MarketPlace - Teaching Kids About Supply & Demand

Teaching kids For a few weeks now, my daughter and her 2nd grade classmates have been learning about supply, demand, production, etc. They've been preparing for yesterday and today and getting really excited about it.

New words in their vocabulary are:

  • Restock
  • Supply
  •  Demand
  • Price increase/decrease
  • Sale
  • Raw materials
  • Consumer
  • Production
  • Money
  • Profit
  • Close Shop
  • Honesty
  • Stock

I think it's great, everything in life is about buying and selling, the earlier they understand it, the better. Since we moved to AZ, Victoria loves setting up lemonade stands, going door-to-door selling her girl scout cookies, etc. Even the other day, they have an estimation jar thing and we're supposed to add candy to it, so the kids learn about probability and if they get it right they take it to school. When my daughter brought home a jar full of chewing gum, her first thought was, I can sell them for $0.10 each!

The only thing with my daughter is that before she earns the money she's already spent it all, in her head, which defeats the purpose, but we're working on it...

So, even if I don't have pictures of her and her classmates, in their marketplace, in action, I did take pictures of the process at home, and I was always explaining, these are your raw materials, these is your stock, etc. This idea was taken from Pinterest, and to my surprise, we actually did it!!

All the kids got so creative, it was great to see, from bookmarks to cell phones, and today, I dropped her off and they were excited for another day of buying and selling. I realized that teaching kids about supply and demand is great, it's something they see everyday and now they have an understanding of how the process works.

When she got home, she was super excited about having sold all of her inventory and still making $40 profit of fake money. We produced some more to restock for the new business day and she raised her price, like a true business woman.

I just realized that I don't have a really cute photo of her final products... silly me, but you get the idea...