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Students learn basic economics with a classroom economy.

 

 

MONEYINSTRUCTOR-NOMICS
CLASSROOM ECONOMY:

Production: Assembling a Product, Preparing a Service

Students assemble products and prepare services.  Those who are producing goods will buy the supplies they need from the classroom store and work to build an inventory of products.  Students who plan to market a service will spend this time gathering the supplies that they will need.  Expect to see money changing hands during production days.

Teaching Objectives:

  • Students will produce 10-20 products and prepare to sell them on Shopping Day.
  • Students will discuss the meanings of the terms:  profit, competition, inventory, specialization, productivity, efficiency, assembly line.
  • Students will begin to keep a Sales Journal to record number of sales and sales price.

Suggested Grades:

Fourth Grade - Fifth Grade - Sixth Grade

 
 

 

PRODUCTION LESSON PLAN

 


Teaching Materials

  • Lesson - Production: Assembling a Product, Preparing a Service Lesson (see below for printable lesson).


Lesson Excerpt:

Activity:

1.  Students will need approximately 5-10 class periods to produce inventory to sell on shopping day.   During this production time, they may also buy one another’s goods and services.  This is helpful because it helps students to determine if they have priced their item at a reasonable price. 

2.  Students who plan to offer services will have less to do during this time.  They may be kept busy providing their service for other students, or they may want to assist another student in production (for pay, of course).
 
3.  Lead students in a discussion of ways to increase productivity.  Discuss the following terms with your class.

a.  Profit:  total money received from the sale of goods or services minus the cost of producing those goods or services. The goal of MoneyInstructor-nomics is to make a profit.

b.  Competition:  businesses producing and selling similar goods and services are in competition with one another. Competition exerts pressure on businesses to lower prices and/or to increase quality.

c. Inventory:   the total amount of goods and/or materials contained in a store or factory at any given time

 

Continued...

 

 


Lesson Printable Materials - Worksheets

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

PRODUCTION

Production: Assembling a Product, Preparing a Service Lesson *

Printable lesson worksheet and activity.

 

 

 

 

 

 

 

 

 

 

 

 

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