TERRE HAUTE —
Teaching kids – or adults for that matter – about business and economics can be a daunting task.
For grade-schoolers, the concepts of demand, supply, competition, profits and losses may seem very abstract.
That’s why Sheri Reed, a Riley Elementary fourth-grade teacher, wanted her kids to learn about these things firsthand, by starting and operating their own small businesses.
Reed’s fourth-graders — and all fourth-grade students at Riley – spent two days this week operating small retail stores at their desks. They sell items they develop and produce themselves.
“I had to clean out my cat’s litter box and I folded clothes,” said fourth-grader Katlyn Fulk, explaining how she earned the money she needed to buy ingredients for the cookies she was selling. Fulk sold all of her cookies before lunch Wednesday, but only after learning some valuable lessons.
On Tuesday, several kids were also selling cookies, so sales were slow, Katlyn said, adding that prompted her to drop her cookie price to a quarter from 50 cents. On Wednesday, some of the kids selling cookies tried other products, leaving her just one of two in the cookie business. As a result, her demand rose and so did her price, back to 50 cents, she said.
The reverse happened in the lemonade market. On Tuesday, only Michaela Cox was peddling the sweet drink, and her sales were strong, leading two other students in Reed’s class to jump on the lemonade bandwagon the next day.
“I sold out yesterday,” Cox said, noting sales were a little slower Wednesday. Just two desks over, Addeline Roberts also was selling lemonade at a lower price, 15 cents a glass compared with 25 cents from Cox.
Roberts said she was inspired to sell lemonade by Cox’s success on Tuesday. The day before, Roberts had tried selling Corn Chex Puppy Chow, a treat made from Corn Chex, chocolate, peanut butter and other tasty ingredients. However, perhaps because of the name, it didn’t sell very well, she said.
“I only sold about half of the ‘puppy chow,’” Roberts said. “I’m selling a lot more lemonade.”
The students also learned that it’s hard to successfully predict the next consumer fad. Last year, the big trend item was “flubber,” a non-stick gooey substance students can create in different bright colors. This year, the popular items were wallets and purses made from decorated duct tape.
“I sold out in 15 minutes,” said Zach Dove, who peddled duct tape wallets on Tuesday. On Wednesday, Dove sold brownies, which also sold quickly.
“I kept my prices low,” Dove said explaining the secret of his high volume.
Now that they have operated their businesses, the kids will begin the paper and pencil work associated with their economics lessons, Reed said. But having this experience first will make those lessons much easier for the students to understand.
Part of the money earned in the fourth-grade program will be used to pay for the students’ annual field trip to the Terre Haute Children’s Museum. The rest, expected to be about $600, will be donated to the museum, Reed said.
“This makes [economics and business] exciting for them,” Reed said. “It’s one of their favorite projects that we do.”
Reporter Arthur Foulkes can be reached at (812) 231-4232 or arthur.foulkes@tribstar.com.
Local & Bistate
Related Photos
-
Young consumers: Riley Elementary fourth-graders Cierra Kincade and Ayumi Aikawa buy lemonade from classmate Maddie Kinkade on Wednesday at the elementary school.
-
Young entrepreneur: Riley Elementary fourth-grader Molly Kennedy peddles her banana muffins in during class Wednesday at the school as part of the class's economics studies.
-
For a good cause: Fourth-grade teacher Sheri Reed collects the funds raised by her students from what they sold Wednesday in her class at Riley Elementary School.
Discussion
4th-grade lemonade sales sweet, until market becomes saturated
Project teaches students about business, economics
- Local & Bistate
-
-
Update: Cleanup from overturned truck in Greene County continues
Fuel spillage from the dump truck hauling gravel that overturned this morning in Greene County at Indiana 54 and County Road 725 East near Ridgeport continues to restrict traffic to one lane.
-
17-pound bone found during Vigo flood cleanup
TERRE HAUTE — Crews cleaning up from Wabash River flooding in Vigo County came across a 17-pound bone that they believe might have come from an ancient mastodon.
-
Duke Energy gives $10K to Wabash Valley Red Cross for Vigo flood relief
Duke Energy is giving $10,000 to the Wabash Valley Red Cross chapter for flood relief from this spring’s heavy rains.
-
I-70 Frye Road overpass contract awarded; construction to begin May 28
The Indiana Department of Transportation has announced the Interstate-70 Frye Road overpass contract was awarded to Halverson Construction Co. Inc. from Springfield, Ill., for $317,166.
-
Banks of the Wabash Festival is more than just yearly entertainment
Pioneers think counterintuitively. Where others see widespread apathy, they focus on the possibility for progress. In a way, the 2013 Year of the River celebration began in the 1970s.
-
Planning session aims to better Terre Haute
It’s not yet clear what will come of it, but dozens of community leaders spent the whole day Wednesday trying to develop a plan – or collection of plans – to make Terre Haute “a better community.”
-
Education funding boost won’t benefit all schools
In the budget bill passed by the General Assembly last month, there is more money allocated for K-12 education over the next two years, but that doesn’t mean every school will get more dollars.
- Day of Action job options open
-
Park Board renames land around Memorial Stadium
Land surrounding Indiana State University’s Memorial Stadium on Terre Haute’s east side has been designated as Veterans Memorial Park, following a unanimous vote Wednesday from the Terre Haute Park Board.
-
Deputy suffers minor injury during incident
A Vigo County Sheriff’s deputy received a minor injury to his hand Tuesday night while subduing a drunken driving suspect who fled behind a North Terre Haute business.
-
Man accused of child neglect gets new trial date
An Oct. 15 trial date has been set for a Terre Haute man arrested in November for child neglect after he and his wife allegedly tied up and confined their adopted children in the family home.
-
Police find meth labs, arrest Pierson Township man
Police uncovered two active methamphetamine labs in southeastern Vigo County on Monday, leading to the arrest of a Pierson Township man.
-
New date set for attempted murder trial
A new trial date has been set for a Terre Haute woman charged with attempted murder.
-
Illinois Senate approves sex education bill
SPRINGFIELD, Ill. — A proposal that revamps sex education in Illinois public schools to include information about contraception and sexually transmitted diseases has cleared the state Senate.
-
Gregg pondering 2nd run for Indiana governor
INDIANAPOLIS — Former Democratic gubernatorial candidate John Gregg is pondering another run at the state's top job, but has yet to make a decision.
-
Illinois senator apologizes for Nazi remark
SPRINGFIELD, Ill. — Illinois Sen. Donne Trotter has apologized for remarks that compared a member of Gov. Pat Quinn’s cabinet to a Nazi.
-
Vigo County Jail Log: May 22, 2013
The following individuals were booked into the Vigo County Jail by area law enforcement on Tuesday and Wednesday, based on jail records.
-
Rose-Hulman professor researching ways to make homes storm safe
Tornadoes produce greater uplift forces than hurricanes, which can flatten homes such as in Moore Okla., south of Oklahoma City.
-
Group wants to connect downtown Terre Haute with the Wabash River
Fairbanks Park is underutilized.
The Wabash River is peaceful and inviting, but there is some concern about its cleanliness as well as pollution levels. Also, people can’t get on the river unless they have a boat. -
New conservancy district appoints first directors
Members of the first board of directors of a new lake conservancy district were appointed Tuesday by the Vigo County Board of Commissioners.
-
Vigo law enforcement signs Triad charter to protect seniors
Indiana Attorney General Greg Zoeller joined Vigo County law enforcement and community activists Tuesday to sign the county’s first Triad charter, becoming the 22nd Triad in Indiana.
-
Wabash Valley Red Cross wraps up Save the Day Campaign
The American Red Cross Wabash Valley Chapter’s 2013 annual meeting concluded the 17th annual Save the Day Campaign, and the results lifted the spirits of all who were involved.
-
Some Vigo roads washed out
Spring storms resulted in $250,000 in damages to roads in southern Vigo County, with costs including sand and labor to save homes near river bottoms, said county highway Assistant Superintendent Dan Bennett.
-
County Council votes $78K toward rail spur
County officials voted Tuesday night to make good on a 2011 promise to help improve a railroad spur just north of Terre Haute for Menard Inc.
-
Spring flooding damages future CSO holding lagoon
Flood waters from the Wabash River have done costly damage to one of the city-owned “lagoons” on former International Paper property.
-
Vigo tops state average for IREAD-3 scores
The Vigo County School Corp. exceeded the state average in the percentage of students passing the state’s mandatory Grade 3 reading test, IREAD-3.
-
Storms cause minor damage in Valley
Tuesday morning storms in the Wabash Valley caused thousands of Duke Energy customers to lose power.
-
Vigo County Jail Log: May 21, 2013
The following individuals were booked into the Vigo County Jail by area law enforcement on Monday and Tuesday, based on jail records.
-
UPDATE: Damage surveys show 2 weak tornadoes hit near Indy
INDIANAPOLIS — The National Weather Service says storm surveys show two weak tornadoes struck central Indiana.
-
Storm causes scattered Indiana power outages
INDIANAPOLIS — A line of thunderstorms that moved across Indiana caused scattered building damage and power outages for several thousand homes and businesses.
- More Local & Bistate Headlines
-
Update: Cleanup from overturned truck in Greene County continues
Okla. Teens Get Video of Deadly Tornado Overhead
Raw: Aftermath of Deadly Attack in London
Britain Attack Believed Linked to Radical Islam
Texas Students Coach Teachers on Fitness
Man Shot While Questioned in Boston Probe
Raw: Scuffles in London After Hacking Death
Chain-Reaction School Bus Crash Injures About 50
Meet MJ, the Bike Riding Tabby Cat
Raw: Kevin Durant Tours Moore After $1M Pledge
Johnson: Don't Blame Islam or UK Policy
Weiner Launches Bid to Become NYC Mayor
New Forecasting Tool Eyed for Hurricane Season
School Storm Protection Spotty in Tornado Zones
Today in History May 23
Today in History May 22
Wash. State Man Arrested Following Ricin Scare
Moore Native Toby Keith Tours Tornado Damage
Raw: 80-Year-Old Climbs Mount Everest
Oklahoma Survivors, Heroes Survey Damage
9-year-old Tornado Victim Loved Family, Singing
AK-47-wielding thug may be the most bumbling crook ever
Trout's cycle a boost for Angels
Raw: New Video of Deadly Oklahoma Tornado
Kim Kardashian Flaunts Pregnant Bikini Body in Greece
NBA star pledges $1M to help tornado recovery
Shakira's Shocking Talent
Morgan Freeman falls asleep on air
GRAPHIC: Blood-Soaked Machete Killer Caught on Tape
Elin Nordegren Furious With Lindsey Vonn For Parading Kids in Public
Camera Captures Climber As He Loses Grip And Falls
Helen Mirren Meets with Dying Boy in Queen Elizabeth's Place
Crowd Chants '¡Si, Se Puede!' After Passage of Immigration Bill
DWTS Crowns a Winner
Police Ram House to End Hostage Standoff
Demi Moore a Rocks Bikini at Harry Morton's Family House
Anthony Weiner: I'm running for New York City mayor
Kate Middleton's Dress Flies Up
VIRAL: Baby makes epic soccer goal
The Hangover Baby All Grown Up
