Unpacked Content
Knowledge
Students know:
- How money plays a role in everyday life.
- The difference between goods and services (for example, goods- food, toys, clothing; services - medical care, fire protection, law enforcement, library resources).
- How money is the primary way to make purchases.
- How money is earned through working (for example, job, chores, etc.).
- The difference between purchases of needs and wants within their family.
- How people save and borrow money.
- How to differentiate between a buyer and seller.
- Vocabulary: money, needs, wants, saving, borrowing, buyers, sellers, specialized jobs, goods, services, barter, trade, spend, save
Skills
Students are able to:
- Recognize the primary role of money in everyday life.
- Identify and describe needs and wants.
- Describe saving and borrowing.
- Describe buyers and sellers.
- Describe the role specialized jobs play in the production of goods and services.
- Identify and use appropriate vocabulary associated with the function of money (for example, barter, trade, spend, save).
Understanding
Students understand that:
- Money plays a role in everyday life.
- Families make purchases of needs and wants. Students understand the concept of saving and borrowing.
- There is a difference between buyers and sellers.
- We can classify the specialized jobs of workers with regard to production of goods and services.
- There is an appropriate vocabulary to use to describe the function of money.
Vocabulary
- money
- needs
- wants
- saving
- borrowing
- buyers
- sellers
- specialized jobs
- goods
- services
- barter
- trade
- spend
- save
