First grade was open for business this week!  On Wednesday, we had our annual Goods and Services Day. In the weeks prior to this event, students learned about needs vs. wants and goods vs. services. They were able to choose either goods or services to provide to their classmates. They chose the price for their item or service, and visitors were given play money to “purchase” from the young entrepreneurs.  Goods such as paper airplanes, painted rocks, decorative pencils or brownies, and services such as nail painting, shoulder massage, and voice or violin lessons were available and on display.

Students rotated to the other 1st grade classrooms to “purchase” a good or service from their peers.  Buyers needed to figure out which coins to use to fulfill the asking price, and sellers had to figure out how to give correct change.

From this, discussions arise about supply and demand, profit and loss, how markets work, and how incentives affect consumer choices.   This experience is wonderfully cross-curricular in nature – involving Writing, Math and Social Studies.

Social Studies standards:

Economics

– Identify a consumer

– Identify a producer

– Give examples of ways people earn money

– Explain what money is and how it is used

–      Define Trade

Math standards:

-Add and subtract currency under one dollar

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