Subject(s): Social Studies Grades(s): Grades PreK-1, Grades 2-3, Grades 4-5
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Title – Classroom Businesses By – Betty Klein Primary Subject – Social Studies Secondary Subjects - Grade Level – 1-4 Economics Students learn about the concepts of wants, needs, money, division of labor, opportunity cost, supply, demand, goods, and services. Students develop their own businesses. They decide if they want to provide goods or services. They set their own prices and the number of students they want in their group. Empty large Xerox boxes are then decorated by students to advertise their businesses and the price of their goods or services, goods are stored inside boxes as they are produced. Students are then given seven dollars in a variety of coins. The money is then placed in Ziploc bags and given to students (the money used is taken from classroom play money). At the end of the week students are then ready to open their businesses to their classmates. Students learn about division of labor as they make items, but have to split profits. Students also learn that their prices are too high or low and must be adjusted according to supply and demand. Choices must be made. Examples of services are Desk Cleaning, Desk Washing, and Pencil Sharpening. Examples of goods are Bookmark Co., Art Co., Badge Co., and Paint Co. Students realize their money is limited and they can’t buy everything. Opportunity cost is what they have to give up in order to buy what they want.
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