~4th Grade Economics Project~ 4th Grade Mall of Entrepreneurs

Project Summary Students will be broken up into groups of 2 or 3 as determined by Miss Kelley. Each group will create a business where they will sell either a good or service to the school during the 4th Grade Mall on Wednesday January 31st. Important Dates: Bring a blank poster to school on Tuesday, December 19th (any color) Business Plan due on Thursday, December 21st (distributed and completed at school) 4th Grade Mall: Wednesday, January 31st Economics-Related Goals: In this project students will…

… understand the difference between goods and services. … use knowledge of supply and demand to think of a product with high demand … learn how pricing affects sales … learn the affect that advertising has on sales …. find total profit by subtracting expenses from sales … demonstrate understanding of economic vocabulary.

Student Goals: During the entire duration of this project students will…

… learn to cooperate with other students in their group … practice compromising with others to come up with an idea all group members agree with … each have an important role in the planning and execution of their businesses.

Project Components Step 1: Complete Business Plan with group members. (At school). Step 2: Create a poster-board advertisement for business. (At school) Step 3: Advertise business in 4th Grade Mall infomercial to be shown at chapel. (At school) Step 4: Create store-front display (At school) Step 5: Prepare goods or services to sell (At home) Step 6: Sell goods and services during 4th Grade Mall on February 2nd. (during school) Step 7: Complete “Accounting Sheet” detailing all expenses and sales to determine final profit. (at school) Restrictions:

•   Students may not sell baked goods. •   Goods that students sell must be made by 4th grade group members. Students

may not re-sell purchased items. (Examples could be student-made bracelets, headbands, crafts, decorated fun pencils, duct tape art, pencil holders, etc)

•   Services sold must be given by 4th graders (Examples could be nail-painting, application of temporary tattoos, desk/locker cleaning, etc)

Our Business Plan

Due to Miss Kelley by Thursday, _December 21st _(1 per group)

Group Members: _______________________________

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What good or service will your group be selling? _______________________________________________________

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How many tickets will each good /service cost? (Each student at the mall will receive 10 tickets) _______________________________________________________

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What are the expenses you guess you will have? (To pay for supplies.) You can create a business without spending any money. For each dollar you spend on your business, you must subtract 1 ticket from your sales. Each student may not spend more than 10 dollars on their project. Item Cost ___________________________________ ____________________

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___________________________________ ____________________

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What are the responsibilities of each group member? (For example, how many products will each group member make, who will perform services, etc.)

Accounting Sheet

Due after the mall on _February 8th _ (1 per group)

Group Members: ______________________________________ EXPENSES: What actual money went into making your good / service? Item Cost ___________________________________ ____________________

___________________________________ ____________________

___________________________________ ____________________

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Total Expenses: ________________________

Round to the Dollar: _________________________ SALES: How many tickets did you sell? 1st grade: ___________ 2nd grade: ___________ 3rd grade: ___________ 5th grade: ___________ 6th grade: ___________ 7th grade: ___________ 8th grade: ___________ Total Tickets: ___________

Subtract Expenses: -

(1 ticket per dollar)

Total Profit : ___________

Project Rubric Group Names: ________________________________

Total Points: _________ out of 24 = _________%