Resources for a Lemonade Stand
Objective
Students will be able to:
- Recognize productive resources.
Standard
Standard: 2
- Students will understand that: Effective decision making requires comparing the additional costs of alternatives with the additional benefits. Many choices involve doing a little more or a little less of something: few choices "are all or nothing" decisions.
- Students will be able to use this knowledge to: Make effective decisions as consumers, producers, savers, investors, and citizens.
Standard: 14
- Students will understand that: Entrepreneurs take on the calculated risk of starting new businesses, either by embarking on new ventures similar to existing ones or by introducing new innovations. Entrepreneurial innovation is an important source of economic growth.
- Students will be able to use this knowledge to: Identify the risks and potential returns to entrepreneurship, as well as the skills necessary to engage in it. Understand the importance of entrepreneurship and innovation to economic growth, and how public policies affect incentives for and, consequently, the success of entrepreneurship in the United States.
Concepts
![](https://preview2.econedlink.org/wp-content/uploads/2021/04/iStock-1150447818-1024x1024.jpg 1024w, https://preview2.econedlink.org/wp-content/uploads/2021/04/iStock-1150447818-300x300.jpg 300w, https://preview2.econedlink.org/wp-content/uploads/2021/04/iStock-1150447818-150x150.jpg 150w, https://preview2.econedlink.org/wp-content/uploads/2021/04/iStock-1150447818-768x768.jpg 768w, https://preview2.econedlink.org/wp-content/uploads/2021/04/iStock-1150447818-1536x1536.jpg 1536w, https://preview2.econedlink.org/wp-content/uploads/2021/04/iStock-1150447818-100x100.jpg 100w, https://preview2.econedlink.org/wp-content/uploads/2021/04/iStock-1150447818.jpg 1732w)
In this economics activity, students will identify different types of productive resources.
Resources
Procedure
This is an individual activity where students will read through How to Run Your Own Lemonade Stand. Select the Quizizz Activity or ReadyAssessments Activity you’d like to use for your class. Use this for task number two in the prompt. Prompt your students with the following:
Have you ever thought about owning your own business? People who start a business are often called entrepreneurs and are responsible for making many choices about their businesses every day. They must decide what to sell, the price to sell it, how many to order, how to market or advertise, and what resources they need to sell their products. In this assignment, you will read about the resources needed to open a neighborhood lemonade stand. Resources include natural resources, human resources, capital resources, and entrepreneurship used to make goods and services. While this example is rather simple compared to a business owner in your town, it gives you an idea about what decisions any business owner faces.
- Read through Parts 1 and 2 of How to Run Your Own Lemonade Stand. Make a list of the resources the young people need to set up their lemonade stand. After completing your list of resources, design a logo to go with your stand and post it for the rest of the class. Give your list of resources to your teacher.
- Complete the Quizizz or ReadyAssessments activity.