With so much riding on our economy, teaching our students how to understand its inner workings is crucial to their future and ours. But, how do you do that when it seems like such a dry topic for them?
Well, at Temecula Preparatory School there is a “real life” senior class project in which our soon to be graduates participate each year, the “TPS Senior Econ Fair.” This project is one of the cardinal highlights for the senior year. In fact, the underclassmen look forward to their chance with great anticipation!
This year’s fair begins in a few short weeks with seniors being required to submit business plans for real businesses. Once approved the seniors then must locate property; negotiate leases, obtain loans with banks, and fees with municipalities; seek legal counsel; hire employees; create partnerships or run sole proprietorships; set up operations; sell their goods or services; file federal and taxes; and determine their net profits.
This is done in the microcosm of the “TPS Economy” stimulated with “TPS Money” that is distributed to the 7th thru 11th grade students and one surprise elementary grade. During the fair, these students cycle in and out of the gym where the senior businesses have been established, spending their “TPS Money.” This underscores the law of supply and demand as well as the need to plan for a broad customer base.
Last year was a perfect example of how the fair engages students in the economic arena when a partnership of seniors, who started planning their business in their sophomore year, opened a well-designed upscale arcade. It appeared they would dominate the market.
However, a young entrepreneur, reaching back into the 1970’s, sold simple “pet” rocks painted purple with eyes glued on them and crushed the competition that day!
By giving our seniors the opportunity to operate a business within the “TPS Economy” we are allowing them to engage in many fundamental aspect of the real economy . . . and this has numerous benefits for us all.
Scott Phillips, J.D. is the CEO and Headmaster for Heritage Classical Charter Schools/Temecula Preparatory School. Twitter: @ https://twitter.com/Scott_HCCS