Lemonade Stand
Project
Project Description:
Your teams of classmates have
been assigned the task of opening your very own summertime lemonade
stand. In order to do so however you must first make several economic
decisions and do a little research. Your goal as a team is to be the
most profitable lemonade stand in the class. If you achieve this goal
you will be rewarded for your efforts.
Project
Procedure:
1. Form groups of FOUR. There may be
a couple groups of three.
2. Choose a group leader, organizer,
timekeeper, and reader.
3. Find a working computer for your
team.
4. Complete all the project requirements
listed below.
Project
Requirements:
Step
1—Research phase: Please have the assigned reader of the group read
the article provided titled “Summertime Fun: The Economics of the Lemonade
Stand” part 1 and part 2. Using this information about wants in the
summer and strategies for an effective stand. You will begin the planning
process.
Step
2—Product Planning phase: As a group you will decide the following information:
Pricing:
How much will you charge for a glass of lemonade?? Will the price stay
constant or will it vary based on weather and anticipated demand?
Product Quality:
How many lemons will go in each pitcher of lemonade? How many cups of
sugar will go in each pitcher? How many cubes of ice will go in each
glass.
Company Name:
Come up with your Lemonade Stands Name. (please be appropriate)
Step
3—Setting up the Lemonade Stand: Please visit the following website
to set up your team’s lemonade stand:
http://www.coolmath4kids.com/lemonade/index.html
The
reader will read to the group the introduction. Believe me the more
you read the better off your team will be.
After
reading the introduction you will use the information that you discussed
in step two to set up your inventory as well as price/quality control.
Step 4—Work the lemonade stand
for 30 days (1 month): As a team you will make decisions on the lemonade
stand for 30 days. At the end of each day you must print the report
on profit, customer satisfaction, and popularity totals. You will turn
in a total of 30 pages. It is the job of the organizer to get these
pages from the printer each day as well as organize them in order by
day. You will use this information that you gather at the end to analyze
the success of your lemonade stand.
Step 5—Analysis of your Lemonade
Stand’s success: Using the information provided about each days sales
and your total net worth each day you will make a graph of all thirty
days. This will help you track and see peaks and slopes in sales.
In addition the entire group will turn in a one-page report with the
following information:
What
was the final net worth of your Lemonade Stand?
When
were major slumps in your business over the 30 days?
Why
did these slumps occur?
How
could you have been more successful?
What
was your average customer satisfaction over the 30 days?
Why
were your customers happy or unhappy?
How
could you have improved your customer satisfaction?
Discuss
the economic resources that were used in the operation of your business.
(Human, Capital, and Natural)
Step
6—Turn in your group project. This should include a coversheet thirty
days of print outs, a graph of your business activity, and the report
answering all questions.
Coversheet
should include: Name of Lemonade Stand, Name of business partners and
the role that they served on the team, class period, and date.
***Project worth
300 points***
If you have any
questions please feel free to ask!!!
Brian Thompson
Fairfax High School
Fairfax VA
