Georgia SS5E3.c

Social Studies5th GradeEconomic Understandings

The Standard

Describe how entrepreneurs take risks to develop new goods and services to start a business.

Georgia Standards of Excellence for Social Studies · Describe how consumers and producers interact in the U. S. economy.

Teacher's field guide

What Students Need to Do: Students explain how a business owner spots a customer need and creates a product or service to meet it. They describe risks such as losing money, wasting time, or attracting too few customers.
What Mastery Looks Like: Given a business scenario, students identify the customer need, proposed product or service, and possible risks. They explain how potential profit may make the risk worthwhile.
Common Misconceptions: Students may think every new business earns a profit or that risk always means physical danger. They may also think entrepreneurs only invent products, not services, or always work alone.
How to Assess It: Use this exit prompt: Maya spends $200 to start a dog-walking service. Name one need she meets, one risk she takes, and one possible reward.

Lesson moves

Give teams $20 in play money, craft supplies, and event cards to design a product, set a price, and track possible losses.
Ask students to write: Would you risk your savings to open a food truck, and what facts would guide your choice?
Have pairs sort scenario cards into customer need, business idea, risk, and possible reward, then explain one complete match.
Examine a nearby business menu or website, then identify its customers, the need it meets, and one risk the owner faced.

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