Fakeonomy: Turning Your Classroom into a Trading Floor

Classroom

Finance can seem intimidating – a world of jargon, complex graphs, and distant Wall Street suits. Fakeonomy breaks down those barriers. This fast-paced game turns your classroom into a stock exchange, immersing students in the thrill and challenge of investing. Let's explore how Fakeonomy can become a transformative teaching tool.

Fakeonomy In The Classroom

  • Learning by Doing: Instead of rote memorization, Fakeonomy is about action. Students experience the consequences of their decisions firsthand, making learning visceral and memorable.

  • Low Stakes, High Engagement: It's a game! The fear of real-world financial loss is removed. Students are free to experiment, take risks, and learn from their mistakes.

  • Critical Thinking Central: Fakeonomy isn't just about buying and selling. It forces students to analyze company data, predict trends, react to news, and strategize under pressure.

Getting Started: Teacher Tips

  • Set the Stage: Even with a game, some groundwork is key. A quick primer on stocks, market orders, etc., will greatly enhance the experience. (Resource links at the end of this article can help!)

  • Ease Them In: Start with shorter Fakeonomy sessions. Let students get accustomed to the pace and mechanics before extending playtime.

  • "Why?" is Key: Simply playing won't solidify concepts. Intersperse rounds with questions like:

    • "Why did you buy that stock?"
    • "How did that news announcement affect prices?"
    • "What surprised you, and what would you change next time?"

  • Dividing Up Students (aka Traders)

    • Individually: Each student opens the link on their device, and the whole class plays simultaneously at your signal
    • In small groups: Divide students into groups of 3-5, and have a team captain open the game on their device. The group discusses what they want to do, and the team captain executes the trades.
    • As a class: Open the link on your smartboard, have students yell out suggestions of stock trades, while the teacher enters trades based on a what the majority wants, or a pseudo-consesus. This can get chaotic, but those emotions are part of the fun. The classroom becomes the trading floor.

Fakeonomy in Different Classrooms

  • Economics/Business: The obvious fit! Fakeonomy reinforces concepts of supply and demand, market volatility, and the impact of global events.

  • Math: Real-time calculations are constant. Use Fakeonomy to practice percentages, profit/loss analysis, and even data visualization as students track their portfolios.

  • Social Studies: Connect the game to current events. Which sectors rise and fall with global news? Have students research the real-world companies they're "investing" in.

  • Language Arts: News events drive Fakeonomy. Have students write news summaries and analyze how the language used impacts market reactions.

Addressing Potential Concerns

  • "My kids will just gamble!": Emphasize strategy. Require students to justify trades with a reason, whether it's technical analysis or a news-based hunch.

  • "What if a student makes a HUGE profit?": Celebrate, but use it as a lesson on market unpredictability. Could they replicate that success consistently?

  • "I'm not a finance expert myself!": Fakeonomy teaches you alongside your students. Turn it into an opportunity to explore concepts together.

Beyond the Bell: Extending Fakeonomy's Impact

  • Stock Picking Challenge: Have students track a real-world stock for a period, mirroring their Fakeonomy experience. This connects the game to tangible market behavior.

  • Invest in the Classroom: Create a micro-economy with Fakeonomy currency. Reward participation, good behavior, etc. Students can then "invest" their earnings in class privileges.

  • Community Connection: Could local businesses "sponsor" Fakeonomy companies? This adds local relevance and opens the potential for guest speakers.

Resources to Get You Started

Let me know if you'd like more ideas or a focus on using Fakeonomy with specific grade levels!