32
Lesson 32 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
Every choice has an opportunity cost.
2
Money is a medium of exchange.
3
Needs are different from wants.
Check Your Understanding
Question 1
1 of 2What happens when demand is high and supply is low?