These are posters that teach core economic concepts for K-5 education, which use the theme of lemonade stands.

1. Economic Wants
ECONOMIC WANTSare desires that can be satisfied by
consuming a good, service, or leisure activity. Examples:
The girl is satisfying a want by consuming a glass of
lemonade.

2. Goods & Services
Buy Lemonade!
GOODSare objects people SERVICES are actions
want. people do for someone
This guy is selling his goods else.
at a lemonade stand. This airline is providing a
service: advertising the
lemonade stand.

3. Trade & Money
People TRADE (exchange) with each other to get goods
and services. To make trade easier, people use
MONEY.
People spend money to buy lemonade from the stand.

4. Scarcity
SCARCITY: you can’t have all the goods and services
you want. Because of scarcity, people must make
CHOICES
Examples: Two kids want to sell lemonade but there are
only a few cans of frozen lemonade in the freezer. What
should they do?

5. Opportunity Cost
When you make a decision, the most valuable alternative
you give up is your opportunity cost.
The two kids decide to work together. The opportunity cost is
that they don’t have their own stands.

6. Consequences
The choices we make have consequences. Sometimes
our choices lead to unexpected consequences.
A good consequence of working together is that the kids
had fun!

7. Entrepreneur
An ENTREPRENEUR is a creative thinker who uses skills
to create a business to make a profit.
This boy is using his skills to create a lemonade business.

8. Incentives
INCENTIVES urge people to do MORE of a good thing
&
less of a bad thing.
The kids started their own lemonade stands for the
economic incentive of making money. A sale is an
incentive to buy more lemonade. Sometimes a social
incentive, to work together, is the best incentive.

9. Price
THE PRICE: what we pay when we buy a good or service or
what we receive when we sell a good or service.
The buyers will pay 5 cents and the sellers will receive the
price of 5 cents per glass of lemonade.

10. Producers
Producers are people who make goods or provide
services.
The girls are the producers who made the lemonade.
They are also the sellers.

11. Consumers
Consumers are people who buy goods and services.
The boy is a consumer because he is buying
lemonade.

12. Profit
PROFIT = the difference between: the money people
make and their costs of production.
The sellers hope to make more money than it costs to
produce lemonade.
http://www.coolmath-
games.com/lemonade/http://www.lemonadestandgam

13. Productive Resources
HUMAN RESOURCESare the people who work to produce
goods and services. CAPITAL RESOURCES are tools or
equipment used to make other goods or services.
NATURAL RESOURCES are natures gifts used to produce.
What human resources (jobs) are necessary to make and sell
lemonade? What capital resources are needed to make and
sell lemonade? What natural resources and intermediate
goods are used to make lemonade?

14. Human Resources
HUMAN RESOURCESare the people who work to produce
goods and services. CAPITAL RESOURCES are tools or
equipment used to make other goods or services.
NATURAL RESOURCES are natures gifts used to produce.
What human resources (jobs) are necessary to make and sell
lemonade? What capital resources are needed to make and
sell lemonade? What natural resources and intermediate
goods are used to make lemonade?

15. Capital Resources
HUMAN RESOURCESare the people who work to produce
goods and services. CAPITAL RESOURCES are tools or
equipment used to make other goods or services.
NATURAL RESOURCES are natures gifts used to produce.
What human resources (jobs) are necessary to make and sell
lemonade? What capital resources are needed to make and
sell lemonade? What natural resources and intermediate
goods are used to make lemonade?

16. Natural Resources
HUMAN RESOURCESare the people who work to produce
goods and services. CAPITAL RESOURCES are tools or
equipment used to make other goods or services.
NATURAL RESOURCES are natures gifts used to produce.
What human resources (jobs) are necessary to make and sell
lemonade? What capital resources are needed to make and
sell lemonade? What natural resources and intermediate
goods are used to make lemonade?

17. Intermediate Goods
HUMAN RESOURCESare the people who work to produce
goods and services. CAPITAL RESOURCES are tools or
equipment used to make other goods or services.
NATURAL RESOURCES are natures gifts used to produce.
What human resources (jobs) are necessary to make and sell
lemonade? What capital resources are needed to make and
sell lemonade? What natural resources and intermediate
goods are used to make lemonade?

18. Specialization
People SPECIALIZE when they produce or sell only some
of the goods and services they consume, then trade
with others to get more of the things they want.
Belle’s specializes in fashion. Party World specializes in
party goods. The people who own these stores
specialize and trade to get other goods and services.

19. $aving
Examples:
SAVING = income after
Nancy plans to practice
buying (-taxes)
consumption spending. She
wants to save the money to
buy a fan.
After she buys back the fan for
her sister and doesn’t have
enough saved for the fan, she
practices saving.
When she receives the fan as a
gift, she has all her saving left
over

21. Peter’s Chair
Econ-cepts: wants, needs Peter is upset when he sees that
his parents have given his old
Needs and Wants SS.K.E. 1.4 chair to his new baby sister. He
wants his chair. Does he need
• What are the differences the chair? Does he use the chair
between wants and needs? anymore? What about his old
bed?
http://www.brainpopjr.com/socialstu
dies/economics/needsandwants
/preview.weml
http://www.youtube.com/watch?v=
wd9YTEgvyaE
http://www2.scholastic.com/browse
/collateral.jsp?id=482_type=Boo
k_typeId=342

22. Apple Farmer Annie
Jobs SS.K.E.1.1 • How does Annie earn money?
• How do people earn money? • What are the types of jobs she
What types of jobs do people does on the farm?
do? What do people need to • What jobs does she do when
do their jobs? she sets up her booth?
• How It’s Made: Apple Pie • What tools and equipment
http://science.discovery.com/vi does she need to do her job?
deos/how-its-made-food-and- • What tools does she need to
drink/ make goods out of apples?
• Other apple activities:
• http://www.bestapples.com/kid
s/home.shtml
• http://www.virginiaapples.org/ki
ds/

23. Little Red Hen
People need to make choices Compare and contrast Little Red Hen
due to scarce resources. (Makes a Pizza) with the original
from Project Gutenberg
What was scarce in the story?
http://www.gutenberg.org/ebooks/1
Help for the little red hen. 8735
(human capital) Rebus story of Little Red Hen
What choice did the hen make? http://www.enchantedlearning.com/
*Do a decision tree stories/fairytale/littleredhen/story/
Opportunity cost is giving up Florida DOE lesson plan-includes stick
puppets.
one thing for another.
www.fldoe.org/earlylearning/pdf/The
What was the opportunity cost for LittleRedHenLessonPlan.pdf
the other animals when they EconEdLink lesson
decided to not help the hen? http://www.econedlink.org/lessons/i
ndex.php?lid=389&type=educator

24. Click Clack Moo:
Cows That Type
People make choices because The literacy rate in Farmer Brown's barn goes up
considerably once his cows find an old typewriter and
of scarce resources: What begin typing. To the harassed farmer's dismay, his
was scarce? What choices did communicative cows quickly become contentious:
Dear Farmer Brown,
the cows make? The famer? The barn is very cold at night. We'd like some electric
What were the consequences blankets.
of the farmer’s decision? How Sincerely,
The Cows
did the cows respond to the When he refuses to comply with their demands, the cows
incentive of blankets? take action. Farmer Brown finds another note on the
barn door: "Sorry. We're closed. No milk today."
Soon the striking cows and Farmer Brown are forced
to reach a compromise, with the help of an impartial
party--the duck. But this poor, beleaguered farmer's
"atypical" troubles are not over yet!
• http://www.kidseconposters.com/keb/Title%20List%2
0Poster%20Set%20A/Economic%20Wants/Click%20
Clack%20Moo%20Cows.htm
• http://pbskids.org/lions/cornerstones/click/story/hyper
text/

25. Cook-a-Doodle-Doo
Give examples of how scarcity • The little red hen done right!
results in trade. • Big Brown Rooster and his
We always want more than we eager assistants.
can get and productive • What is scarce? Knowledge…
resources (human, capital, • What are the human, natural,
natural) are always limited. and capital resources?
Therefore because of this http://www2.scholastic.com/browse/lessonplan.js
major economic problem of p?id=894
scarcity we usually choose http://activities.macmillanmh.com/reading/treasur
es/stories/story_lessonlist/3204084.html
the alternative that provides http://www.prometheanplanet.com/en/Resources
the most benefits with the /Item/75867/cook-a-doodle-doo
least cost. http://fcit.usf.edu/fcat5m/resource/lesplans/realle
ss.htm (recipes to reinforce fractions)

26. For More Info…
http://yumonomics.com