🌍 Social StudiesGrade 3Lesson 32
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Plan a Family Market Project

Lesson preview: the Mini Lesson and Vocabulary are open to everyone. Guided practice, exercises, the parent checklist and the printable PDF worksheet come with full access (free 7-day trial or membership).

Learning Objectives

  • 1Plan a family market stall with a product, price, cost, and marketing idea
  • 2Act as both a producer and a consumer during the family market
  • 3Calculate profit using the formula price minus cost
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Mini Lesson

A market is a place where producers bring their goods and services and consumers come to buy them. Today you are going to create your own mini market — planning what to sell, setting prices, making products, and trading with others.

What you will practice in the family market

  • Producing — decide on a good or service and make or prepare it.
  • Pricing — choose a fair price that covers your costs and earns a small profit.
  • Marketing — create a name and sign for your stall so customers know what you offer.
  • Buying and selling — use play money to trade goods and services with your family and friends.
  • Reflecting — after the market, count your earnings and decide: did you make a profit, break even, or spend more than you earned?

Key concepts to remember

  • A good is a physical item you can hold — like a bookmark, a decorated card, or a small snack.
  • A service is an action done for someone — like reading a poem, doing a quick drawing, or teaching a skill.
  • Price is what the buyer pays; cost is what the seller spent to make it. Profit equals price minus cost.
  • When buyers and sellers exchange goods, money, or services, that is trade.
Family market stall planning guideA planning card with five labeled sections: My product, My price, My cost, My profit, and My marketing idea — showing how to plan a market stall.My Market Stall PlanMy ProductWhat good or service will I offer?My PriceWhat will I charge customers?My CostHow much did materials cost?My ProfitPrice minus CostMy Marketing IdeaHow will I tell customers about my product?Fill in this plan on paper before market day.A good plan equals a successful stall.
A market stall planning card — product, price, cost, profit, and marketing idea.
Goods versus services reminder for the marketTwo columns show goods you can sell at the market on the left and services you can offer on the right, each with a list of examples.What Can I Sell?GoodsHandmade bookmarkDecorated cardPencil holderSmall healthy snackPaper flowerMini notebookSomething you cantouch and take home.ServicesWrite a poem for youDraw your portraitRead a story aloudTeach a math trickSing a short songGive a compliment cardAn action someonedoes for you.
Goods (things you can touch) versus services (actions done for you) — examples for your market stall.
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Ask yourself: "What could I produce for the market? How would I price it? Who would my customers be?"

Vocabulary
Market
A place where producers bring goods and services and consumers come to buy theme.g. Our family market had ten different stalls to visit.
Producer
A person who makes a good or provides a service to selle.g. As a producer, I sold handmade bookmarks at my stall.
Consumer
A person who buys a good or servicee.g. I was a consumer when I bought a snack from my friend.
Price
The amount of money a buyer pays for a good or servicee.g. The price of each bookmark was three dollars.
Cost
The money a seller spent to produce or prepare a good or servicee.g. The cost of making one bookmark was one dollar in materials.
Profit
The money a seller keeps after paying costs — profit equals price minus coste.g. If I sell a card for three dollars and it cost me one, my profit is two dollars.
Trade
The exchange of goods, money, or services between a buyer and a sellere.g. I traded my bookmark for my friend’s paper flower.
Marketing
The way a seller tells customers about a product and attracts buyerse.g. My marketing idea was a bright sign with the stall name.
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