Idaho Social Studies 5.SS.3.5
The Standard
Identify economic incentives and risks of entrepreneurship.
Idaho Content Standards: K-12 Social Studies
Teacher's field guide
What This Standard Means
What Students Need to Do
- Students identify why someone might start a business, such as earning money by selling something people want. They also identify risks, such as spending money on supplies that do not sell.
What Mastery Looks Like
- A student can explain how sales might cover costs and leave a profit. Given a small-business example, they can name both a reason to try it and a way the owner could lose money.
Common Misconceptions
- Students may count all sales money as profit without subtracting costs. They may also think a popular product is sure to sell, or that taking a risk means a loss is certain.
How to Assess It
- A student spends $12 making bracelets and hopes to sell them for $20. On an exit slip, ask for the possible profit, one reason to start selling, and one risk.
Lesson moves
Ways to Teach It
Have pairs make paper bookmarks with a 10-coin supply budget, trade as buyers and sellers, then tally sales and costs.
Ask: Would you spend $10 making bookmarks you might sell for $18? Write one reason to try and one reason to wait.
Deal pairs $10 cost cards and $6, $12, or $18 sales cards; have them sort each outcome as profit or loss.
Show a local bakery menu and a flour price tag; ask how the bakery could earn money and what happens if food goes unsold.
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Printable 5.SS.3.5 Worksheet
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Related Standards
- 9-12.EC.12
Describe the elements of entrepreneurship and successful businesses including comparative advantage, specialization, and trade.
- 3.SS.3.4
Identify different examples of making an economic choice, including consumption of goods and services, using a bank, investing, and budgeting.
- 9-12.EC.1
Apply and explain the concepts of supply and demand, scarcity, opportunity costs, and incentives, as well as their implications for decision-making.
- 4.SS.3.7
Define entrepreneurship and identify reasons for starting a business.
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