Yum-onomics:
Lemonade Economics
Presented by: Deborah Kozdras: USF Stavros Center
dkozdras@usf.edu Website: http://yumonomics.com
http://www.parcconline.org/parcc-content-frameworks
Thinking Like an Economist
http://www.econedlink.org/interactives/index.php?iid=13
7&type=educator
Why Economics?
http://www.youtube.com/watch?v=MUcpCB
http://yumonomics.com/
7Wls8
1 Small
Lemonade
Stand
+
6 Big Principles
=
Economic
Thinking
http://www.kidseconposters.com/i
mages/6core.swf
1: People Choose
We always want more than we
can get and productive
resources (human, natural,
capital) are always limited.
Therefore, because of this
major economic problem of
scarcity, we usually choose
the alternative that provides
the most benefits with the
least cost.
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•
What did Suzy want?
What productive resources did
she need to run her first lemonade
stand?
Once she went big, what were her
scarce resources?
2: All Choices Involve Costs
The opportunity cost is the
next best alternative you
give up when you make a
choice. When we choose
one thing, we refuse
something else at the
same time.
• The opportunity cost
was the next best
alternative Suzy gave up
when she made her
choice to go big.
3: People Respond to
Incentives
Incentives are actions, awards,
or rewards that determine the
choices people make.
Incentives can be positive or
negative. When incentives
change, people change their
behaviors. Incentives can be
economic, social, or moral.
•
•
What were Suzy’s incentives to go
big?
How did the business incentives
change in the commercial?
http://www.econedlink.org/interactives/inde
x.php?iid=119&type=educator
4: Economic Systems Influence
Individual Choices and Incentives.
People cooperate and govern
their actions through both
written and unwritten rules that
determine methods of
allocating scarce resources.
These rules determine what is
produced, how it is
produced, and for whom it is
produced. As the rules
change, so do individual
choices, incentives, and
behavior.
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•
When Suzy’s dad gave her the
cell phone, the rules changed.
The economic system changed.
What were the new choices and
incentives?
5: Voluntary Trade Creates
Wealth
People specialize in the
production of certain goods
and services because they
expect to gain from it. People
trade what they produce with
other people when they think
they can gain something from
the exchange. This is self
interest. Some benefits of
voluntary trade include
higher standards of living
and broader choices of
goods and services.
•
•
•
What were the different
specializations of goods and
services in the commercial?
Who gained by trade? How did they
gain?
What were some of the benefits of
voluntary trade?
6: The Consequences of
Choices Lie in the Future.
• Economists believe that the
cost and benefits of decision
making appear in the future,
since it is only the future
that we can influence.
Sometimes our choices can
lead to unintended
consequences.
•
•
What were the consequences for
Suzy’s dad?
What were other unexpected
consequences for Suzy–good and
bad?
Lemonade War
Vocabulary: slump, breakup, joint
venture, partnership, competition,
underselling,
location…http://www.lemonadewar.com/
Lesson: Kid’s Econ Posters
http://www.kidseconposters.com/keb/Title%20List%20Post
er%20Set%20B/Supply%20and%20Demand/Lemonade%2
0for%20Sale.htm
Play the lemonade stand game
http://www.lemonadestandgame.com/
Make a Book Trailer
• http://www.lemonadewar.com/book1_tlw_t
railer.html
Not Your Grandma’s Lemonade Stand
• http://www.econedlink.org/interactives/EconEdLink-interactive-toolplayer.php?filename=em276_interactive.swf&lid=276
http://www.econedlink.org/interactives/EconEdLink-interactive-tool-player.php?filename=em276_interactive.swf&lid=276
Lemon Squeeze: Lemonade
Stand
The Lemon Story: Another Text
Lemonade for Sale: Another
Text
Lesson: Kid’s Econ Posters
http://www.kidseconposters.com/keb/Title%20List%20Poster%20Set%20B/Supply%
20and%20Demand/Lemonade%20for%20Sale.htm
I Can Be an Entrepreneur
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http://www.econedlink.org/lessons/index.php?lid=476&type=educator
http://www.econedlink.org/lessons/index.php?lid=476&type=student
For More Info…
http://yumonomics.com
Other Websites
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http://www.bizkids.com
http://www.federalreserveeducation.org
http://commonsenseeconomics.com
http://stosselintheclassroom.org
http://www.councilforeconed.org
http://www.genirevolution.org