Business Tycoon ITU Overview
At
Aurora 7 Elementary School in Boulder, Colo., I was in Ms. Martinez’
fourth-grade class. She introduced a unit on money and business. Each fourth
grade classroom represented a country with separate, unique currencies. The
class was to submit names for this newly created nation and each student was to
design the paper money to put up for class vote. (We were the Nation of Pebbles
with Pebs as our currency.)
Each
student created his/her own company, paid for a business license and
manufactured a product to sell at the Market event two weeks later. Each student
was given a starter loan and paid for fees and supplies. Then, they priced
their product for sale.
Students
made all sorts of trinkets, posters, models and toys. The Market event was a success. It was
engaging, rewarding, relevant and did well to tie the unit together.
As
far as educational assessment, the emphasis was not placed on whether to make
or profit or sell the most products, but to enhance student vocabulary. It also
required students to add and subtract decimals and money.
So,
when devising this Elementary Interdisciplinary Unit, I wanted to build off Ms.
Martinez’ design. I also wanted to keep true to the middle school philosophy
promoted by the Association of Middle Level Education, Turning Points 2000 by
Anthony Jackson and Gayle Davis, the 1989 Carnegie report “Turning Points” on
enhancing education for young adolescents, and the curricular philosophy of
James Beane (1993).
I
wanted a unit that would blur the lines between the four main subject areas. I
wanted to use STEM-based ideals, promote art and creativity, interpersonal
skills and other intelligences. I also recognize the requirement to meet Common
Core State Standards and the strands within the district’s general curriculum.
This
unit designed for fifth grade students would be called, “Business Tycoon.”
Students would spend an hour or two a day for three-to-four weeks to complete
the project. The goal of the unit is for each student to work in groups to form
a company to finance, design, manufacture, market and sell friendship bracelets
or any class-wide common product. Ultimately, what students will be asked is,
“How do we create a business and a product to sell for maximum profitability?”
(I wrestled with the idea to allow each
company to create a unique product, as was my experience in fourth grade. But I
wanted students to focus on turning a profit, and completing their assigned
jobs as opposed to creating a superior product. Also, the importance of
competition in business is fostered. There will be plenty of opportunities for
students to display their creativity through print and visual advertisements,
bracelet manufacturing and packaging. Controlling the product will hopefully
make the end result more apparent for students and will be easier to assess by
the teacher.)
Literacy,
writing, speaking and visual communication are vital elements of this project.
Students will be subject to a wide range of reading materials for many
different purposes. They will read for vocabulary, problem solving and
comprehension. The Entry Document will be a reading example. The document, a
formatted letter, details the tasks of the project and introduces key
vocabulary terms such as: profit, Venture Capitalist, loan, manufacture,
accounting, revenue, salary, expense, etc.
Students
will also read profiles on famous or successful businesspersons and inventors
of diverse backgrounds such as: Sam Walton, Steve Jobs, George Washington
Carver, Madam C.J. Walker, and Guillermo Gonzalez Camarena, etc.
Writing
will also be assessed throughout the unit. Students will read from a worksheet
in the form of classified ads. Six jobs will be advertised, and students will
have to create a written application for those positions. Students will have to
highlight their strengths and why they would be best for the job. In all, there
are six positions within each company (some can be combined if class numbers
are not even): Chief Executive, Vice President of Sales, VP of Manufacturing,
VP of Design, VP of Finance and VP of Marketing. Each position will have
specific tasks, roles and responsibilities throughout the unit.
Students
will also be required to write and produce a 30-second commercial, whether
performed or filmed. Other forms of writing will include a product overview and
a reflection paper or questionnaire at the end of the unit.
Mathematic
skills are also tested and used throughout. The VP of Finance is responsible
for the accounting with help from their group. Students will learn how to
compound interest, add and subtract decimals, write and solve expressions to calculate
revenue, expenses and profit, and work with percentages.
The
unit also provides ample opportunity to use history. Besides the profiles
previously mentioned, students can also learn about the history of labor and
manufacturing. Students can be introduced to the concept of a labor strike or
corporate layoffs and their effect on both parties involved. The historical
significance of the Industrial Revolution and the advent of the Internet and
computers can also be discussed.
Student
creativity and art will also be encouraged. The VP of Design will draw the
product blueprint and apply for a patent. The VP of Marketing will develop a
logo and a commercial and the VP of Sales will lead design of the sales kiosk
for the unit’s culminating event, the Market.
The
spectrum of the multiple intelligences will be at the teacher’s disposal. The
fact students will be working in teams of 5-6 assesses student’s interpersonal
skills. The math component supports logical-mathematical learners, the writing
and literacy component supports linguistic learners, the VP of Design and
Manufacturing will be tasked with creating the friendship bracelets, a
kinesthetic and spatial skill. The VP of Marketing could create a jingle for
their company’s commercial, a musical intelligence. And, students will be asked
to assess one’s own skills in the classified ad exercise coinciding with a job
interview and will reflect at the end of the unit satisfying the intrapersonal
intelligence.
There
are multiple opportunities for students to use technology in designing and
marketing their product. Filmed commercials will allow students to edit their
project digitally. Design software like Google SketchIt or Paint or iMovie can
be used to create digital prototypes or advertisements. Students can also be
introduced to Microsoft Excel or other spreadsheet software to keep record of
the company’s finances.
Assessment
throughout this unit is of utmost importance. There are a lot of jobs, tasks
and stages in this unit that must be monitored by the teacher. First, the
teacher will want to know student’s prior knowledge of key vocabulary and
principles of business and accounting. Then, mini-lessons throughout the week
will have students complete individual worksheets and other tasks to measure
their learning of calculating profit, or compounding interest, etc. Finally,
the Market event and the end will act as a summative assessment. How well did
the company sell, promote, manufacture, design their product? Did they make a
profit? Did team members work well together?
Finally, students will retake the pre-assessment test to measure
knowledge growth.
This
unit is grounded in the rich literature of the progressive middle level
education philosophy. A middle school curriculum should be relevant,
challenging, integrative, and exploratory (Jackson & Davis 2000). It also
supports the belief that a proper middle school curriculum should focus on a
shared educational experience of common knowledge, be grounded in democracy and
collaboration, honor diversity, provide lifelike and lively learning
experiences and enhance the skill of all early adolescent learners (Beane,
1993).
I
was inspired to begin this project for two reasons: 1) a positive previous
experience in elementary school and 2) through an on-line course at www.pblu.com,
an online learning community for teachers and prospective teachers who are
interested in creating project-based learning units in their classrooms. The
approaches promoted by pblu.com are similar to those used at school districts
like Cross County School District in Cherry Valley, Arkansas and King Middle
School in Portland, Maine. They follow a similar structure. The entry document
introduces the problem or goal of the long-term unit. Students work in groups,
define individual roles and work together to solve the problem at hand. Through
small group or full class interventions, the teacher introduces vocabulary,
steers thinking and pushes students cognitively with the learning goals of the
unit in mind. Finally, a culminating event is organized to showcase student
work and performance. It is an opportunity for students to see what their
classmates have accomplished, but it is also a great opportunity to bring in
members of the community and families to participate.
As
far as this unit is concerned, bringing in a guest speaker for the culminating
event would be appropriate. A business executive could come and talk about why
they chose their profession and what skills and knowledge are required to be
successful. That person, if time allowed, could also come in periodically
during the unit and monitor student progress and see what each group is working
on. They could answer student questions that are relevant to the business
world.
Also,
families could be asked to participate in the Market event. Not only would they
see student achievement, but they could also act as consumers in the Market
simulation.
Extensions
to this project could include several items. For example, to infuse a strong science
element to the project, students could design their own compound simple machine
as a toy or a tool. This could also be a Rube Goldberg contraption. This
extension would require prior teaching and further formative assessment on
simple machines. Also, those students who are selected to act as CEOs could
hold a job fair, where they interview other students to be part of their
company. Those students would interview for their top two choices using their
written resume and a short, two-minute verbal interview. There is the fear that
some students may feel left out, but since there is no “draft” to hurt
student’s feelings (the selections would also remain private), this could work.
Each student would be guaranteed to get a job from his or her top three choices.
It also would offer a real-world experience within the unit and meet Common
Core speaking and listening standards.
Potential
roadblocks are many and a flexible teacher would be required to orchestrate
such a unit. But if the teacher keeps in mind the key points (group
cooperation, business-related vocabulary, math skills, creativity), this unit
could be a rewarding learning experience for both students and teachers.
Works Cited
Beane,
J. (1993). Middle School Curriculum: From rhetoric to reality. National Middle
School Association. Columbus, Ohio.
Jackson,
A. & Davis, G., (2000). Turning Points 2000: Educating adolescents in the
21st century: A report of Carnegie Corporation of New York. New
York: Teachers College Press.
Turning
Points: Preparing American youth for the 21st century. Report to the
task force on the education of young adolescents. Carnegie Council on
Adolescent Development. New York: Carnegie Corporation of New York.
www.pblu.com. Problem-Based Learning University. Website
Business
Tycoon
1. Descriptive Data
Teacher ___Dustin
Dearman____ Subject Area _ITU________ Date _4-11-12____
Grade Level _5___ Unit Title __Business Tycoon__________ Lesson Number _1
2.
Plan the
Lesson:
Learning Purpose: To introduce, pre-assess
and engage students in an interdisciplinary unit on business.
Standards
(list local, state, or national
standards which will be met upon completion of this lesson):
Common Core Standards
5.SL.1 Speaking & Listening Comprehension
and Collaboration Engage
effectively in a range of collaborative discussions (one-on-one, in groups, and
teacher led) with diverse partners on grade 5 topics and texts, building on
others’ ideas and examples.
5.RI.4 Reading
Informational Craft and Structure
Determine the meaning of
general academic and domain- specific words and phrases in a text relevant to a
grade 5 topic or subject area.
5.RF.4 Reading
Foundational Skills Fluency
Read with sufficient accuracy and fluency to
support comprehension.
Goal(s): Students will be introduced to and engaged
in a Business Tycoon unit
Lesson Objective(s): Students will complete a
pre-assessment test on the foundations and vocabulary of business. Students
will be able to identify, compare and contrast international currency. Students
will design a class currency for the Business unit.
Essential Questions:
How does a business
produce and market a product to sell for a profit?
Key Vocabulary:
Profit
Product
Market
Design
Manufacture
Accounting
Loan
Venture Capitalist
Advertise
Revenue
Expense
Interest
Related
Subject Connections:
Writing/Literacy/Mathematics/Art/Business
Management
Modifications
for special needs and gifted: All students will participate in this project
with the expectations they fulfill their job description to the best of their
ability. For special needs students or the learning disabled, the teacher will
find a position or job that best fits that student’s strengths and with tools
to better support success. For gifted students, they will be awarded jobs or
opportunities that allow them to display and expand their creativity and
knowledge.
Assessment of Student Learning: Pre-assessment test on business and
vocabulary.
Materials and Equipment needed: Entry Document
for all students, PowerPoint or slide show of samples of international
currency, currency templates for students to design their own currency.
3. Implement the Lesson:
Grouping for lesson: _x_ whole group _x_
small group _x_ individual
(_15_ minutes) Set
Students will be
given the Entry Document, a formatted letter explaining the purpose of the
unit. Students will read individually at first. The teacher will read the
document aloud. Students will then be part of group and whole class discussions
forming an Essential Question (ex. “How do businesses produce and sell a
product to create a profit.
The teacher should
write some key terms on the board (profit, revenue, sales, manufacturing, etc.)
to be used and studied throughout the unit.
(_10_ minutes) Pre-Assessment
Students take a
Pre-Assessment test on the foundations and vocabulary of business.
(_10__
minutes) Group Activity:
Students will be introduced to a slide
show of international currencies and their names. The teacher will show 5-10
different currencies and have a short discussion over how they are different
and the same. Students will be able to identify distinguishing characteristics
of each currency.
(15
minutes) Independent Activity:
Each student, within their group, will design
their own currency to be voted on by the class. The students will be given a
template and free creativity for their design. Each student’s design will be
displayed in front of the class and a class-wide vote will take place. (Each
student gets 5 votes. Students cannot vote for their own design)
(_10_ minutes) Closure:
Students will be given a closure prompt:
Mr. Dearman’s Shoe Carnival sells more shoes than any other store in
Little Rock. But he is losing money everyday and will soon go out of business.
List at least three (3) reasons Mr. Dearman’s store losing money. What
suggestions would your group make to help Mr. Dearman’s business thrive?
Entry Document:
Future Business Leaders:
School spirit is buzzing around ____________________
Elementary School. Students from all around demand friendship bracelets. You
and a group of students will form a company. You will be asked to design,
manufacture, market and sell friendship bracelets to the school. You have one
week to format your business plan before moving on with your production. The
business plan should include the following:
Overview of your product
Design Plan
Marketing Plan
Profit Plan
Your team will consist of six members. Your goal is to make
as much profit as possible
In three weeks, you and other companies will participate in
a Sales Market where citizens will buy your products. Will your project leave
you in financial ruin or will you hit it big and become a business tycoon?
Good Luck!
Business
Tycoon
1. Descriptive Data
Teacher ___Dustin
Dearman____ Subject Area _ITU________ Date _4-12-12____
Grade Level _5___ Unit Title __Business Tycoon__________ Lesson Number _2
3.
Plan
the Lesson:
Learning Purpose: To explore key business
related vocabulary vital to complete the ITU.
Standards
(list local, state, or national
standards which will be met upon completion of this lesson):
Common Core Standards
5.SL.1 Speaking & Listening Comprehension
and Collaboration Engage
effectively in a range of collaborative discussions (one-on-one, in groups, and
teacher led) with diverse partners on grade 5 topics and texts, building on
others’ ideas and examples.
5.RI.4 Reading
Informational Craft and Structure
Determine the meaning of
general academic and domain- specific words and phrases in a text relevant to a
grade 5 topic or subject area.
5.0A2 Operations
And Algebraic Thinking Numerical
Equations
Write simple expressions that record calculations
with numbers, and interpret numerical expressions without evaluating them.
5.NBT5 Number
And Operations In Base Ten Wholes
and Decimals
Fluently add and subtract multi-digit whole numbers
using the standard algorithm.
Goal(s): Students will study key vocabulary terms and
calculate revenue, expenses and profit using word problems.
Lesson Objective(s): Students will be able to
identify and define the following key vocabulary terms by created a word wall
bulletin board: Revenue, Expense, Profit, Rent, Salary & Loss. Students
will be able to solve a basic profit equation (Revenue – Expense = Profit
(Loss) using a standard algorithm.
Essential Questions:
How does a business
know whether it is making money? What are some ways make money (revenue)? What
are some ways business spend money (expenses)?
Related
Subject Connections:
Literacy/Math/Art/Business
Management
Modifications
for special needs and gifted: For calculating profit, special needs students
will be afforded the opportunity to use manipulatives. The teacher will also
read the word problems aloud. They would also be given simplified word problems
in large type. Gifted students could be asked to construct a word problem for
the class to solve. They may also work independently if they so desire.
Assessment of Student Learning: Formative assessment through a word wall and
math word problems in a math journal.
Materials and Equipment needed: Student
currency designs, card board paper, Vocabulary cards, glue, sharpie.
Pre-written word problems for student use. Revenue – Expenses = Profit grids.
Vocabulary & Math Journals.
3. Implement the Lesson:
Grouping for lesson: _x_ whole group _x_
small group _x_ individual
(_10_ minutes) Pre Lesson
As students come in,
have them tape their currency designs on the dry erase board or staple them on
a bulletin board. Then, once all the copies are posted, have students 4 at a
time, vote for their 4 favorite designs. The top vote-getter will be the class currency.
(_20_ minutes) Whole
Class:
The students will engage in a
vocabulary lesson covering the key vocabulary terms of the day (Revenue,
Expense, Profit, Loss, Salary, Rent). The teacher will ask the following
essential question: How does a business know whether it is making money? There
are two ways money flows through a business (money coming in=revenue) and
(money going out=expenses). If the revenue is greater than the expenses, then
the business makes a profit. If the revenue is less than the expenses, then the
business suffers a loss. What are some examples of expenses? What are some
examples of revenues? With the class defining each word in their vocabulary
journals, the teacher has each group of students create a definition for one of
the six words to publish on the word wall.
(_15__
minutes) Small Group:
Students will be given a Profit grid
worksheet. The teacher will post a word problem on the board (ex. Mr. Dearman’s
Super Shoe Store sold $500 worth of shoes today. His expenses (employee salary,
rent and materials) was $450. Did Mr. Dearman make a profit or a loss? By how
much.
The
word problems can increase in difficulty. (Mr. Dearman sold $100 worth of Nike
Shoes and $225 worth of Addias shoes. How much was his revenue? Mr. Dearman’s
only employee worked 5 hours making $10 per hour. The rent on the store for the
day is $300. What are Mr. Dearman’s revenues? What are his expenses? Did Mr.
Dearman make a profit or a loss for that day? If so, by how much?
(15
minutes) Independent Activity:
Give individual students a worksheet where
they define revenue, expenses and profit. Then they complete 3 word problems on
their own or with a partner using the profit margin grid.
(_10_ minutes) Closure:
Tomorrow students will decide what jobs they want to apply for within
their company. The teacher will give a brief description of each job. Then,
students will write out on a note card the top three jobs they feel they would be
best at during the business simulation. They will be retuned to the students
tomorrow before they fill out their resumes.
NAME:______________________________________ DATE:_____________
Define the Following Terms:
Revenue: (Give one example)
Expense: (Give two examples)
Profit:
Loss:
Profit/Loss Equation:
|
Revenue
|
- Expenses
|
= Profit or Loss
|
|
Ex. $300
|
$245
|
$65 profit
|
|
$555
|
|
$150 profit
|
|
|
$23
|
$10 profit
|
|
$105.25
|
|
$225.75 loss
|
|
$66.54
|
$98.33
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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