Social Studies (2010) Grade(s): 1


Describe the role of money in everyday life.

Unpacked Content


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


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).


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.


  • money
  • needs
  • wants
  • saving
  • borrowing
  • buyers
  • sellers
  • specialized jobs
  • goods
  • services
  • barter
  • trade
  • spend
  • save