“What if no one buys my product?”
“I’m worried about making change!”
“I don’t understand how I’m going to find my actual profit.”
When these questions are asked, it is a sure bet that Market Day, a hands-on economics unit in which each student creates, markets, and sells a product, is upon the fifth graders at ASA.
For some, the prospect of creating a product was exciting. Isabella loved the process. “Being able to explore my creativity and what I liked was fun. I got busy right away.”
For others, it was the hardest part of the process. “ I wanted to make something that other kids would want to buy,” explained Demetrius, “ but I wasn’t sure what that might be.”
Parker was another student who shared that she had doubts at first until she received encouragement from her family, and ultimately, she was so glad she listened to them. “They were right! I even walked away with orders to fill over Spring Break. “
After settling on a product, the creating began. Amelia chose to make colorful bracelets and paintings from kits she had at home that were given to her as gifts to use for her products. Ashley painted beautiful ombre bookmarks, and Ben’s bookmarks were popular among the sports enthusiasts. There were no costs accrued, and Market Day brought these students pure profit.
Jacob created scented soaps. He, along with some other classmates, took some risks when they borrowed from the bank (parents) to purchase supplies, hired labor to help ( students could choose to pay family members .25 for every fifteen minutes of help), and then pay both of those costs back before they were able to calculate a true profit. Jacob determined it was well worth it though. “It was really nerve racking at first because I didn’t know if I would make all the money I spent back, but my hard work paid off.”
Whether students chose to go it alone or borrow from the banks, the next step was to create surveys and determine interest in the products. What colors would other students purchase most? What scents? What logos did they want to see on products?
Next came learning about marketing and propaganda techniques. “It’s everywhere!” Poppy said. “ Once you know what to look for, you realize it’s all around you. I really liked marketing my products over the school PA right before lunch, too. That was fun.”
When Market Day finally arrived, students were excited but hesitant. For some, making change was a concern. What they found was after the first few minutes, they fell into a rhythm and giving change became easier and they gained confidence. The final goal? Simply to make a .05 profit.
“At first, on the actual Market Day when people were walking around, I worried that maybe my magnets wouldn’t sell. But now I realize I just had to relax and have faith because I ended up with a good profit, “ shared Andrew.
The risk was worth it all.
