Before going to the School of Economics event, there was an election for Mayor (Russell Norton Jr.) and the students filled out a job application and were interviewed and assigned jobs in either a shop, city hall, or the bank.  They filled out loan applications and decided on prices for their items (a food item and a craft).  

When they got there, they worked in their shops to prepare the items, and then sell them.  They got breaks like employees and there were shop managers, cooks, craft makers, etc.  Halfway through, they paused to see if they were making any profit and to adjust prices if necessary.  The shops paid taxes and rent, and the workers got paychecks twice a day and breaks to go spend their money.  It was a great day!