near the end of a GEM Fair, and the tendency of a free GEM Fair market to produce too many snack food items (from a parent’s or teacher’s point of view).

Citation

Wood, W.C., Stover, L.F. and Hopkins, M.C. (2012), "Classroom Societies and Common Markets: The Gem Fair", Social Studies Research and Practice, Vol. 7 No. 1, pp. 46-50. https://doi.org/10.1108/SSRP-01-2012-B0005