Welcome to Business 101 - The 'Market' Unit
Fourth graders are introduced to various aspects of Business in their 'MARKET' unit. They learn about the comodities, Accounting & sales. They learn to chart theirs expenses and figure out the price to break even and make a profit. They choose one product and develop an advertisement for it. They have a Business fair at the end of the unit. Apart from learning to manage a business they also learn about responsibility, order and interaction with customers.
The objectives of this unit on market, are to introduce the students to the following basic economic principles:
Needs/Wants, Goods/Services, Opportunity Costs, Barter/Exchange, Saving/Spending,
Producers/Consumers, Supply/Demand/Scarcity, Expenses/Profit, Advertising
We talk about loans, repaying loans, business partners and shared profits etc. During the fair, the business that makes the most profit will be given the 'Best Business Bureau award' . This helps students think about real world business issues and understand profit/loss and pricing.