Year 8 Economics

As part of the Year 8 Economics program in Humanities, students across all three classes participated in creating a market by designing their own business and attempting to sell goods for a profit. The goal was to anticipate demand for their proposed product and try to achieve equilibrium with supply. To do this, students had to budget and calculate the minimum price they could charge in order to break even and then charge as much as the market would allow.

In the end all groups learnt that it is hard to make money in a competitive market, some groups sold out early and wish they had more product, other learnt 'mates rates' can damage potential earnings, while some groups realised that selling a product widely available can be extra tough.

Overall the market day was a massive success and all earnings will be donated to a worthy cause.

Mr Aaron Hancock

 Humanities & Social Science Learning Area Coordinator

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