Planning for Business Success The Price is Right Activity 3 Session 13 (see p. T34 in Teacher Guide)

Module 7: Planning for Business Success Students take on the role of manager of NoNaymz, a local band trying to break into the national music scene, and, through case studies and a computer simulation, they learn about marketing and finance. Students apply their NoNaymz experience to create a realistic business plan for a small business of their own. Students present their plans to visitors from the community in an effort to recruit potential investors.

Activities at a Glance Activity 1: Business 101 Activity 2: Getting to Know Your Market Activity 3: The Price Is Right Activity 4: Building a Business Activity 5: Reaching Your Market Activity 6: Building Your Business

Activity 3 – Learning Goals –Determine the costs involved in running a business (including start-up, fixed, and variable costs). –Use cost data to calculate profit, cost per unit, and break-even point (with and without spreadsheets). –Analyze how such factors as surpluses, shortages, government regulations, and incentives can influence supply, demand, and price.

A Supply and Demand Drama Form teams of six. Three will be fans and three will be sellers. Using the instructions and supplies in your envelope act out the role play. The time for the role play will be 10 minutes.

Team # Price Paid for Ticket by Fan Total Loss or Profit for Ticket Seller Fan Got Needed Tickets (Y/N)? Number of Tickets Seller Has Left Over