Markets
A market is a meeting together of people to buy and sell goods. Markets determine the price and quantity of goods and services. This can be determined through the quantities of goods and services used and produced, the qualities of the goods and services, and the prices at which the goods and services can be traded. Markets are heavily tied with supply and demand. The people who are selling goods or services are on the supply side of the market. The people who are buying goods or services are on the demand side of the market.
We often participate in markets as buyers of goods and services. We buy clothes, food, and other items that we might want. As buyers or consumers, we help determine market prices because we determine the demand for goods and services by how much we buy of it.
We often participate in markets as buyers of goods and services. We buy clothes, food, and other items that we might want. As buyers or consumers, we help determine market prices because we determine the demand for goods and services by how much we buy of it.
Children's Literature
Loewen, N. & Jensen, B. (2004). Lemons and lemonade: a book about supply and demand. Minneapolis, MN: Picture Window Books.
This book provides a small business scenario using a lemonade stand. When Karly wants to earn some money, her mom suggests a lemonade stand. At first, business is great and Karly makes a lot of money! But when the kids across the street set up a soda stand things begin to change. Topics discussed include capital, gross profit, net profit, marketing, supply and demand, monopoly, and competition.
For more information about this book, click on the book cover.
This book provides a small business scenario using a lemonade stand. When Karly wants to earn some money, her mom suggests a lemonade stand. At first, business is great and Karly makes a lot of money! But when the kids across the street set up a soda stand things begin to change. Topics discussed include capital, gross profit, net profit, marketing, supply and demand, monopoly, and competition.
For more information about this book, click on the book cover.
Teaching Ideas
How the Economy Works by Scholastic
In this lesson, students will explore differences between and causes of strong and weak economies as well as learn more about basic economic terms related to markets. It includes both guided practice and independent practice and allots time for students to work in small groups as well as individually.
Lemonade Stand!
In this interactive game, students create their own lemonade stand. The game has three levels: easy, medium, and hard. Therefore, it can be adapted to meet students' individual learning needs.
In this lesson, students will explore differences between and causes of strong and weak economies as well as learn more about basic economic terms related to markets. It includes both guided practice and independent practice and allots time for students to work in small groups as well as individually.
Lemonade Stand!
In this interactive game, students create their own lemonade stand. The game has three levels: easy, medium, and hard. Therefore, it can be adapted to meet students' individual learning needs.
References
Lemons and Lemonade book cover retrieved from http://classroomclues.com/lemons-and-lemonade/5409
Market. (n.d.). Retrieved April 28, 2014 from http://www.merriam-webster.com/dictionary/market
Markets Newspaper image retrieved from http://www.sublimecorp.in/subline-fin-solutions/training.html
People and Produce image retrieved from http://www.businessweek.com/articles/2012-05-10/more-farms-vie-for-the-1-billion-spent-at-farmers-markets
Stock Market image retrieved from http://kscripts.com/stock-market/common-methods-of-trading-in-the-stock-market.html
Lemons and Lemonade book cover retrieved from http://classroomclues.com/lemons-and-lemonade/5409
Market. (n.d.). Retrieved April 28, 2014 from http://www.merriam-webster.com/dictionary/market
Markets Newspaper image retrieved from http://www.sublimecorp.in/subline-fin-solutions/training.html
People and Produce image retrieved from http://www.businessweek.com/articles/2012-05-10/more-farms-vie-for-the-1-billion-spent-at-farmers-markets
Stock Market image retrieved from http://kscripts.com/stock-market/common-methods-of-trading-in-the-stock-market.html