This engaging lesson gives students the opportunity to identify risks and rewards of entrepreneurship and distinguish between entrepreneurs who start a business to produce a good or provide a service.
Students are consumers and producers. So are their families. In this lesson students learn how they and family members fulfill these roles at home and in their community. They begin by exploring the goods and services that people use and they identify those that require the payment of money. To help show they can be producers, students sequence the steps in washing dishes. They discuss the fact that family members are often not paid for the work they do at home and as volunteers, taking account of the possibility that the benefits may outweigh the lack of pay. This lesson works well as a follow-up to Simple Simon Meets a Producer.
Students will be able to distinguish between people who produce goods and people who provide services to a community.
The following lessons come from the Council for Economic Education's library of publications. Clicking the publication title or image will take you to the Council for Economic Education Store for more detailed information.
This publication contains 16 stories that complement the K-2 Student Storybook. Specific to grades K-2 are a variety of activities, including making coins out of salt dough or cookie dough; a song that teaches students about opportunity cost and decisions; and a game in which students learn the importance of savings.
12 out of 18 lessons from this publication relate to this EconEdLink lesson.
Designed primarily for elementary and middle school students, each of the 15 lessons in this guide introduces an economics concept through activities with modeling clay.
2 out of 17 lessons from this publication relate to this EconEdLink lesson.