Session status Economics - Grandpa's Corner Store
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Click on the book cover sections starting from the top.

Answer the question below the section.

Hit the Save Pencil to save your work.

Click again to close the section.

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Economics (Resource)
People trade (exchange) with each other to get the goods and services they want. To make trade easier, people use money. (Money is anything commonly used to exchange goods and services.)

Grandfather's small grocery is threatened by the building of a new supermarket. With the help of his granddaughter, Lucy, and the neighborhood, Grandpa's store is saved.

Big Idea: Interdependence
Interdependence occurs when people or countries depend on someone else to provide the goods and services they consume.

Comprehension Questions

Using the map in the book, list the businesses found in Grandpa's community that provided goods.
Grandpa's Corner Store, toy store, music store, bookstore, dress shop, hardware store, jewelry store, etc.

List the businesses that provided services.
Fire station, post office, bank, laundromat, hospital, police station, etc.

Describe the importance of Grandpa's corner store to the community.
The store had everything people needed close by.

Explain the role the community played in keeping Grandpa's store open.
They all pitched in to help Grandpa spruce up his store by dividing the labor-painting, stocking shelves, putting down new tile, sweeping, dusting, etc.

Describe how division of labor by the community workers resulted in interdependence.
By dividing the labor into separate tasks - painting, dusting, sweeping, etc. - the community members worked together, depending on each other to help Grandpa.

What was the advantage of the community working together?
Through working together and becoming interdependent, the community was able to work fast to save Grandpa's Store before it was sold.

Explain the statement from the book, "A community is a group of people who live and work together."
A community is the area in which you live where people specialize in producing goods and services for each other. For example: Grandpa specialized in selling groceries (goods). He depended on the bank to provide services he did not produce such as a place to save his money. The bank employees depended on Grandpa to provide groceries. Grandpa and the bank were dependent on each other.