3rd graders participated in a Social Studies unit on Economics, involving supply and demand, entrepreneurship, goods and services.  The purpose of this project was for the students to gain an understanding of how supply and demand works in the “real world.” On January 6, 2017, they all had an opportunity to showcase and sell what they created.

The vocabulary/concepts that the unit covered was: supply, demand, profit, product, economy, goods, advertisement, price, and proposal.

The students worked in groups to create a product to “sell” or to provide a service to their peers. They used classroom currency to purchase these products and applied the supply and demand concepts during the day of the sale. Likewise, groups created videos and/or posters advertising their business in order to promote their good or service.

The students gained a deeper understanding of how supply and demand works in a very authentic way. Many were able to adjust the price of their service or good based on the amount of their supply at the time or the demand from the customers. Students left the business day with “shopping bags” full of goodies, as well as great hairdos or fun experiences playing homemade games .