A foundational third-grade economics lesson exploring supply, demand, and how they influence prices through relatable real-world and classroom scenarios. Students learn to spot high versus low supply and demand and predict whether prices will rise or fall.
3. What would happen to the demand for lemonade if a sudden rainstorm cooled down the park?
5 You Be the Storekeeper! (Creative Application)
Choose an item you would love to sell at the school store (example: scented bookmarks, funny erasers, or sports cards).
My School Store Item:
How could you get your classmates to have HIGH DEMAND for this item?
If you only have 2 left in stock, what should happen to the price or trade value? Why?
Market Detectives • Third Grade Economics Page 2 of 2
Scenario B: Neighborhood Market
Sofia has 40 cups of lemonade ready on a 98°F day. Families in the heat are rushing over.
1. Demand for cold drinks:
HIGH ✓ LOW
2. Sofia can keep her price:
NORMAL/UP ✓ LOWER
3. Expected Student Answer: If it rains, demand will go DOWN drastically because people are cold or going home, so they will not want cold lemonade.
5 Storekeeper Rubric & Common Misconceptions (3 pts)
Teacher Guidance
Item Selection: Any plausible good/service (e.g., fruit snacks, scented erasers, custom bookmarks).
Creating High Demand: Look for strategies like advertising, making it rare, offering a popular theme/color, or meeting a current student need (1 pt).
Price Adjustment: Student must state that price/value goes UP because when supply is low (scarcity) and demand is high, buyers are willing to pay more (1 pt).
💡 Teacher Tip: Watch out for students who mix up "High Supply" with "High Demand." Remind them: Supply is what the seller HAS on the shelf; Demand is what the buyers WANT in their hands!
