Christmas Markets!
The Process!
At the start of the term, we were told the next project we were working on for innovated. It was the Christmas market: A market held at the end of every year, with all businesses run by the year sevens. Firstly, we got into groups. I was in a group with Evelyn, Mia and Lua. We brainstormed ideas for what we could sell. We then narrowed down our 5 best ideas: Plants in bottles, Pressed flowers, a Photo booth, Decorated Santa hats, and Beehouse/Bird feeders. After everyone had narrowed their ideas to 5, we voted on other groups’ best ideas. This helped us to decide what our product would be: Plants in plastic bottles. Once we had decided on our idea, we started working on our pitch. We presented this to the class and got it approved. This meant we could collect our $30 to make our products. The next weekend, we met up so we could buy the materials needed and start work on making our products. We continued making the products the next weekend, finishing the construction of our products. This meant that we could now start our advertising. We made posters in English and also made other posters for our pricing. This was when we realised an issue: We hadn’t decided our pricing yet. We couldn’t agree on whether to make the cost $5 or $4. Eventually, we decided on $4 for most plants and $5 for terrariums. Once we had finished our advertising, we just needed to double-check everything, and then we were ready for the day!
Economic Concepts in the Christmas Market
Over this term in economics, we have learned about many economic concepts. These include scarcity, supply and demand, opportunity cost and pricing methods. We could see scarcity in the Christmas markets as there were limited amounts of products, as we could only make a certain amount of products. We also could only get a certain amount of supply to make our products, with our $30. We used different pricing methods to decide how we priced our products. Our group priced our product at a lower price so we still made a profit, but weren’t too expensive compared to other stalls. We could also see supply and demand at the Christmas market. We had quite a high supply, with 46 plants. We had much less demand, so we had to change our prices to lower during the market.
