Differences in Producers & Consumers
T.i.P.S.
Students should be able to tell the difference between a producer and consumer as well as figure the cost of producing a simple item. When figuring out the cost of a producing a simple item, students should consider the cost of the materials and the labor to produce the item.
Example
Taylor is making sports bracelets for the craft show. Each key chain has 1 key ring, 1 string, 16 beads (8 in each color), and 2 sports ball beads.
Her brother Jack would like to buy a baseball key chain from her like the ones she has already made except with beads in his school colors, blue and white.
a) Use the chart below and show how much it will cost to produce Jack’s key chain?
b) Who is the producer? c) Who is the consumer?
Digital Tools
Click on the following links for interactive games.Resources
Click on the following links for more information.
Federal Reserve System’s Resources for Educators I
Teacher Online Resource Center
TEKS
2.11 Personal financial literacy. The student applies mathematical process standards to manage one's financial resources effectively for lifetime financial security. The student is expected to: (F) differentiate between producers and consumers and calculate the cost to produce a simple itemFeedback
