2. The Lemonade Stand By: CCHS DECA

3. Entrepreneur people who own, operate, and take the risk of a business venture Characteristics of Successful Entrepreneurs – Successful entrepreneurs are: independent self-confident determined goal-oriented achievement-oriented with high standards

4. What Are Goods? GOODS are things people make or use to satisfy needs and wants. A NEED is something you have to have to survive – like food, clothing, and shelter. A WANT is something you would like to have, but you do not need it to survive – like an iPod, a television, or jewelry.

5. Lemonade Imagine that you want to buy a CD that costs $11.00, but you don’t have any money. What could you do to earn some money? Your grandmother makes the most delicious lemonade you have ever tasted, so you decide you are going to open up a lemonade stand and sell the lemonade your grandmother taught you how to make. The lemonade you want to sell is a GOOD.

6. Lemonade Stand The first day you set up your lemonade stand, all of your friends come out to buy a cup of lemonade. Your friends are BUYERS (CONSUMERS). Buyers (Consumers) use or buy goods and services.

7. Choices Can people always have everything they want? No. They have to choose some things and give up others. Your friend, Kathy, wants to buy some lemonade, but she also wants to buy a kite. A cup of lemonade at your stand costs 50 cents. The kite costs $1.00. That means Kathy would need $1.50 to buy both, but she only has $1.00. $1.00 50¢

8. Lemonade Stand Great news! You sell lots of lemonade to everyone in the neighborhood! You make $8.00!! You need $11.00 to buy the new CD you want. If you save the $8.00 you made today, that means you only need to make $3.00 more and you’ll have enough money!

9. Saving Money You decide to save your money. Money not spent now, but put away, or kept, to spend later, is called SAVINGS. You are keeping your savings until you have enough money to buy that CD you want.

10. Let’s Review Your family grows lemon trees. The lemons they sell are _____. A.goodsgoods B.servicesservices

12. Let’s Review When you make lemonade to sell at your lemonade stand, you are a _______. A.buyer (consumer)buyer (consumer) B.seller (producer)seller (producer)

14. Let’s Review When your friends come to your lemonade stand and buy a cup of lemonade, they are ________. A.buyers (consumers)buyers (consumers) B.sellers (producers)sellers (producers)

16. Let’s Review When Kathy didn’t have enough money for both the lemonade and the kite, she could not have everything she wanted. She had to make a _______. A.friendfriend B.choicechoice

18. Let’s Review The CD you want to buy is a _______. A.needneed B.wantwant

20. Let’s Review You made $8.00 at the lemonade stand. You decided to keep the money, instead of spend it, so you could use it later when you have enough money to buy that CD. What is the money you kept called? A.savingssavings B.spendingsspendings

22. Let’s Review If you make $3.00 at the lemonade stand the next day and add it to the $8.00 you saved, you will have enough money to buy the CD. When you buy the CD, you are a _______. A.seller (producer)seller (producer) B.buyer (consumer)buyer (consumer)

23. That’s right! Most people are both buyers (consumers) and sellers (producers). You were a seller (producer), when you made the lemonade and sold it, and you were a buyer (consumer), when you took the money you made, went to the store, and bought a CD.

24. Let’s Review Which of the following is an example of a NEED? A.a music CDa music CD B.a radioa radio C.clothingclothing

26. Let’s Review Which of the following is an example of a want? A.jewelryjewelry B.clothingclothing C.foodfood

28. Let’s Review Which of the following is an example of a good? A.a haircuta haircut B.getting your teeth cleanedgetting your teeth cleaned C.a cara car

30. Let’s Review Which of the following people provide a service? A.a doctora doctor B.a teachera teacher C.a fire fightera fire fighter D.all of the aboveall of the above

31. Well done!! Now you know all about sellers (producers), buyers (consumers), needs, wants, goods, and services! Congratulations, congratulations, congratulations!!