A letter explaining many details about MarketPlace went home with your child today. The same details are below in this blog post. Please take some time to read this and talk it over with your child.
The cut off portion of the second page needs to be returned to school by Friday, May 3rd please.
As part of our study of economics, the students will be participating in Marketplace. For Marketplace, each student will be conducting his/her own business. The dates selected are: May 15, May 22, and May 29.
Three market days are needed to enable introduction of new marketing concepts at the completion of each sale day. For example, we will discuss why a business flourished or failed after the first sale day, when some children have experienced this themselves. We will brainstorm ways that a business could possibly be improved, and then we will begin to examine advertising in detail. The children will learn the general concepts of business by actually being the producers and consumers.
We will begin by discussing product selection with the children. In the past, students have sold painted rocks, handmade rope bracelets, greeting cards, paper airplanes, used books, bookmarks and baked goods. Some students developed services such as desk cleaning, face painting, and taking other students’ pictures. These are only a few of the many imaginative products and services that can be sold.
If your child selects a product that requires you to pay for some or all of the materials, he or she must pay for the materials using our class money. This is an important concept of economics — that producers must buy supplies to be in business. We will charge from one to five units for this, and the students must pay on the day that the marketplace takes place. It is discouraged for the children to purchase goods or trinkets to resell. If your child chooses this type of business, a heavy tax is charged on all profits. The tax can exceed 50% of the profits, in some cases. We encourage creativity, recycling and participation in the designing and marketing process.
The children are to discuss their product or service choices with you. Please read the enclosed page of guidelines carefully, sign them, and have your child return it to his/her classroom teacher by Friday, May 6. If you have any questions concerning our business ventures, please do not hesitate to get in touch with me.
The Third Grade Team
Decide on your business. Discuss your idea with your parents and have them sign at the bottom of this paper so that I know they have agreed with your decision. Each student will be responsible for conducting his/her own business.
You will have the opportunity to earn money that will be used to fund your business. You must pay for the start up costs of your business, rent, taxes, and other costs like advertising space on each Marketplace day in order to operate your business establishment.
You will be charged by your teacher for any materials that have been purchased with your parents’ money. You will pay this charge for each sale day. On the last day of Marketplace, you will be expected to use this money to purchase a gift for your parents.
Business will be conducted on the following days: Wednesday, May 15. Wednesday, May 22 and Wednesday, May 29. Your parents are invited to observe you on Wednesday, May 22. You may spend your profits at other business establishments, or you may choose to save it until Marketplace is over.
Return the cut-off portion to me by Friday, May 3 . Be sure to briefly describe the kind of business you plan to have. Then be sure it is signed by your parent.