Economics For Third Graders

Introduction

Students have the opportunity to put into action what they have learned about economics.  Throughout the third grade school year, students can earn character cash for making good choices, turning work in on time, doing quality work, having good behavior, etc.  Students accumulate the cash to make business decisions.  Students will pick a business partner and plan a business.  They must determine the product they will sale and how to manufacture the product.  Students will also create a business sign for their company, a way to display their product, and cost of their product.  Lastly students will have to market their product by creating a advertisement.  This will be a five day activity and at the end of the week, students will open their business to sell their items to other students.  The revenue that their business obtains will determine if their product and business plan was a success.  

Task

You are on a mission to become a successful business person! You are already on the right track by earning and saving character cash.  Your next steps are:

1. Find a business partner and combine your character cash.

2. Decide on products to sell and a business name.

3. Advertise! Create a way to advertise your product(s) to the consumer. 

4. Divide responsibilities  and duties of the business.

5. Create your product. 

6. Open your business and try to make a profit. 

7. Good luck!

Materials Needed:  Items for advertising, poster board or construction paper, markers, character cash and items to sell 

Process

Since the beginning  of the school year, you have earned and accumulated character cash.  You earned this cash for making good behavior choices, turning work in on time and making good choices with your classmates and yourself.  Now its time to create and establish a successful business by applying the economics standards we have been learning about for the past few weeks.  This will be a five day project, outlined as follows:

DAY 1:  

First you will select a business partner and decide on a business name and product(s) to sell.  You will keep in mind how much character cash the two of you have to invest in your business. You will make a business sign displaying the product(s), cost of the product and company name.  You will also create a advertisement banner to hang in the hallway to promote your business. 

DAY 2:

You and your business partner will use the internet to determine how much  it will cost to invest in the products verses how much you have to spend.  Determine the quantity you will need and divide up responsibilities for the wo of you. Remember, you will not want to spend all of your character cash on your investments because you classmates will have stores that you may want to shop at and make purchases with your character cash as well.  

DAY 3:

Make all of the final decisions, ensure you are both on the right track by planning what items you will need to bring to be prepared for opening day.  Set us the classroom desks and tables at the end of the day and display your business signs. 

DAY 4:  

Today is the day you will open for business.  Open your store and invite classmates to use their character cash to purchase your items.  Follow the schedule your teacher has posted to take turns selling and purchasing from your classmates businesses as well.  You may also want to consider word of mouth advertising and ask your customer to spread the word.  

DAY 5:  

Complete a financial report determining how much money was invested versus the profit made.  Together, you and your partner decide if you made a wise business choice.  Evaluate each step and write one paragraph as an assessment of your business endeavor.  Include what you did that was successful and the changes you would make if you did the project again.  

 

Evaluation

Students will complete a self assessment to determine their comprehension of business choices and the economic standards learned.  Students will create a financial resport as well and record the following:

1. The amount of cash they began with

2. The amount of time or money spent in preparation 

3. How the sell price(s) were determined

4.  How many items were sold

5. How many items were not sold

6. The profit made 

After recording the above information, students will compose a one paragraph explanation of their experience.  Did they make a good business choice?  Where their items in high demand? What standard did they feel they better understand after this experience? 

Conclusion

In conclusion, you will evaluate your business experience and determine if you made smart business choices.  In evaltin your project, ask yourself the following questions:

Did you make a good investment?

Were you satisfied with the profits made?

Do you feel that your business partner contributed 50%?

If you did the project again, what would you change?

What was successful?

After seeing your classmates' stores and products, what would you do differently next time?

 

Credits

Thank you to God almighty for wisdom and insight when teaching my students. 

Thanks to my students for having way too much fun. 

Teacher Page

My name is Ms. Grizzle.  I am a third grade ELA and Social Studies teacher at Indian Creek Elementary School.  This is my 19th year in education and I LOVE what I do.  Please share this WEBQUEST if you find it useful.