Life skills // Entrepreneurship

Costs & Revenue

It costs money to make things (costs/expenses); you earn money by selling them (revenue); if revenue is more than costs, that's profit; if costs are more, that's a loss

Ages
7 to 9
Type
Concept
Builds on
3 topics
Leads to
2 topics

Quick check

If the learner spent £4 on supplies for a lemonade stand and earned £10 selling lemonade, could they tell you how much profit they made?

Ask this to see whether the topic is secure.

Topic // Mastery

What mastery looks like

What a learner can do once this topic is secure.
  • Explain what costs, revenue, and profit mean using a simple example
  • Calculate profit from a given scenario (e.g. spent £3 on ingredients, sold cakes for £8, profit = £5)
  • Explain what happens if costs are higher than revenue (you make a loss)

Topic // Map

Where this fits

What to learn first and what this topic opens up, with the reason for each link. Required links come first.
  • RequiredMust come first
  • HelpfulHelps, but not essential

Before this

3 topics
  • Buyers & SellersRequired

    Entrepreneurship // Ages 5 to 7

    Must understand buying/selling exchange before grasping revenue concept

  • Making a Simple PlanRequired

    Entrepreneurship // Ages 7 to 9

    Must understand planning before learning about costs and revenue

  • Making ChangeHelpful

    Money & Finance // Ages 7 to 9

    Cross-domain: making change skills (Money & Finance) support profit calculation

You are here

Costs & Revenue

Ages 7 to 9 // Concept

Leads to

2 topics
  • Supply ChainsRequired

    Entrepreneurship // Ages 9 to 11

    Must understand costs before seeing how supply chain stages add cost

  • Scaling UpRequired

    Entrepreneurship // Ages 9 to 11

    Must understand costs/revenue before grasping challenges of growing a business

Life skills // Entrepreneurship

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