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Students learn basic economics with a classroom economy.

 
 

MONEYINSTRUCTOR-NOMICS
CLASSROOM ECONOMY:

Focus Groups, Market Surveys,
and Pricing

Students will participate in focus groups with other class members to give and receive feedback on prototypes.  Students will use the feedback to make design changes and will adjust their projected cost of making one prototype based on design changes and business start-up costs. Students will then conduct a market survey to help them determine what the market is willing to pay for their product or service.

Teaching Objectives:

  • Students will take part in focus groups to provide feedback for each other on the prototypes or services.
  • Students will use feedback to make design changes.
  • Students will analyze the cost of the materials required to produce their revised prototype or service.
  • Students will conduct a market survey to gain feedback on how well their product of service will sell based on different pricing strategies.
  • Students will set a price for their product or service and will determine how much profit they will make at that price.

Suggested Grades:

Fourth Grade - Fifth Grade - Sixth Grade

 
 
 

SURVEYS AND PRICING LESSON PLAN

 


Teaching Materials

  • Lesson - Focus Groups, Markets Surveys, and Pricing Lesson and Worksheet (see below for printable lesson). Includes survey and feedback forms.


Lesson Excerpt:

Activity:

1.  Define a focus group as a way of obtaining the opinion of the buying public.  Focus groups are small groups of people who are brought together to give feedback on an idea, product, or service or to test a product.

2.  Divide students into focus groups of 4-5 students.  Each group will provide feedback on the prototypes or service demonstrations of the other members of their group.  The feedback must include a positive statement as well as a realistic suggestion for improvement.   Provide enough Focus Group Feedback Forms so that each student can fill out a separate form for each member of their group.  Remind students that they must provide positive feedback as well as realistic suggestions for improvement.

3.  After the focus groups have completed their work, students should be given time to
experiment with prototype revising and improvement based on the feedback they have received.

4.  Once students have had an opportunity to make design changes based on Focus Group feedback, they will need to complete the Final Supply List.

 

 

Continued...

 

 


Lesson Printable Materials - Worksheets

Print out the teaching lesson pages and exercise worksheets for use with this lesson:
  

SURVEYS AND PRICING

Focus Groups, Market Surveys, and Pricing Lesson *

Printable lesson worksheet and activity.

 

 

 

 

 

 

 

 

 

 

 

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