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Economis Mini-Lesson: Profit (Grades 3-5)
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Suggested Target Age: Grades 3-5
Topics Covered: business costs, pricing, profit
Time Required: 30 minutes
What Will the Students Learn?
They will understand the concept of profit
They will practice pricing items in a business
State Content Standards Key
California: Math 2.0, 2.1, 3.0, 3.3
Florida: Math MA.A.3.2
Indiana: Social Studies (Economics) 4.4.8, 3.4.7, Math 3.2.5, 3.3.6, 3.5.11. 5.5.7, 5.7.7
Virginia: Economics: k.7; 1.7; Math: 3.12, 3.13; 4.4; 5.1, 5.4, 5.6; Civics & Economics: CE9, CE10, CE11, CE12
NOTE: This lesson can be done partly on-line and the rest in a classroom setting, or totally off-line.
Materials Needed:
If you do not have Internet access and want to do the lesson totally off-line, then you will need the following materials:
1) Three signs:
“Ice Cream Cones – 25 cents”
“Ice Cream Cones – 40 cents”
“Ice Cream Cones – 70 cents”
2) Three differently sized ice cream scoopers or spoons (one small, one medium, one large size)
3) An empty ice cream container – preferably a large gallon size
4) A banner/sign to hang across a desk or table that says “Jesse’s Ice Cream Stand”
5) Script for the Jesse’s Ice Cream Stand role-play (Click here for the PDF)
6) Profit Math Game Scorecards
Lesson Plan:
Set-Up: Gather students together in a classroom setting. (If doing the on-line version, begin in the computer lab.)
Introduction: Explain that in today’s class students will be learning a little but about running a business and making a profit
1. If the class has access to the Internet, start first by having the students play the on-line game, “Jesse’s Ice Cream Stand.” First, make sure that the kids turn on the sound (speakers) to their computers. Once they are online, they should go to http://www.richkidsmartkid.com/minigames/index.html On this page, select Jesse’s Ice Cream Stand Game, and then select the Grade 3-5 version of the game. This will show an animated video of two cartoon characters discussing an ice cream stand. The one character will explain the concept of profit. The students then play the game to determine which size scoop Jesse should use when selling his ice cream (the scoops are different sizes and the ice cream cones will cost different prices depending on size). Selecting the best scoop size is a matter of the students understanding the concept of profit and using basic math skills. (Teachers – correct answer -- selecting the largest scoop will earn Jesse the most profit; selecting the medium size scoop will earn some profit; and selecting the small scoop will only make Jesse break even.)
2. ALTERNATE STARTING POINT IF NO COMPUTER/INTERNET ACCESS: If you don’t have access to the Internet, two instructors can role-play the Jesse’s Ice Cream Stand Game using the printed out script. Set up a desk of table at the front the room that will serve as the ice cream stand. Hang the banner saying Jesse’s Ice Cream Stand along the desk/table. Set the empty ice cream container on top the table/desk where the kids can see it. Also place the three scoopers/spoons on the table. One instructor will be Toki and one will be Jesse. Perform the skit for the children.
3. After the role-play (or the online game), lead a brief class discussion. Ask:
What is profit?
Why is profit important?
What would happen if Jesse didn’t make a profit?
In the real world, profits often go up and down. Why do you think that is?
4. Play the Profit Math Game. This is a competitive group activity designed to challenge students to think about maximizing profit.
Directions:
Class is divided into two groups, and each student is given a Profit Math Game Scorecard (Click here for the Scorecard, then reproduce as many copies as you need)
The object of the game is to be the first team to spell out P-R-O-F-I-T. Each letter (P, R, O etc.) is earned by being the first team to correctly answer a Profit Math problem. The instructor may select a series of numbers from 10 to 20 to be used in the “Number Sold” column of the Game Scorecard. The instructor may want to show a sample problem before beginning the game.
When teams are ready, the instructor can begin round one. He/she should slowly say, “How much profit or loss would there be if she/he sells… (give them a number between 10 and 20).” Each team should have a way of signaling when their answer is ready. The first team to signal gets to offer their answer. If correct, that team gets a letter. If incorrect, the other team may try.
In case of a tie after ten problems in the round, the last item in the Selling Price column is for a tie-breaker.
¹ From RichKidSmartKid.com |
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