VCU hosts Mini Market Economy Day for area elementary schools

By Malorie Burkett

Virginia Commonwealth University recently hosted Mini Market Economy Day, an event in which area elementary school students became entrepreneurs of their own businesses.

Sponsored by the Virginia Council on Economic Education, Mini Market is a national program and part of elementary school social studies classes that allows students to establish their own classroom economies with their own businesses. As part of the businesses, students must name their economy, create a flag and design their own money.

During Mini Market Day at VCU, students used their money to buy a business license and rent retail space to set up their businesses and products. During the market, they found out whether they produced goods and services that consumers wanted.

"The most successful entrepreneurs are those who produced what consumers wanted at a price that allowed them to make a profit," said Suzanne Gallagher, director for VCU's Center for Economic Education. "The Mini Market Economy Day allows them to trade with "foreign" economies--experiencing the benefits of trade, different products and more price competition."