Macro And Micro Economics - Difference
Set up two mini economies, a household store and a country market, using play money and charts to compare micro and macroeconomics.
Step-by-step guide to set up mini economies to compare micro and macroeconomics
Step 1
Gather all the listed materials and bring them to a clear table or floor space.
Step 2
Place two trays or two separate areas and label one "Household Store" and the other "Country Market" with sticky notes.
Step 3
Choose 6 to 8 small items for the Household Store and 6 to 8 different items for the Country Market and put them in their areas.
Step 4
Write a price on a sticky note for each item in the Household Store and stick the prices on those items.
Step 5
On a sheet of chart paper make a country chart and write the column headers: Total Goods Total Prices Imports Exports Government.
Step 6
Pick a starting budget number for the Country Market (for example 100 play dollars) and write it at the top of the country chart.
Step 7
Decide who will be the seller and who will be the buyer in the Household Store and give each player play money from the pile.
Step 8
Make five purchases in the Household Store using play money and hand over the correct amount for each item.
Step 9
After each purchase write the sold item and its price on a piece of paper or sticky note and place it in a "sales" pile.
Step 10
Count all Household Store sales and write the total value in a small micro chart next to the store.
Step 11
Add the Household Store total into the Country Market chart under Total Goods and then choose one country event like a tax increase a subsidy or an export boom and change the country totals accordingly.
Step 12
Look at the Household Store micro chart and the Country Market macro chart and say out loud one big difference you notice between the two.
Step 13
Take a photo or write a short note about your two economies and share your finished creation on DIY.org.
Final steps
You're almost there! Complete all the steps, bring your creation to life, post it, and conquer the challenge!
Help!?
What can we use if we can't find trays or play money listed in the materials?
If you don't have trays, use two plates or shoebox lids and label them 'Household Store' and 'Country Market' with sticky notes, and if you lack play money, cut paper into bills or use real coins for the 'Make five purchases' step.
What should we do if kids keep mixing up money or totals while making purchases and counting sales?
If purchases or the 'Count all Household Store sales' step get messy, have kids sort play money by denomination, use a calculator or counting tray, and recount sales before writing the micro chart total.
How can we adapt the activity for younger or older children?
For younger children use 3–4 large-picture items and two purchases with an adult helping to place prices and count money, while older kids can use 8–10 items, a larger starting budget, and introduce complex country events like tariffs when updating the Country Market chart.
How can we extend or personalize the Macro and Micro Economics activity after finishing the basic steps?
To enhance it, have kids design product labels and simple receipts to add to the 'sales' pile, run multiple rounds changing the chosen country event to watch effects on Total Goods and Imports/Exports, and then photograph the final charts to share on DIY.org.
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Facts about economics for kids
💵 Central banks (think play bankers) can change how much money is in an economy to slow down or speed up spending.
🧾 GDP is like an economy's report card—the higher it is, the more stuff a country produced in a year.
🌍 Macroeconomics looks at whole economies—things like GDP, inflation, and unemployment for a country.
🏪 Microeconomics studies choices by people and shops—like setting prices at your pretend household store.
📈 Supply and demand works like a seesaw: when toys or goods are scarce, their price usually rises.
How do I set up two mini economies to teach macro and microeconomics?
What materials do I need to create household and country market mini economies?
What ages is the mini-economies activity suitable for?
What are the benefits of setting up two mini economies for kids?
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