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Purchasing products with “market money,” excited Hayes Elementary School third grade students bought and sold their homemade wares at the school’s annual Market Day on March 27, 2019. Market Day is a culminating International Baccalaureate (IB) Primary Years Programme (PYP) project for the school’s third graders that teaches students entrepreneurship, production and consumption, and the laws of supply and demand.
Teaming up with their classmates, students came up with their own ideas for products to sell, which included slime, book decorations, hand warmers, calming jars and more. Students also learned how to market products effectively through different advertising avenues, such as commercials and posters. This year, with the help of Hayes music teacher Andrea Orem, students created a jingle for their products in music class.
During the event, products were purchased with “market money,” which was handed out to all third graders throughout the course of the unit. The money was earned through good behavior. Students also learned how to manage their money by paying “rent” for their store space or purchasing “supplies” for their products. Students had the opportunity to work in the store to sell their handmade products, as well as shop around to explore the different products made by their fellow students.
The IB PYP challenges students to explore local and global issues, as well as learn from opportunities in real-life contexts. The purpose of Market Day is to bring real world experiences into the classroom in a fun and engaging way, while teaching students about the economy and global markets.
“Students love Market Day and look forward to it every year,” said Hayes third grade teacher Heidi Hall. “We run a Market Day preview the day prior to the event, when our second graders visit to purchase goods. This allows our third graders to practice running their stores and using their marketing strategies, and our second graders get a chance to see what Market Day is all about.”
Hall added that this method of teaching is effective because it allows students to work hands-on while practicing group work skills and communication skills.
“It’s also transdisciplinary, as they write about their products during writing time, create jingles in music, create logos in art, and work as a team in the classroom during production,” said Hall. “They learn through real-world lessons and spark early interests in marketing and entrepreneurship.”