Economics

As you know we were working on a economics project the last few weeks! All the third grade students at Margaret Beeks had a blast with this project! 

We started by separating into committees.... Research and Marketing teams. Each third grade class split into two groups. We then divided and concurred. 

The Research team searched for pencil prices, types of pencils, surveyed the school, and decided on the price of the product. 

The Marketing team split into sub committees: two commercial committee's, flyers, and posters.

Once, the investor (Mrs. Kramer) had bought the pencils the students went to work. Mrs. Kramer and a few third graders from each class sold all of the hundreds of pencils in the multipurpose room before school every day for four days! They were a HUGE hit and we ended up selling at 25 cents a pencil, 165 dollars worth of pencils! After paying the investor, (AKA, Sue Kramer) the third graders profited 75 dollars! They then bought food for the Christmas store! 

They did such a great job and were pumped about learning about economics!!! I can not wait to do this project again next year!!! 

Virginia Standard SOL 3.8

 

The student will recognize that because people and regions cannot produce everything they want, they specialize in producing some things and trade for the rest.

and

Virginia Standard SOL 3.9

 

The student will identify examples of making an economic choice and will explain the idea of opportunity cost (what is given up when making a choice).

Have a great week!