Economic WantsECONOMIC WANTSare desires that can be satisfied by  consuming a good, service, or leisure activity. Examples...
Goods & Services                                           Buy Lemonade!GOODSare objects people         SERVICES are actio...
Trade & MoneyPeople TRADE (exchange) with each other to get goods  and services. To make trade easier, people use  MONEY.P...
ScarcitySCARCITY: you can’t have all the goods and services  you want. Because of scarcity, people must make  CHOICESExamp...
Opportunity CostWhen you make a decision, the most valuable alternative  you give up is your opportunity cost.The two kids...
ConsequencesThe choices we make have consequences. Sometimes  our choices lead to unexpected consequences.A good consequen...
EntrepreneurAn ENTREPRENEUR is a creative thinker who uses skills  to create a business to make a profit.This boy is using...
IncentivesINCENTIVES urge people to do MORE of a good thing    &less of a bad thing.The kids started their own lemonade st...
PriceTHE PRICE: what we pay when we buy a good or service or  what we receive when we sell a good or service.The buyers wi...
ProducersProducers are people who make goods or provide  services.The girls are the producers who made the lemonade.  They...
ConsumersConsumers are people who buy goods and services.The boy is a consumer because he is buying  lemonade.
ProfitPROFIT = the difference between: the money people   make and their costs of production.The sellers hope to make more...
Productive ResourcesHUMAN RESOURCESare the people who work to produce  goods and services. CAPITAL RESOURCES are tools or ...
Human ResourcesHUMAN RESOURCESare the people who work to produce  goods and services. CAPITAL RESOURCES are tools or  equi...
Capital ResourcesHUMAN RESOURCESare the people who work to produce  goods and services. CAPITAL RESOURCES are tools or  eq...
Natural ResourcesHUMAN RESOURCESare the people who work to produce  goods and services. CAPITAL RESOURCES are tools or  eq...
Intermediate GoodsHUMAN RESOURCESare the people who work to produce  goods and services. CAPITAL RESOURCES are tools or  e...
SpecializationPeople SPECIALIZE when they produce or sell only some  of the goods and services they consume, then trade  w...
$aving                        Examples:SAVING = income after                        Nancy plans to practice  buying (-taxe...
Peter’s ChairEcon-cepts: wants, needs      Peter is upset when he sees that                                 his parents ha...
Apple Farmer AnnieJobs SS.K.E.1.1                      • How does Annie earn money?• How do people earn money?          • ...
Little Red HenPeople need to make choices         Compare and contrast Little Red Hen  due to scarce resources.           ...
Click Clack Moo:                Cows That TypePeople make choices because       The literacy rate in Farmer Browns barn go...
Cook-a-Doodle-DooGive examples of how scarcity      • The little red hen done right!   results in trade.               • B...
For More Info…http://yumonomics.com
Lemonposters
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Lemonposters

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

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Lemonposters

  1. 1. Economic WantsECONOMIC 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. 2. Goods & Services Buy Lemonade!GOODSare objects people SERVICES are actions want. people do for someoneThis guy is selling his goods else. at a lemonade stand. This airline is providing a service: advertising the lemonade stand.
  3. 3. Trade & MoneyPeople 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. 4. ScarcitySCARCITY: you can’t have all the goods and services you want. Because of scarcity, people must make CHOICESExamples: Two kids want to sell lemonade but there are only a few cans of frozen lemonade in the freezer. What should they do?
  5. 5. Opportunity CostWhen 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. 6. ConsequencesThe 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. 7. EntrepreneurAn 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. 8. IncentivesINCENTIVES 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. 9. PriceTHE 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. 10. ProducersProducers are people who make goods or provide services.The girls are the producers who made the lemonade. They are also the sellers.
  11. 11. ConsumersConsumers are people who buy goods and services.The boy is a consumer because he is buying lemonade.
  12. 12. ProfitPROFIT = 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. 13. Productive ResourcesHUMAN 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. 14. Human ResourcesHUMAN 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. 15. Capital ResourcesHUMAN 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. 16. Natural ResourcesHUMAN 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. 17. Intermediate GoodsHUMAN 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. 18. SpecializationPeople 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. 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
  20. 20. Peter’s ChairEcon-cepts: wants, needs Peter is upset when he sees that his parents have given his oldNeeds 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
  21. 21. Apple Farmer AnnieJobs 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/
  22. 22. Little Red HenPeople need to make choices Compare and contrast Little Red Hen due to scarce resources. (Makes a Pizza) with the original from Project GutenbergWhat 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 HenWhat 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/TheWhat 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
  23. 23. Click Clack Moo: Cows That TypePeople make choices because The literacy rate in Farmer Browns barn goes up considerably once his cows find an old typewriter and of scarce resources: What begin typing. To the harassed farmers 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. Wed 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. Were 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 farmers "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/
  24. 24. Cook-a-Doodle-DooGive examples of how scarcity • The little red hen done right! results in trade. • Big Brown Rooster and hisWe 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)
  25. 25. For More Info…http://yumonomics.com

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