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The Lemonade Stand. By Ms. LaMagna. What Are Goods?. GOODS are things people make or use to satisfy needs and wants . A NEED is something you have to have to survive – like food , clothing , and shelter .
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The Lemonade Stand By Ms. LaMagna
What Are Goods? • GOODS are things people make or use to satisfy needs and wants. • A NEED is something you have to have to survive – like food, clothing, and shelter. • A WANT is something you would like to have, but you do not need it to survive – like an iPod, a television, or jewelry.
Lemons • Imagine that your family grows lemon trees. When the lemons are ripe, you pick them from the trees, then sell them to the grocery stores in town. Lemons are GOODS. • That means you and your family are SELLERS (PRODUCERS). • Sellers (Producers) make and sell goods or services.
Lemonade • Imagine that you want to buy a CD that costs $11.00, but you don’t have any money. What could you do to earn some money? • Your grandmother makes the most delicious lemonade you have ever tasted, so you decide you are going to open up a lemonade stand and sell the lemonade your grandmother taught you how to make. The lemonade you want to sell is a GOOD.
Lemonade Stand • The first day you set up your lemonade stand, all of your friends come out to buy a cup of lemonade. Your friends are BUYERS (CONSUMERS). • Buyers (Consumers) use or buy goods and services.
Choices • Can people always have everything they want? No. They have to choose some things and give up others. • Your friend, Kathy, wants to buy some lemonade, but she also wants to buy a kite. • A cup of lemonade at your stand costs 50 cents. The kite costs $1.00. That means Kathy would need $1.50 to buy both, but she only has $1.00. 50¢ $1.00
Choices • So, Kathy chooses to buy the kite and give up the lemonade.
Kathy’s Kite • Then, Kathy’s kite gets stuck in a tree right near your lemonade stand.
Kathy’s Cat • Kathy sends her cat up the tree to get her kite. • Her cat gets stuck up there, too!
The Fire Department • Kathy’s mom calls the fire department. • A nice fireman gets Kathy’s cat – and her kite – out of the tree.
Fire Fighters • Fire fighters provide a SERVICE. • A service is an activity that satisfies people’s needs and wants. • Kathy wanted her cat out of the tree. The firemen got it for her.
Lemonade Stand • With all the excitement, a large crowd gathers right near your lemonade stand to watch the firemen work.
Lemonade Stand • Great news! You sell lots of lemonade to everyone in the crowd! • You make $8.00!! You need $11.00 to buy the new CD you want. • If you save the $8.00 you made today, that means you only need to make $3.00 more and you’ll have enough money!
Saving Money • You decide to save your money. Money not spent now, but put away, or kept, to spend later, is called SAVINGS. • You are keeping your savings until you have enough money to buy that CD you want.
Let’s Review • Your family grows lemon trees. The lemons they sell are _____. • goods • services
Let’s Review When you make lemonade to sell at your lemonade stand, you are a _______. • buyer (consumer) • seller (producer)
Let’s Review When your friends come to your lemonade stand and buy a cup of lemonade, they are ________. • buyers (consumers) • sellers (producers)
Let’s Review When Kathy didn’t have enough money for both the lemonade and the kite, she could not have everything she wanted. She had to make a _______. • friend • choice
Let’s Review When the firemen came to rescue Kathy’s cat from the tree, they were providing a ________. • good • service
Let’s Review The CD you want to buy is a _______. • need • want
Let’s Review You made $8.00 at the lemonade stand. You decided to keep the money, instead of spend it, so you could use it later when you have enough money to buy that CD. What is the money you kept called? • savings • spendings
Let’s Review If you make $3.00 at the lemonade stand the next day and add it to the $8.00 you saved, you will have enough money to buy the CD. When you buy the CD, you are a _______. • seller (producer) • buyer (consumer)
CORRECT!! That’s right! Most people are both buyers (consumers) and sellers (producers). You were a seller (producer), when you made the lemonade and sold it, and you were a buyer (consumer), when you took the money you made, went to the store, and bought a CD.
Let’s Review Which of the following is an example of a NEED? • a music CD • a radio • clothing
Let’s Review Which of the following is an example of a want? • jewelry • clothing • food
Let’s Review Which of the following is an example of a good? • a haircut • getting your teeth cleaned • a car
Let’s Review Which of the following people provide a service? • a doctor • a teacher • a fire fighter • all of the above
CORRECT!! Well done!! Now you know all about sellers (producers), buyers (consumers), needs, wants, goods, and services! Congratulations, congratulations, congratulations!!
