64
Lesson 64 of 84 · Economics
The Lemonade Stand: A Mini Economy
A lemonade stand teaches basic economics: buy supplies, set a price, sell enough to make a profit. Revenue minus costs equals profit.
Key Facts
1
Money is a medium of exchange.
2
Needs are different from wants.
3
Supply and demand affect prices.
Check Your Understanding
Question 1
1 of 2What is trade?