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NewsDepth A+: Market Days

Throughout the year we featured a lot of stories dealing with economics. Economics is the science that explores the production, consumption, and transfer of wealth, often through labor, and providing goods and services. This week’s A+ Award winners took their growing knowledge of economics, and put them to work.

Mrs. Igarashi’s second grade class, at Edison Elementary School, in Willoughby planned a market day. Each one of the seven teams of students brainstormed, designed, and produced a product.

They considered a wide range of factors in their production including the ideas of wants and needs. An example of wants and needs are that I want the Guardians to win the World Series, but I need to make sure I eat a healthy breakfast each day. Or, as Savanna explained, a need is something that helps you survive, but a want is a luxury.

They also thought about supply and demand, which helped them to determine the prices of their products. Cooper told us that if there’s a high demand for a product, you can charge more, but if there’s a lower demand, you should reduce your price. Cooper and his partners Ava P., Oliver, and Savanna are hoping that they can charge a high price for their pillows.

That’s not all, each team also created a marketing campaign to help advertise their products. Celina told us that this is an important step when you’re trying to sell something, like the “eye spy bottles” she created with her partner, Ava H.

James explained to us that they’re using Eagle Bucks to buy the items. Eagle Bucks are a reward that students at Edison can earn through being good citizens and good students. James, and his partners John and Rosie are charging 3 Eagle Bucks for the stress balls they made.

This group of entrepreneurs from Edison told us that they considered things that they knew their classmates would like when they decided what to make. Grant and Nolan painted pet rocks. They promised us that the pet rocks don’t need to be walked as much as NewsHound.

Niko and Tyson decided to be art dealers and are selling original works of art. Amelia and Emily are selling girl power bracelets, but they assured us that boys can buy them as well. And finally, Kane, Christopher, Srithik, and Cade are selling some ooey gooey slime.

This weeks A+ Award goes to Mrs. Igarashi’s Edison entrepreneurs for putting their knowledge of economics to work. Congratulations!

Submit your ideas for our NewsDepth A+ segment to newsdepth@ideastream.org for consideration.