Lemon Economics

Yesterday, Elizabeth, Kael, and Tristan decided they wanted to run a lemonade stand and earn some extra money.  We took the opportunity to teach them about various business related issues such as business loans (and repaying them), cost versus profit, and paying employees (guess who made their lemonade for them).  They had a BLAST!  And they made quite a bit of money!  They had an initial business loan of $5 (for cups and change), and paid $4 for the 4 pitchers of lemonade they sold, and still ended up with over $20 to split between the 3 of them.  In the end, after paying their chef, they each had $6 to put in their banks.  They were very pleased with themselves.  Lots of people stopped by and just randomly gave them money for being good salesmen, for being entrepreneurs, or just for being cute!  Ha ha ha.  And lots of people would ask for a couple cups ($0.25 each), hand them a dollar, and then say, "Keep the change!"  Here are some pictures from their little venture.

They plan on doing this as often as they can the rest of this summer!