A Successful Business Day!

Wow! You have all officially become mini-entrepreneurs! I’m so proud of you!

There was really positive feedback from everyone that shopped and were so happy to see our 3rd, 4th, and 5th graders actively learning about economics, businesses, and money. I enjoyed watching and listening to all of you talk sales, change your prices when demand was down, chat up the consumers to sell your product, and show the confidence in your product that is necessary to sell! Our economics unit is coming to a close (as is the school year!) and be ready for an “Economics Quiz” on Monday! Please be sure to brush up on your economics vocabulary and especially some marketplace case studies and calculations!

It was a really great day kids and I’m super proud of your creativity, commitment, and entrepreneurship!
Hugs,
Ms. Slimko

A Marketplace Case Study

Students,

Write your own case study for Marketplace. Think of this like putting all those calculations that we’ve been working on in class into a long story problem. You may use your own exact costs, product, and situation, or you can also be creative and come up with a different scenario. Use the EXAMPLE below to help guide you.

First paragraph: describe your product using your name, not “I”.  What are you selling a good or product?  For example:
Melanie was selling bookmarks for her marketplace product.  Each bookmark was made from scrap paper she collected from home and she colored with crayons and colored pencils she bought from the store.  The bookmarks had all sorts of designs to choose from.

Second paragraph: What are the startup costs?  Describe them in a paragraph.  For example:
Melanie used both reused materials and bought new materials from the store.  This means she had to buy a Tier 2 business license, which cost $10. She also had to pay the $15 flat fee to obtain her license. She needed two desks which cost $5 per desk. She also purchased $11 of materials at the store. What was her total startup cost?

Third Paragraph: What were the earnings for the first marketplace day?  Describe how much was sold at the set price.  For example:
After doing market research in the classroom, Melanie found that $3 was a fair price to sell her bookmarks.  On Marketplace day, Melanie sold 43 bookmarks for $3 each.   How much did she earn from her sales?

Fourth paragraph: What is the net profit?  For example:
How much was Melanie’s net profit after her Marketplace day? (Net profit = Earnings – Startup Costs)

Although you MUST KNOW THE ANSWERS TO YOUR OWN QUESTIONS, I ask that you NOT have your answers written… because you need to go to 2 bloggers of your classmates’ and solve their questions from their case studies in their comment section. You can check their work and provide feedback as well! Due FRIDAY.

Hugs,
Ms. Slimko