Introduction

Congratulations!  You have been approved for a new business loan.  With your group, you can now start up your own classroom business.  Eventually you will be able to buy and sell your goods or services with the other groups in the class.  First, there are many fun tasks you need to complete in order to get your business under way.  HAVE FUN!!

The Task

Attention entrepreneurs!  Are you ready to enter the exciting world of business?

Your group task is to create a business plan using Power Point. In groups of 3 you will be assigned a task to accomplish. Each of you will be checking out web-sites both to review economic terms and to assist in the design of your business. Each group will then put together their economic plan explaining their strategies for supply and demand, advertising, and finance issues.  Be creative!

Part 1: Business Brainstorming

• First, each of you will review the economic terms you have been studying all year.  Click here to view an economics power point presentation.

• Second, you'll be assigned to a team of 3 students.

• Now you all need to start BRAINSTORMING!

• Once you have decided on the good or service that your business will be selling, your group can begin creating your Power Point Presentation.

Part 2:  Defining Your Role

Your teacher will assign each of the three people in your group to a role.  There will be a marketing director, a goods and services director, and a financial director.  Click on your role to find out more about your new job!

Part 3:  Putting Together the Business!

The business is now underway!  Your good or service is being advertised, your finances are being recorded, and you are well aware of the supply and demand of your good or service.  Now you need to put the information you have collected in your individual tasks into one Power Point Presentation.  You should have already started a stack with your group in Part 1.  Now you need to combine the cards from each of your roles in addition to the business description cards you designed as a group.

Your complete business plan outline should include the information below. Be sure to include all the necessary information.

Business Description

• Name of business
   
• Location  (classroom)
   
• Good/Service (what are you selling?)
   
• Competition  (Do you know if there are any similar businesses in the class?)

Marketing Strategies

• Description of the consumers who would buy your product or service (Is your good or service for all students?  For athletes?  For musicians?  For teachers?)
• Competition (What will you do to make sure that you get the most customers despite competition?)
   
• Advertising Plan (How will you advertise your good or service?  Will you use pictures?  Posters? Flyers?  Or computer printouts?)

Goods and Services

• Give a complete description of your good or service.
• What is your expected supply and demand?  (If you are selling a good, about how many do you think you will sell each day?  If you are selling a service, how many people do you think will pay for your service per day?)
• Based on this information, what is your pricing strategy? (Will you give any discounts?  How much should you charge for your good or service to make a profit even if the demand is lower than you expect?  Remember...if you sell your good or service for a price that is too low, than the demand may be greater than your supply.)

Financial Information

• Explain what a balance sheet is.  (What information do you need to record on the balance sheet?  What information will it provide for you?)
• What is your starting balance?
   
• What are your startup expenses?  List your expenses and the total cost of your startup expenses.
  How much money do you have left after your startup expenses have been subtracted?

Evaluation

Your performance will be evaluated in two ways.  It will be evaluated for the work you do individually to collect and organize data, as well as for the final project that your group puts together.  Click here for a view of the grading rubric.

Conclusion

Your task is complete!  Not only have you acquired the vocabulary of important economic terms, you have learned how to use them in real life situations as well!  Economics is used all around us everyday. Next time you enter a store, buy a good or a service, enter a bank, desire to earn some cash, or even make a small trade with a friend, think of all the ways economics plays a part in your decisions.  Congratulations on a successful job as an entrepreneur!!!

 

 

Designed by
Emily Rue and Lindsay Whiting