Today was market day!
Market day is where our growing knowledge of economics comes to life! The students have prepared for this day by creating our class currency, earning their weekly salaries, creating business proposals to sell goods or services, and advertising for their businesses using posters, invitations, and word-of-mouth. Market day takes place on the last Friday of every month. More details about the creation of our mini-economy can be found here.
Let's take a look at the fun!
Here are some pictures of the students setting up their various booths. Hover over each picture to read a description of that business.
Now take a look at the market in action!
If you hovered over my picture, you read that one of my items sold out in 3 minutes. This created an interesting economic effect. One student came to me and said that he noticed that item was scarce, as other students wanted one but there were none left. So what did he do? He sold the ones he bought from me at a higher price! This was such a concrete example of an abstract topic we have been discussing this whole unit: the more scarce an item is, the higher the price becomes!
After the market was over, and they balanced their account records, it was time for the students to reflect upon how it all went. They spent so much time preparing for this day, and now that they experienced it, I really wanted them to be intentional in their thoughts about what worked, what didn't, and what they will do differently next time.
Overall the market was a huge success. I can't wait to see what the next one has in store! I'd like to leave you with the remarks of a very important visitor who experienced the market for herself today. Here is what Mrs. Gettinger had to say:
"I was absolutely amazed by the creativity, resourcefulness and maturity that the third graders displayed with the monthly market activity. Their background knowledge of economic principles and the real life experience of filling out a business proposal and having it approved, figuring out their good or service and the requisite planning and production outside of class time all provide critical life skills for these students! Entrepreneurship is so empowering! What a meaningful learning experience incorporating the 21st century skills of communication, collaboration, creative and critical thinking skills and what a perfect class for this project as they are so respectful of their peers and teachers alike. Kudos to teacher and students on this unique endeavor."
Little people, big minds.