At the end of the week it was announced that the money they had saved and earned had real value in the Sundae Shop, where students could purchase ice cream by the scoop!. The rush was on! At the market prices changed due to supply and demand. Some ‘wealthier’ students had no issues buying a fast pass to get to the front of the line, while others could barely afford a scoop. Was this fair, or just business as usual? We’re hoping the students will decide.
We are looking forward to exploring the world of economics as our third graders become “young entrepreneurs” and plan their own business to run for “Grade 3’s Market Day” on March 13th.
How can you support?
Families may help at home by reviewing the central idea and lines with their third grader as well as discuss some of the questions below. Engage with real life and discuss what you want out of a good business. What does a business person value?
How We Organize Ourselves unit of inquiry:
Central idea: Economic activity relies on a system of exchange and consumption of goods and services.
Lines of inquiry:
– economic activity.
– the role of cost analysis and business plans in the marketplace.
– our responsibility as producers and consumers.
How do entrepreneurs gather and use the information?
How do you run a business?
How do entrepreneurs deal with challenges and opportunities in business?
Why does a business choose to sell a product or service?
How do consumer choices impact the world around us?
How do supply and demand affect the market place?
Why do consumers choose particular goods and services?
Today we had a very special event called the Sundae Shop. It’s aim was to open our new unit of inquiry with a highly engaging and relevant introduction into the world of economics. Issues such as supply and demand, and their effects on value were in play.