NOT Your Grandma's Lemonade Stand!

Introduction:

Are your abilities to apply economic concepts ready for the real world? You will be able to test that ability in a cyber-world where you can decide to sell lemonade in a host of different cities, in all kinds of weather, and with a cyber-economist giving you daily advice. Before you slip into the cyber-world, however, you may need to brush up on all those concepts you have been learning.

Task:

In this lesson you will describe:

Process


This old-fashioned picture painted by Norman Rockwell will serve as a reminder of what Grandma's lemonade stand might have been like and the concepts it teaches.

 

 

Steps to take for a successful lemonade stand…

  1. Go to the following link: http://ae4rv.com/games/lemonade.htm

 

  1. Follow the directions and sell lemonade for 21 Days.
  2. While performing this task fill out the “Lemonade Log”
  3. Answer the following questions in a word document.

Answer the following questions on a word document:

  1. In what circumstances did you succeed?
  2. When did you fail?
  3. How was the profit figured?
  4. What would you do differently?
  5. How did the buyers affect the price you charged?
  6. How did your pricing affect the numbers of buyers?
  7. What choices had to be made?
  8. What did you gain by those choices and what did you give up?
  9. What are the risks taken by the entrepreneurs?

Conclusion:

Entrepreneurs deal with choices, scarcity issues, and non-price determinants in demand every day. Would you be willing to become an entrepreneur?

What do I turn in…

  1. 21 day log of your lemonade stand.
  2. Nine questions answered, typed.

 

Staple together and have a nice dayJ

 

 

Grading Rubric

Text Box: 21-Day log completed accurately Text Box:   10 Text Box: Nine concluding questions are complete.  They also show high order and critical thinking.  Thought was given to the questions presented. Text Box:   10