You will learn
- Define price, cost, value, profit.
- Explain what affects price.
- Compare unit prices.
- Describe the Leone.
Version 0.2 · expanded edition · built from cited public sources Content is based on the official frameworks and sources listed under Sources and standards. No official endorsement is claimed. Written in the style of common primary school assessments. No exam result is promised.
Student lesson
- Prices depend on costs, supply, demand and rules.
- Value is not always the same as price.
- Unit prices help compare.
- The Leone is the national currency.
Words to know
the amount of money asked for a good or service
what it takes to make or provide something, including materials, labour and transport
how useful or important something is to a person
the money left after costs have been paid
1. Discover: Which is the better buy?
Mr Cole writes: “Small bag of rice: 2 kilograms for 40 tokens. Large bag: 5 kilograms for 90 tokens.” “Which is better value?” he asks. Mei divides: “Small bag is 20 tokens per kilogram. Large bag is 18 tokens per kilogram.” “The large bag has the lower unit price,” says Mr Cole. “But only if you can use it all. The Leone is our currency, introduced in 1964, and the Bank of Sierra Leone is the central bank. Today we use pretend tokens.”
Think: When might the cheaper unit price not be the best choice?
2. Understand: Prices
Idea 1: What makes a price
A price is the amount asked for a good or service. It depends on cost (materials, labour, transport, rent), supply and demand, taxes, competition and quality. If costs rise, prices often rise. A seller needs profit, the money left after costs, to keep going.
Idea 2: Value and comparison
Value is how useful something is to you. A cheap item that breaks quickly may have low value; a pricier item that lasts may be better. Use unit prices (price per kilogram, litre or metre) to compare sizes fairly. Check quality, safety, and whether you need it.
Idea 3: Money in Sierra Leone
The Leone has been Sierra Leone’s currency since 1964. The Bank of Sierra Leone, the central bank, issues notes and coins and helps keep money stable. In 2022 new notes with fewer zeros were introduced. Prices are often discussed in Leones. Taxes and import costs also affect prices of many goods.
3. Worked examples
Example 1 (I show you): Find
Unit price: 90 tokens for 5 kg.
- Divide.
- Check.
- Say.
Answer: 18 tokens per kg.
Example 2 (We do it together): Define
Profit.
- Think.
- Say.
- Check.
Answer: Money left after costs.
Example 3 (You try): Name
The currency of Sierra Leone.
Show the steps and answer
- Think.
- Say.
- Check.
Answer: The Leone.
Did you know?
Some countries have redenominated their currency by removing zeros to make numbers easier to use.
Why this matters
Understanding prices helps you spend wisely and see why they change.
4. Explore: Best value
Use price cards for three items in two sizes. Calculate unit prices, decide the best value for a family of a given size and explain a case where the bigger size is not the better buy.
- Calculate.
- Compare.
- Decide.
- Explain.
Think about it: what did you notice?
What did you notice? Unit prices make fair comparisons.
5. Practise
Say it in a sentence
Use these starters when you talk about the lesson. Say them out loud.
- A price is ___.
- A cost is ___.
- Value is ___.
- Profit is ___.
Guided practice
Question 1. What is a price?
Amount asked.
Question 2. What is a cost?
What it takes to make.
Question 3. What is value?
Usefulness.
Independent practice
Level 1: Start
- What is a price?
- What is a cost?
- What is value?
- What is profit?
- What is our currency?
Level 2: Grow
- Why do costs affect prices?
- Why unit prices?
- Why quality?
Level 3: Stretch
- Calculate unit prices.
- Compare.
- Decide best value.
Answers are in the answer key below. Try first, then check.
6. Apply: Social Studies in everyday life
Find the unit price of 3 kg for 60 tokens and say what profit means.
Show a sample answer
20 tokens per kg; money left after costs.
Another one. With an adult, compare two sizes of a safe item using unit price.
Show a sample answer
Share.
7. Common mistakes
Fix: Quality and need matter.
Fix: Sellers need profit to continue.
8. Lesson summary and revision card
- I can define price, cost, value, profit.
- I can explain what affects price.
- I can compare unit prices.
- I can describe the Leone.
9. Check and master
Answer all 14 questions. You will see feedback after each one.
Your result appears here after you answer every question.
10. Key takeaways
- Prices depend on costs, supply, demand and rules.
- Value is not always the same as price.
- Unit prices help compare.
- The Leone is the national currency.
11. Next lesson
Next lesson: Saving and budgeting. Keep going with the next idea in this course.
Exam practice
These questions are written in the style of common school and international primary assessments. Try them on your own, without looking back. Then check your answers in the marking guide. The marks are shown in brackets.
- Define price and profit. [2 marks]
- Calculate a unit price and show working. [3 marks]
- Explain two factors that affect price. [3 marks]
- Name the currency and the central bank of Sierra Leone. [2 marks]
Total: 10 marks.
Marking guide and model answers
- Price [1]; profit [1]
- Division [1]; answer [1]; unit [1]
- Factor 1 [1]; factor 2 [1]; link [1]
- Leone [1]; Bank of Sierra Leone [1]
Score guide: 9 to 10 = secure. 6 to 8 = nearly there, revise the parts you missed. Under 6 = work through the lesson again with a grown-up.
Printable worksheet
- What is a price?
- What is a cost?
- What is value?
- What is profit?
- What is our currency?
- Why do costs affect prices?
- Why unit prices?
- Why quality?
- Calculate unit prices.
- Compare.
Homework
Make a price list.
Answer key and marking scheme
| Question | Expected response | Marks |
|---|---|---|
| 1. What is a price? | Amount asked. | 1 |
| 2. What is a cost? | What it takes to make. | 1 |
| 3. What is value? | Usefulness. | 1 |
| 4. What is profit? | Money left over. | 1 |
| 5. What is our currency? | The Leone. | 1 |
| 6. Why do costs affect prices? | Sellers must cover them. | 1 |
| 7. Why unit prices? | Compare fairly. | 1 |
| 8. Why quality? | Value lasts. | 1 |
| 9. Calculate unit prices. | Calculate. | 1 |
| 10. Compare. | Compare. | 1 |
| Total | 10 |
Independent practice answers. Level 1: 1 Amount asked.; 2 What it takes to make.; 3 Usefulness.; 4 Money left over.; 5 The Leone.. Level 2: 1 Sellers must cover them.; 2 Compare fairly.; 3 Value lasts.. Level 3: 1 Calculate.; 2 Compare.; 3 Decide..
Quiz answers: 1 B, 2 C, 3 A, 4 B, 5 C, 6 A, 7 B, 8 C, 9 A, 10 B, 11 C, 12 A, Challenge 1 B, Challenge 2 C.
Mastery and remediation
| Objective | Bronze (Developing) | Silver (Proficient) | Gold (Advanced) |
|---|---|---|---|
| O1 Define price, cost, value, profit | Shows this with help from an adult or a picture | Does this independently and explains how they know | Explains it clearly and uses it in a new situation |
| O2 Explain what affects price | Shows this with help from an adult or a picture | Does this independently and explains how they know | Explains it clearly and uses it in a new situation |
| O3 Compare unit prices | Shows this with help from an adult or a picture | Does this independently and explains how they know | Explains it clearly and uses it in a new situation |
| O4 Describe the Leone | Shows this with help from an adult or a picture | Does this independently and explains how they know | Explains it clearly and uses it in a new situation |
Courseversity badge thresholds (overall quiz score): Gold = 90–100%; Silver = 80–89.9%; Bronze = 70–79.9%. A badge is never a full record of progress.
If a learner struggles
- Find the misconception: “The cheapest is always best.” Quality and need matter.
- Explain another way: use real objects, pictures or actions first, then words.
- Show a simpler example: Make a best-value chart.
- Guided practice: work through one example together and let the learner try the next one.
- Reassess: use the quiz again or the worksheet.
- Move on when the learner shows Silver-level evidence independently.
For parents and guardians
In this lesson your child compares prices using pretend tokens. Please practise unit prices when shopping safely. You do not need to be an expert to help.
- Compare prices.
- Talk about value.
- Be a thoughtful shopper.
- Ask “how do you know?” after each answer, and listen.
- Praise effort, not only right answers. Mistakes are how we learn.
- Ten to fifteen minutes a day is better than one long session.
Teacher package
1–5. Objectives, prerequisites, materials, preparation, duration
Lesson objectives. Learners will: define price, cost, value, profit; explain what affects price; compare unit prices; describe the Leone.
Prerequisite knowledge. Grade 4 ideas: scarcity, resources, production, specialisation and trade.
Materials. Price cards, tokens. Low-resource options: use chalk or charcoal on a board or wall, drawings in the sand, and objects from the classroom instead of printed materials.
Preparation. Prepare price cards.
Suggested duration. 45–60 minutes. It can be split into two shorter sessions.
6–9. Teaching procedure, explanation notes, guided and independent activities
Introduction (5 min). Tell the which is the better buy story.
Explanation (10 min). Teach prices.
Guided activity (10 min). Best value.
Independent activity (10 min). Discuss.
Assessment and reflection (5 min). Ask each learner to say one thing they learned and how they know it.
Key questions. What affects prices and how do we compare value?
Teacher explanation notes. Start with a picture, story, map or local example. Then talk about what was seen, then draw and write. Always ask “how do you know?” and invite more than one view. Treat every family, culture and community with respect, and never ask learners to share private information.
10–12. Differentiation, formative assessment, common misconceptions
Support. Use pictures, maps, real objects and short sentences, and let learners work with a partner. Let learners point, show, act or draw instead of writing. Extension. Ask learners to find a new example from their own community and explain how they know.
Formative assessment. Listen to learners read and explain, ask “how do you know?”, and check the independent work.
Misconceptions. “The cheapest is always best.” Quality and need matter.
13–15. Assessment questions, answer keys, marking scheme
Use the quiz, the 10-mark exam practice and the worksheet on this page. All answers and marking guides are in the answer sections above. Re-check every answer before use.
16–19. Remediation, enrichment, homework, teacher reflection
Remediation. Make a best-value chart. Enrichment. Find one new example near your home or school, draw or write about it and explain it to someone. Homework. See above.
Teacher reflection. After teaching, record: which ideas learners understood; which misconceptions occurred; which activities worked; which learners need more practice; and what to improve next time.
Sources and standards
This lesson is based on the sources below, and no official endorsement is claimed. Reference starting points: NCSS standards and C3 Framework, Cambridge Primary Humanities and the IB Primary Years Programme. Where a standard code is named, it points to the official framework.
Research used to shape this lesson. Courseversity Social Studies curriculum, Grade 5 Unit 6, topic 5; NCSS C3 Framework, economic decision making, exchange and markets; Cambridge Lower Secondary Humanities, economics and decisions; IB Primary Years Programme, how we organise ourselves. These sources informed the lesson.