Episode 1 of 24 · Leo & Layla's History Adventures
Adam Smith: The Father of Capitalism
Grades 3rd–5th
Economics · History · Captions
About This Video
Free market capitalism may seem like a difficult concept to teach your kids. But starting a lemonade stand is something every elementary student can understand. In this episode, Leo and Layla travel back in time to meet Adam Smith, the father of modern economics, and learn how to start a business, earn money, and provide goods and services where everyone wins.
Standards Met in Ohio
- 6.E.15Grades 6thThe interaction of supply and demand, influenced by competition, helps to determine price in a market. This interaction also determines the quantities of outputs produced and the quantities of productive resources (entrepreneurship, human resources, natural resources and capital) used.
- ECON.2.16.lGrades 2ndIdentify goods and services to purchase.
- SS.4.21bGrades 4thDescribe why one would start a business.
- SS.4.21cGrades 4thIdentify a business.
- SS.6.15Grades 6thThe interaction of supply and demand, influenced by competition, helps to determine price in a market. This interaction also determines the quantities of outputs produced and the quantities of productive resources (e.g., entrepreneurship, human resources, natural resources, capital) used.