Random items, items from a charity shop, car boot sale etc.
What to do:
Assign roles; you will need:
Auctioneer- this person will sell the items to the crowd of buyers (may need to be the teacher)
Buyers - these students have to buy the items when at auction
Sellers - these students will either place their item up for sale or sell them to the experts
Experts - these students will aim to advise buyers/sellers and buy themselves cheap items
Students must go round the room where the teacher will have placed random items for sale. The items must be numbered, with prices. This is the viewing stage! The students must carry out their role for a set period of time.
Buyers- must record on their worksheet the item number and the set price of the item they want to purchase. Their job is to purchase the item for cheaper than the fixed price. However, if they think they can get it cheaper at the auction, they can wait for that.
All buyers will have written on their worksheet items they MUST purchase. Therefore, if the item goes to auction they will definitely be bidding against others! As more than one person will have that item on their buying list. The items they are purchasing will be linked to a seller. They must barter and bargain with the appropriate seller.
Note- you should give each buyer a maximum budget!
Sellers- Each seller is assigned an item number on their worksheet too. The sellers job is to sell their item for more than the fixed price. They will have buyers approaching them to purchase their item. Sellers can choose to wait to sell the item at auction instead. Or to an expert!
Experts- Their job is offer advice to the buyers and sellers. They will achieve a percentage of every item they are involved in selling. They must also buy an item that has been advised to them. All experts get an automatic (set amount- up to you?) discount.
The auctioneer will offer for sale items as lots, however, they can only sell in percentages. i.e can I have a 8% increase in this bid? Buyers must therefore state the new price themselves? Whoever gets the bid right will have their bid accepted and so on...
Once an item has been bought, the students must record on their worksheets whether they made a profit or a loss. What percentage loss. What the range of accuracy was from the fixed price to purchase price and auction price and so in.
Overall the activity is designed to promote numeracy in a mental format.
Students can carry out a range of calculations;
How much all items would cost?
What would be the cost with a set discount and so on...