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LESSON: A PENNY POT
Lesson
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 | 
