Class Economy Project- Extension of Imagine It! Lemons and Lemonade

Students get a hands-on look at basic economy concepts in this real world unit.

Students begin by creating a company name, and inventing a product to sell using basic art supplies and materials such as construction paper, cotton balls, beads, and feathers. They will write a business plan, and the project will culminate with a store put on, each of the businesses having a booth where they can “sell” their product using pretend money to their fellow students.

After deciding what they will be selling, students go through all the steps of determining how much it will cost to create their product, how many they want to make, and how much money they will need to borrow from the bank to run their store.

They also plan out a marketing strategy for advertising their product to their consumers (fellow students).

Materials are also included for the day of the sale: a receipt for the store owners to fill out for their customers, a record sheet for keeping track of their sales, and a sale day worksheet and customer survey for the customers attending the store. After the store, there are sections of the business plan for students to reflect on how they did, what went well, and what they can improve on.

Lastly, a test included which requires students to reflect on key vocabulary and concepts, as well as show mastery of the ability to find a profit in this scenario and the ability to apply these mathematical concepts to other situations.