Source: Sherman Publications

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Economics 101

by CJ Carnacchio

May 30, 2012

Fourth-grader Jacob Marvin does some good old-fashioned carnival barking to attract customers to his product. Photo by C.J. Carnacchio
Clear Lake Elementary's fourth-graders learned all about how the great system of free enterprise works by creating their own business and producing a product to sell during the school's Economics Fair.

Adam Smith, famous 18th century economist, would have been proud as the students deepened their understanding of economic concepts such as scarcity, opportunity, cost, goods versus services, productive resources, human resources, capital resources, natural resources, competition and of course, supply and demand.

Each student created his or her own unique product, set the sale price and advertised it with a poster of their making.

Thanks to these budding young entrepreneurs, the free market's future is safe.