This project is designed to align with or supplement an economics unit. The students start from scratch and build their own business within the classroom that will produce goods or services to sell or barter with their classroom dollars. This project takes students through the entire business process and reviews words including producer, consumer, supply and demand, specialization, advertising, etc. Students develop a business plan where they figure out what it is that they want to produce and how much money they are willing to invest. From there, the students go into a marketing plan where they interview students to see if their product is worth buying-- what they like about, what they don't like about it, and what they would be willing to pay for it. Once they decide that they have a product worth selling, they go into their action plan where they figure out how much it costs to make one product, how much they are going to sell their product for, and begin starting their business. Once the students make their products they then sell them to their classmates using the classroom money system-- this part is so much fun!!
My favorite part of this project is the profit and reflection section. The students have to figure out if they made a profit and then reflect on things they did and whether they would change them or not.