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Prices at Northgate Print Studio

Read about a suburban print studio, use a cost graph, and explain how prices help a business cover its 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 and services produced by a business.
Students use costs to explain how a business sets prices.
Students read a graph showing estimated business costs.

How to use

Read the passage and graph together, then have students explain why a business must consider materials, worker time, and other expenses when setting prices.

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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Prices at Northgate Print Studio

See how a small business plans prices to cover its costs.

Read about the print studio

Read the passage. Study the graph, then answer the questions.

A Business on Clover Park Lane

Northgate Print Studio is a small business in the suburban Clover Park neighborhood. Maya owns the studio and works with two employees. The studio produces goods, including packs of thank-you cards, small yard signs, and reusable tote bags.

Northgate also provides a service. For custom design help, a customer explains an idea. An employee sketches choices, makes changes the customer requests, and sends the finished digital design. The customer pays for the workers' time and design skills.

Before Maya sets a price, she thinks about the costs of an order. Paper, ink, and cloth are materials that cost money. Worker time, rent, and electricity cost money, too. The graph shows the estimated cost for one order of each offering. Northgate's usual prices are $6 for a card pack, $10 for a yard sign, $13 for a tote bag, and $8 for custom design help.

Each usual price is higher than the estimated cost shown in the graph. The money left after that estimated cost can help pay other expenses and keep the business running. When a customer requests a large order, Maya estimates the extra materials and worker time before choosing a price.