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The Ice Cream Stand
Source: Council for Economic Education (EconEdLink) | Type: Lesson
Students will learn about supply, demand, price, competition, and entrepreneurial skills in this lesson. They will put what they learned into action by creating an ice cream stand, to complete with other stands in the classroom.
- Economics 1: Scarcity
- Economics 9: Role of Competition
- Economics 14: Profit and the Entrepreneur
I appreciate all the time it took to compile this lesson. The links for research are great and the lesson is well organized. The activity is very engaging and students will definitely get a "taste" of the real-world competition in producing a product. I do not know what the timeline for this lesson is, but I do know it would take my class several sessions to complete the research that is required to understand the concepts as they are used in the lesson. This may be a limiting factor to the lesson. I believe I would begin the lesson with the article on the farmers dumping their milk to illustrate what can happen in a market where supply does not meet demand and prices fall. I would then proceed with the flow of the lesson. I do not see any place in the lesson where the students create a business plan and research the costs and setting a price for their product. Perhaps some organizer to complete that could be helpful. I also think that a rubric to use to judge the stands could make the competition equitable. This not only would provide the judges a standard but the kids as well. I personally would do more journaling along the way of the lesson. I would connect the concepts more to their world and let them reflect on how supply and demand and prices affect them as consumers. Perhaps CD sales or concert tickets instead of looking at World Series tickets? (I realize the link was used for World Series tickets because it was well connected.) Overall I liked the lesson. I would use the lesson in parts rather than as a whole. There is so much material to cover in one shot.
I like the lesson. A good idea would be to first teach the
sections on supply and demand.Then, I would have students
visit the Econ. Basics site.I would conclude with the ice
Where is the Appendix C?
EconEdLink: For each Appendix click the "Appendix" link under resources or within the process. Thank you for your comment.
Thank you for this article! As a business student myself I understand how important comprehending supply and demand is.
I did this lesson with a group of students and they loved it. Since it was a group of students during summer camp, I modified the lesson and just focused on them doing the actual ice cream stand portion. We did touch on the vocabulary and some other aspects of the lesson beforehand. The students loved the activity and their comments afterward were insightful. I am at the camp again, the students enjoyed it so much last year that they have requested we do it again.