Sixth graders in Debbie Gorton and Alan Baird’s social studies classes wrapped up their 6-week introduction to economics by producing and selling products in a classroom marketplace.
“Students learned the importance of identifying consumer needs and wants, setting a budget, and determining the cost of materials for production,” said teacher Debbie Gorton. “They also learned about scarcity, supply and demand, price point, and marketing strategies.”
Students earned play money throughout the unit, which they used to buy craft supplies to create things their fellow classmates were interested in buying. Their products included bookmarks, duct tape wallets, tiny hats, pencil holders, holiday cards, and bracelets.
Each student established a name for their business and set a price point for their product. Other sixth grade classes were invited to shop at the marketplace with the play money provided to them. By the time the marketplace closed, many students had successfully sold out of their products.