Greetings from Homebase Gandhi and Homebase Edelman, who worked together with Ms. Krakauer to write this entry. We want to tell you about what we did this week in class, and help each other study for our test tomorrow. Any guesses based on this photo? Here’s a hint: It will help prepare us for lots of different jobs around the world.
We are currently studying economics in Social Studies, and this was a fun way to learn the topic. The Inno Vator Shop gives students a hands-on way to learn how the economy works and have the experience of being an entrepreneur. Each kid made products and then tried to “sell” them. We used an imaginary currency which we called “amp” (with this symbol: &). We had to buy our supplies for our shop with our starting amp, 50&. If you click here you can see our worksheet.
We had a lot of great entrepreneurs in both classes! Check out some of the great business choices we made:
Owen made paper monsters and he made one of them rare. The supply was low because he only made one, so people really wanted it. That means the demand was high. He was able to raise the price and sell the monster for 18& when the other monsters were selling for 5&.
Shayla made original drawings that she sold for 35&, a great revenue considering that she started with 50& at the beginning of the week. Her costs for this drawing were only 5& for the paper, so she had a big profit – 30& for one picture!
Andrew made coupons and IOUs for other people’s stores. He collaborated with other store owners and came up with an idea that was original. His entrepreurial skills helped him make a profit; nobody else in the class came up with this idea.
Alyssa learned from experience. On day one of our sale, she spent 44& on supplies, and brought in 59& from her customers. So even though her revenue was high, her profit was only 15&. On day two, she made all of her products for free, using materials from nature.
Adhiti made the most profit in Homebase Gandhi, ending with an impressive 120&. Her supply was very large, and she made lots of different products, totalling 20 different products!
These are just a few of the great ideas that students came up with in our classes. Check out some more photos from our Vator Shop days. If you are a student reading this, what did you like about the Vator Shop? If you are an adult, do you have any ideas for our next Vator Shop?