Lakshmipat Singhania Academy
CyberFair 2025 | Project CATEGORY 3: Businesses and Organizations
(Montessori to Class V)
(Classes VI -VIII)
(Classes IX - XII)
Understanding Profit & Cost Through Creative Trade
Objective:
The primary goal of this activity was to help students understand the concepts of cost price, selling price, and profit in a fun, practical, and engaging manner. By involving students in hands-on activities such as creating and selling items, the objective was to instill entrepreneurial skills, basic financial literacy, and teamwork.
Description of the Activity:
1. Creating Items:
Students were tasked with making creative items using waste materials. This step encouraged them to think innovatively while reinforcing the importance of recycling and reusing materials.
2. Assigning Cost Price:
After creating the items, students were asked to set a cost price for their products. This included assessing the effort, creativity, and materials used in the process.
3. Selling the Items:
Another group of students acted as buyers and purchased the items using play money or mock currency provided for the activity. Here, students learned the basics of financial transactions and the dynamics of selling and buying.
4. Calculating Profit:
Once the items were sold, the students calculated the profit earned using the formula: Profit = Selling Price - Cost Price
Learning Outcomes:
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Understanding Financial Concepts: Students gained a clear understanding of the terms Cost Price, Selling Price, and profit through a practical approach.
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Enhancing Mathematical Skills: They practiced basic arithmetic operations like addition and subtraction while handling transactions and calculating profit.
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Fostering Creativity and Resourcefulness: The use of waste materials to create saleable products nurtured creativity and taught the importance of sustainability.
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Teamwork and Communication: Working in groups encouraged collaboration, decision-making, and effective communication.
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Real-Life Application: The activity gave students a glimpse of how trade works in the real world and instilled an entrepreneurial mindset.
Conclusion:
This activity successfully combined learning with creativity and fun. It provided students with a practical understanding of profit-making while reinforcing mathematical concepts and life skills. The interactive nature of the project ensured that students remained engaged, motivated, and excited to learn.