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Prices at Foxglove County Fair worksheet preview

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Prices at Foxglove County Fair

Read about county fair businesses, identify their goods, services, and costs, and explain how prices can cover those costs.

Grade 3Social StudiesInteractive · Printable

Aligned toECO.3.3

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What’s included

  • Single worksheet
  • Auto-graded online
  • 1 C3 Framework standard
  • Printable answer key
  • 14 questions
  • Classroom-ready

Details

Format
Interactive · Printable
Grade
Grade 3
Subject
Social Studies
Question types
Fill in the blank, Multiple choice, Matching, Circle the answer, Sorting, Short answer

About this worksheet

What students practice

  • Students identify goods, services, materials, supplies, and worker time in business examples.
  • Students explain how businesses set prices that cover the costs of producing goods or providing services.

How to use

Read the passage together, study the graph, and ask students to explain how each price relates to a business's costs.

Curriculum

C3 Framework standard covered

ECO.3.3

Explain how businesses produce goods and services and set prices that cover their costs.

Preview

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Name Date

Prices at Foxglove County Fair

See how fair businesses cover their costs.

Read about fair businesses

Read the passage. Then answer the questions.

Businesses at Foxglove County Fair

At the Foxglove County Fair, small businesses offer goods and services. A good is an object a customer can take home, such as a banner or a bag of popcorn. A service is work done for a customer, such as checking a bicycle. To produce a good or provide a service, a business may need materials or supplies, tools, and worker time. These are costs. Before choosing a price, business owners add the costs connected to one item or service.

Pinecone Patch Prints makes cloth fair banners. Cloth costs $1 per banner, and worker time costs $2 per banner. Thus, one banner costs $3 to produce. The owner charges $4. Turnaround Tune-Up provides a bicycle-check service. Its supplies cost $2 per check, and worker time costs $4. The total cost is $6, so the owner charges $8. In both cases, the price is higher than the cost.

Golden Kernel Cart sells popcorn. On Friday, kernels, oil, bags, and worker time cost $24 for 12 bags. The cost per bag is $2. The cart charges $3 per bag. At $3, each bag's price covers its $2 cost. A price above the cost may leave money for other business needs. If the price is below the cost, sales do not pay all the costs.

1.
What do the three fair businesses have in common?
  • A. They sell things made by the fair office.
  • B. They choose prices without counting their costs.
  • C. They compare production costs with prices.
  • D. They charge exactly one dollar above each cost.
2.
Match each business to what it produces or does.
  1. Pinecone Patch Prints
  2. Turnaround Tune-Up
  3. Golden Kernel Cart
  1. A. Pops and bags popcorn
  2. B. Makes cloth fair banners
  3. C. Checks visitors' bicycles

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