Even elementary age children can learn the principles of inductive Bible study. Narratives are a good place to start. Begin by making a copy of the passage for each student as well as an overhead transparency of the passage. Orally read the passage or have the students take turn reading it. Go through the passage picking out WHO is is the story, WHERE the story takes place, WHAT is going on in the story, WHEN events in the story occur, WHY the characters did what they did, and HOW the story concludes. Be working toward the end result the information gleaned into a classroom play or a TV newscast of events that tell the story in another form. For example, divide the passage into episodes of events that happened. This will help the student to see how the story flows and will help set the framework for the play or newscast. Once the passage is segmented into episodes, read the passage in episodic parts, allowing the actors to display the action and adding dialogue. Once the creative part is done, you are ready to discuss the interpretation and application. Ask what they thought God wanted the actual characters in the story to know about Him. Then ask what God wants US to know about Him.
This process can be varied with different creative expressions so that your classroom can have a lot of variety.