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The Penny
Pot by Stuart Murphy Summary: Various students count their coins to pay 50 cents for face painting at the school fair. Extra pennies are put in the penny pot for other students to use if needed. Concept: Price Definition: The price is what people pay when they purchase a good or service or what they receive when they sell a good or service. Comprehension Questions: What was the price of the face painting? (50 cents) Describe Jessie's economic problem. (She really wanted a face painting but she only had 39 cents left for buying an ice cream cone. She had a scarcity problem - her money was limited and her economic wants were not.) Explain why Miguel did not have a problem getting his face painted. (He had 53 cents. The price for the face painting was only 50 cents. Therefore, he paid the booth 50 cents and had 3 cents left over.) How did the "penny pot" help Jessie solve her economic problem? (All of those who got their faces painted contributed their extra change to the penny pot. When Jessie used the money in the pot, she had enough to pay the price to have her face painted.) Other Concepts: Producers, Consumers, Scarcity, Economic Wants
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