Marble Hill School for International Studies99 Terrace View Avenue, Bronx, New York 10463

Kirsten Larson, Principal Paul W. Parris, Assistant Principal Wanda Dingman, Assistant Principal

Name: _________________________________________ Due Date: Thursday, March 23, 2017Project Title: Econ Café Project Point Value: 100 points (20% of MP2 Grade)Grade/Class: 11/12 Subject: Economics Teacher: Ms. Slater

Project Description: Students will work in a group to design a food stand (including menu) and produce up to two items. After researching and planning their food stand, students will actually make and sell the products. Finally, students will write a report on the experience using economic vocabulary and including economic graphs. Students will also reflect on their learning.

Objectives: Students will be able to: Define and apply basic economic concepts including supply/demand, opportunity costs, factors of production, profit,

and revenue; Understand the nature of scarcity and how consumers and producers make choices which involve economic costs and

benefits; Understand the roles in the economic system of consumers and producers; and Collaborate with group members to solve a problem.

Standards:New York State Social Studies Standard 4: Economics: Students use a variety of intellectual skills to demonstrate their understanding of how the United States and other societies develop economic systems and associated institutions to allocate scarce resources, how major decision-making units function in the U.S. and other national economies, and how an economy solves the scarcity problem through market and nonmarket mechanisms.CCSS.ELA-Literacy.RH.11-12.7 Integrate and evaluate multiple sources of information presented in diverse formats and media (e.g., visually, quantitatively, as well as in words) in order to address a question or solve a problem.CCSS.ELA-Literacy.WHST.11-12.2 Write informative/explanatory texts, including the narration of historical events, scientific procedures/ experiments, or technical processes.CCSS.ELA-Literacy.WHST.11-12.7 Conduct short as well as more sustained research projects to answer a question (including a self-generated question) or solve a problem; narrow or broaden the inquiry when appropriate; synthesize multiple sources on the subject, demonstrating understanding of the subject under investigation.CCSS.ELA-Literacy.SL.11-12.1 Initiate and participate effectively in a range of collaborative discussions (one-on-one, in groups, and teacher-led) with diverse partners on grades 11–12 topics, texts, and issues, building on others’ ideas and expressing their own clearly and persuasively.CCSS.ELA-Literacy.L.11-12.6 Acquire and use accurately general academic and domain-specific words and phrases, sufficient for reading, writing, speaking, and listening at the college and career readiness level; demonstrate independence in gathering vocabulary knowledge when considering a word or phrase important to comprehension or expression.

(718) 561-0973 Fax: (718) 561-5612 rslater@marblehillschool.org

Exploring the World One day at a Time

Marble Hill School for International Studies99 Terrace View Avenue, Bronx, New York 10463

Kirsten Larson, Principal Paul W. Parris, Assistant Principal Wanda Dingman, Assistant Principal

Points and Guidelines: Although the work will be done in groups, students will receive individual grades.

Task 1 – Planning Students will collaborate in groups to select (a) product(s) to produce, conduct research, and plan for the Econ Café using a packet provided by the teacher. Although done collaboratively, each student must record his/her work in his/her own packet. Planning will include but is not limited to:Considering Products – Students discuss possible products.Comparison Shopping / Researching Prices – Students research prices of ingredients, supplies, and equipment and decide what to purchase and produce.Demand and Supply – Students consider how demand and supply will affect profit.Factors of Production – Students categorize supplies and equipment into factors of production.Business Plan – Students provide a final list of ingredients, supplies, and equipment and estimate expected profit.

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Task 2 – MarketingCreate a flyer to advertise your product(s). Post/share the flyer before and during the Econ Café.

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Task 3 – Econ Café Students will participate in a food sale. Students must be present on the day of the activity to get credit for this portion of the project and must record actual profits.

/10

Task 4 – Report Each student must write a detailed, individual report about the Econ Cafe. The report must be at least 2 to 3 pages typed, double-spaced, in paragraph form.1. Explain how your group decided which product(s) to sell. What were your alternative choices? What were the

opportunity costs of making the products you decided to make?2. Explain how your group used the factors of production (land, labor, capital, and entrepreneurship) in the Econ

Café. Be specific.3. Explain how your group decided the price you would charge consumers and the quantity of your product to

supply. Why did you charge the amount you did? How did you estimate how much you would be able to sell?4. Explain how the forces of demand and supply interact in a market. Give specific examples from the activity.

How did price influence the consumers’ demand? How did price influence your decisions as a producer? Explain any other factors that influenced the demand for and supply of your product and/or other group’s products (demand: substitutes, complements, income, consumer expectations, tastes and preferences, number of consumers; supply: cost of inputs, government policy, producer expectations, number of producers, weather events, technology). Did you have a surplus or a shortage of your product? If so, explain why.

5. Did your group make a profit? Why or why not? What could you have done differently to increase your profit?6. Explain how your group’s results compare to the results of the other groups.7. Explain what did or didn't make your group successful in this activity.

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Task 5 – Reflection Write a reflective essay explaining the following:1. What did you learn from this project? (Describe skills AND content that you learned.)2. What were the most interesting facts or ideas?3. What accomplishment(s) are you proud of from this project? (Do not skip this question.)4. What was the most challenging or difficult aspect of this project?5. What was your favorite and least favorite part of this project and why?6. How well did your group work together at different stages of the project?

/10

TOTAL /100

(718) 561-0973 Fax: (718) 561-5612 rslater@marblehillschool.org

Exploring the World One day at a Time