Complete the definitions below. Use your own words. Then draw and label the buyer and the seller in the picture of the fruit market.
A market is .
A buyer is .
A seller is .
1. We Earn Money By Working
Why do people need to earn money?
Draw one way you can earn money.
List three ways adults can earn money.
2. Businesses and the Economy
Examine this word diagram for “profit.” Complete the diagram.
• Write a definition of “profit” in your own words.
• Draw a symbol of this word.
• Use this word in a sentence.
• Give an example from your life of this word.
3. Prices Change When Supply Is High and Demand Is Low
Follow the steps below to show what happens when supply is high and demand is low.
1. Label the buyer and seller in the picture.
2. In the thought bubbles, write what each person is thinking when supply is high and demand is low.
3. Write a new price on the sign to show what happens when supply is high and demand is low.
4. Prices Change When Supply Is Low and Demand Is High
Follow the steps below to show what happens when supply is low and demand is high.
1. Label the buyer and seller in the picture.
2. In the thought bubbles, write what each person is thinking when supply is low and demand is high.
3. Change the price on the sign to show what happens when supply is low and demand is high.
How Does Our Community Get The Resources We Need?
What resources do people in your community sell to or buy from other countries? Use the chart below to write what you learn.
Step 1: To find out what is sold, use the library or Internet, or ask adults.
Step 2: To find out what is bought, look at labels inside your clothing. Look on the back or bottom of dishes, shoes, and other things you use.
What We Sell What We Buy
Countries We Trade With
You are one of your community’s future resources. In fact, you are human capital. Human capital includes all the skills, talents, and knowledge that workers bring to their jobs.
Step 3: On the left side of the chart, list four or more skills that you are learning in school.
Step 4: Ask adult family members, friends, and neighbors how they use these skills in their work. Write their answers across from the correct skills in the chart.
What I Am Learning How Others Use This at Work
Plan a presentation about an important entrepreneur.
• Use books and the Internet to research an important entrepreneur. As you research, list the primary and secondary sources you use to gather your information.
• Write a paragraph about why this entrepreneur is important in the space below. Use information from your research as evidence, and list your sources.
• Your presentation will need a prop or visual aid. Decide what you will use, and sketch it in the space below.
Explore the prices of fruits and vegetables where you live. In each box, draw or paste a picture of the item that matches the box’s header. Write the item’s price next to the word Price. Then answer the question next to the box. Be sure to use the words supply and demand.
High Supply and Low Demand = Low Price
Draw or paste a picture of the item here.
Why does this item have a low price?
Price: _____________
Low Supply and High Demand = High Price
Draw or paste a picture of the item here. Why does this item have a high price?