Market Day Business Plan: Entrepreneurs in Action
Inquiry Framework
Question Framework
Driving Question
The overarching question that guides the entire project.How can we create, produce, and market a successful business for market day, considering goods & services, producers & consumers, supply & demand, budgeting, and the impact of location on our business, while also crafting and selling our products within a given budget?Essential Questions
Supporting questions that break down major concepts.- What are goods and services and how do they relate to a business?
- Who are producers and consumers and what roles do they play in a market?
- How do supply and demand affect the price and availability of goods and services?
- Why is budgeting important when creating and producing a product?
- How does location influence the success of our business or market day?
- How can we creatively simulate a marketplace using pretend money or a bartering system?
Standards & Learning Goals
Learning Goals
By the end of this project, students will be able to:- Understand and define the concepts of goods and services, and identify examples in everyday life.
- Identify the roles of producers and consumers in a market economy and give examples of each.
- Explain how supply and demand influence the price and availability of goods and services.
- Develop a basic understanding of budgeting, including income, expenses, and the significance of saving in personal and business contexts.
- Analyze how geographical location affects business operations, including market accessibility and consumer demographics.
Economic Education Standards
Common Core Mathematics Standards
Geography Education Standards
Entry Events
Events that will be used to introduce the project to studentsBudget Bonanza Challenge
Students are given a limited budget and tasked to maximize their resources in creating a prototype of their product or service. Working within financial constraints teaches them budgeting and decision-making skills, pressing on the importance of financial literacy in business planning.Shark Tank Showdown
Students are invited to present their business ideas to a panel of 'sharks' (teachers and community business leaders) who will evaluate their initial proposals. This simulated high-stake pitch event encourages quick thinking and creative solutions, as well as provides students with real-world feedback on the practicality and appeal of their business plans.Portfolio Activities
Portfolio Activities
These activities progressively build towards your learning goals, with each submission contributing to the student's final portfolio.Business Idea Brainstorm
Students will brainstorm and select a business idea that they are passionate about. They will begin by identifying goods or services they can provide and define the roles of producers and consumers within their business context.Steps
Here is some basic scaffolding to help students complete the activity.Final Product
What students will submit as the final product of the activityA clear business idea outlined with identified goods/services and the roles of producers and consumers.Alignment
How this activity aligns with the learning objectives & standardsAligns with 4.E.1 to understand goods and services and the roles of producers and consumers in a market.Supply and Demand Exploration
Students explore how supply and demand can affect their business by simulating different market scenarios. They will assess how these factors influence pricing and availability of their chosen goods or services.Steps
Here is some basic scaffolding to help students complete the activity.Final Product
What students will submit as the final product of the activityA report showing how supply and demand affect the business idea, including predicted changes in pricing and availability.Alignment
How this activity aligns with the learning objectives & standardsAligns with 4.E.1 to explain how supply and demand impact goods and services.Budget Building Workshop
Students will learn the importance of financial literacy by creating a comprehensive budget for their business plan. They will consider income, expenses, savings, and make spending decisions.Steps
Here is some basic scaffolding to help students complete the activity.Final Product
What students will submit as the final product of the activityA detailed budget plan that includes estimated income, expenses, and savings for the business.Alignment
How this activity aligns with the learning objectives & standardsAligns with 4.E.2 and 4.NBT.4, 4.MD.2 to apply financial literacy through budgeting, saving, and spending practices.Location and Market Research
Students will investigate how geographical location can affect their business operations by understanding market accessibility and consumer demographics. They will choose an optimal location for their business within the market day setup.Steps
Here is some basic scaffolding to help students complete the activity.Final Product
What students will submit as the final product of the activityA research report justifying the chosen location with geographical advantages and consumer accessibility.Alignment
How this activity aligns with the learning objectives & standardsAligns with 4.G.1 to investigate the effects of geography on business activities and location selection.Mock Market Day Simulation
Students integrate all their learnings and simulate running their business on a mock market day. This encompasses setting up their stalls, marketing their goods/services, and handling pretend money transactions.Steps
Here is some basic scaffolding to help students complete the activity.Final Product
What students will submit as the final product of the activityA reflective business journal documenting the market day experience, consumer interactions, and financial outcomes.Alignment
How this activity aligns with the learning objectives & standardsReinforces multiple standards like 4.E.1, 4.NBT.4, 4.MD.2, and 4.E.2 through practical application in a business setting.Rubric & Reflection
Portfolio Rubric
Grading criteria for assessing the overall project portfolioMarket Day Business Plan Assessment Rubric
Understanding Economic Concepts
Assesses understanding of goods & services, producers & consumers, and supply & demand in the student's business plan.Goods and Services Identification
The ability to identify and describe goods and services and their application within the business context.
Exemplary
4 PointsThoroughly identifies and convincingly explains both goods and services with relevant examples in the chosen business context.
Proficient
3 PointsIdentifies and explains goods and services, providing suitable examples within the chosen business context.
Developing
2 PointsPartially identifies goods and services but provides limited explanation or examples in the business context.
Beginning
1 PointsBarely identifies goods and services, struggling to explain or provide examples in the business context.
Roles of Producers and Consumers
The ability to define and analyze the roles of producers and consumers for the business project.
Exemplary
4 PointsClearly defines and critically analyzes the roles of producers and consumers, showcasing the impact on business operations.
Proficient
3 PointsDefines and analyzes the roles of producers and consumers, demonstrating their impact on the business.
Developing
2 PointsDescribes roles of producers and consumers with some analysis of their business impact.
Beginning
1 PointsMinimally mentions producers and consumers with limited or no understanding of their impact on business.
Supply and Demand Understanding
The capacity to explain implications of supply and demand on pricing and the availability of business goods/services.
Exemplary
4 PointsExplains supply and demand effects with comprehensive examples, predicting changes in pricing and availability innovatively.
Proficient
3 PointsExplains the effects of supply and demand on pricing and availability with clear examples.
Developing
2 PointsDescribes supply and demand impacts with limited examples and unclear predictions.
Beginning
1 PointsBarely explains supply and demand impacts, providing no clear examples or predictions.
Budgeting and Financial Literacy
Evaluates understanding and application of financial planning, budget creation, and management within the business project.Budget Plan Creation
The ability to create a comprehensive budget plan that includes income, expenses, and savings for the business.
Exemplary
4 PointsCreates a highly detailed and realistic budget plan, showcasing excellent financial insight and strategic thinking.
Proficient
3 PointsCreates a detailed budget plan with clear financial insight and logical allocations.
Developing
2 PointsPresents a basic budget plan with partial coverage of financial elements.
Beginning
1 PointsProvides an incomplete or unrealistic budget plan lacking clarity and detail.
Financial Decision-Making
The ability to evaluate and adjust financial strategies to ensure business sustainability and success.
Exemplary
4 PointsCritically evaluates and innovatively adjusts financial strategies, ensuring business sustainability with evidence-based decisions.
Proficient
3 PointsEvaluates and adjusts financial strategies effectively, ensuring sustainability with logical adjustments.
Developing
2 PointsAttempts to evaluate and adjust financial strategies with limited insight, showing inconsistent sustainability focus.
Beginning
1 PointsStruggles to evaluate or adjust financial strategies, showing minimal understanding of sustainability.
Geographical Impact Analysis
Measures the ability to assess and apply geographical considerations to business location decisions.Location Analysis
The ability to research, analyze, and justify the selected location for the business considering geographical factors.
Exemplary
4 PointsConducts detailed research and presents a convincing analysis with strong justification for location choice, highlighting geographical advantages.
Proficient
3 PointsConducts research and provides a solid analysis with clear reasoning for location choice considering geography.
Developing
2 PointsProvides basic location analysis with limited justification based on geographical aspects.
Beginning
1 PointsPresents a minimal location analysis with little or no justification from a geographical perspective.
Market Day Execution and Reflection
Assesses real-world application, interaction with consumers, and reflective practices post-market day simulation.Market Participation and Interaction
The ability to engage effectively with consumers and apply learned concepts during the market day simulation.
Exemplary
4 PointsEngages with consumers dynamically, applying concepts seamlessly with leadership in interactions.
Proficient
3 PointsEngages well with consumers, applying concepts effectively during transactions.
Developing
2 PointsParticipates in transactions and consumer engagement with evident gaps in concept application.
Beginning
1 PointsStruggles with consumer engagement and concept application during transactions.
Reflective Business Analysis
The ability to reflect on business performance, learning experiences, and identify areas for improvement post-market day.
Exemplary
4 PointsProvides a comprehensive reflection with critical analysis of business performance, highlighting insightful improvements.
Proficient
3 PointsProvides an effective reflection with clear analysis and realistic improvement plans.
Developing
2 PointsOffers basic reflection with general observations and limited improvement strategies.
Beginning
1 PointsDelivers a minimal reflection lacking insight and clear improvement suggestions.