Economis 101
What is Economis?
Economis ( is a web-based software application developed by Central Ohio Youth for Christ. Economis creates a virtual token economy/system for the purpose of teaching students basic concepts of economics,with a special emphasis on money management skills. Students gain experience in using a credit/debit card, earning, spending, using online banking, and learning about taxes and payroll. This experience takes place in a virtual world so that mistakes and problems can be instructive without the consequences of the real world. In addition, Economis creates a powerful behavior modification tool through incentives that can be used to further the goals of developing urban youth.
How does Economis work?
The Economis Card
Students receive an Economis card that is similar to a credit card, with their picture and name on the front and a magnetic stripe and bar code on the back. They use this card to clock in and out of a meeting or activity, and earn “credits” at an hourly rate for the time in attendance. The hourly rates of a timeclock can vary, from smaller amounts for recreational activities to larger amounts for educational programs, thereby creating an incentive for students to attend meetings and activities which are more learning-oriented. Individual transactions can also be created, such as a credit for completing a task, or a debit for misbehavior. Earning is logged into a “payroll module” which automatically deducts taxes and deposits a paycheck into the student’s online checking account weekly.
Online Finances
Students log in at to view their “finances”. The payroll check can be viewed inside their checking account, with a pay stub showing the “Hours and Earnings”, “Taxes and Deductions” (such as FICA, state, city and federal taxes), and gross and net pay. Additional financial options include a student savings account, a credit card option, stock purchases, and Certificates of Deposit (CDs), which include broker fees and penalties, as appropriate. These features teach in a practical way such concepts as interest and risk, debt management, and credit limits.
Purchases
Students can use their credits to purchase items, using either an online shopping module or a point-of-sale terminal on site. Items sold by chapterscurrently using Economis range from snacks and drinks to mobile phones, pre-paid phone cards, iPods, and even a used car. Students can also pay for events, such as camping trips. Each chapter has complete control over items available for purchase.
Additional Features
Other features include assessing sales tax on purchases, having students receive a W-2 and fill out tax forms to receive a refund, and making itemscost a combination of credits and “real” money.
Customizability
Eachministry haswide flexibility to customize the features and settings of Economis to fit their particular needs. Features such as stocks, CDs, credit cards, taxes, and online shopping can be either turned on or off. Percentages, such as tax and interest rates, can be set to any level, either to imitate the current local economy or to make the advantages of saving and earning interest more apparent (e.g. by setting interest rates higher on CDs). Various reports are also available: tracking time-clock entries, transactions, inventory, sales, earnings,and net worth of student portfolios.
Link with YFC Impact
A YFC chapter using Economis has their Economis account linked to YFC Impact. This means that there is no need to enter students or staff into Economis – once they are entered into YFC Impact, they are automatically set up in Economis as well. In addition, individual meetings in YFC Impact can be linked to timeclocks in Economis, so that when students clock in to a particular meeting or activity with their Economis cards, they are automatically entered in attendance in YFC Impact.
Frequently Asked Questions
Do YFC Impact and Economis work together?
Yes, they do. The two applications are linked together so that youth and staff entered into YFC Impact are automatically available in Economis as well. In addition, it is possible to link a meeting in YFC Impact to a timeclock in Economis, so that when students clock in to a meeting or activity using their Economis cards, they are automatically entered in attendance in Impact. Staff with access to both sites can easily switch between them without having to log in twice (username and password are the same for both).
How can I teach my urban students economic literacy using Economis?
There are a large variety of lesson plans, teaching tools, and activities and games that can be used in conjunction with Economis, and they are available at this website:
There are separate curriculums for middle school and high school age students.
How much will Economis cost to implement and use?
The web application is available for free to any YFC Chapter. Other costs associated with Economis depend on how many youth will be served and how Economis is implemented. Please refer to the Economis Sample Budget for additional information.
How do I get started using Economis?
- Send a request to to have an Economis account set up for your chapter. We ask that this request come from the Executive Director, or at least that his/her contact information is provided.
- Procure funding – see the Economis 102 document.
- Using the Questions to Consider document as a guide, consult with your staff to decide on some of the basic settings you will use in your Economis setup. You may also want to download and print the Economis Setup Manual, which is available on the website.
- It will take an estimated two to four hours to initially set up your Economis account. Assistance with learning how to use Economis and setting it up can be provided through a webinar – please send a request for an Economis training webinar to .
How can I get funding for Economis?
This is explained in the Economis 102 document.