Objectives for this lesson:
1.
Given word problems and numerical examples involving buying and selling, students will identify the cost price and selling price and calculate profit or loss with at least 80% accuracy.
2.
During group discussions and real-life problem-solving activities, students will show interest and responsibility when discussing profit and loss situations by actively participating and explaining their thinking respectfully.
3.
Using number sentences, tables, or written working steps, students will correctly set up and solve profit and loss calculations with 80% accuracy.
Important terms to remember
The Selling Price
The selling price is the amount of money an item is sold for
The selling price is the money you get when you sell something.
👉 Example:
If you sell a pencil for $5, then $5 is the selling price.
The Cost Price
The cost price is the amount of money it costs to buy or make an item.
The cost price is the money you pay to get something before you sell it.
👉 Example:
If you buy a pencil for $3, then $3 is the cost price.
Profit/Gain
A profit (or gain) happens when the selling price is greater than the cost price.
You make a profit when you sell something for more money than you paid for it.
👉 Example:
If you buy a book for $6 and sell it for $9, you make a profit of $3.
Loss
A loss happens when the selling price is less than the cost price.
You make a loss when you sell something for less money than you paid for it.
👉 Example:
If you buy a toy for $10 and sell it for $8, you make a loss of $2.
Watch this Video!
Group Activity
How to work together:
-
Work in groups of three.
-
Talk about each problem before writing the answer.
-
One person types, another checks, and another explains the steps.
-
Show working for every question.
