Science Concepts to teach...
Pressure - Force spread evenly over an area.
Air Pressure is the force exerted on a given area by the weight of tiny particles of air (air molecules).
Although air molecules are invisible, they still have weight and take up space. Since there's a lot of "empty" space between air molecules, air can be compressed to fit in a smaller space.
Wave your hand back and forth to feel the air all around you. When you blow up a balloon you are forcing lots of those little air molecules into the balloon increasing the air pressure by “compressing the air.”
Force - A force is a push or pull upon an object resulting from the object's interaction with another object.
Let the kids develop their technological innovations organically, responding to problems and challenges with new ideas and innovations. At the end of the lesson, make a tee chart on the wipe board listing all of the problems or challenges they faced and the technologies they used to over come them.
Here are some more ideas of things to incorporate into your activity
Have the kids draw a diagram explaining the mechanics of their balloon jouster... mine is awesome.
Watch minutes 7-9:00 about Jet engines
Watch :45 -2:00 to help you explain how a jet goes...
Or teach a little Medieval history
Luckily for us there is an entire history channel show available on youtube... All about Medieval Jousting. Wikipedia it for more historical info...