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K 4-3

Page history last edited by Pam Merrill 4 years ago

Oklahoma Academic Standard 4.  The student will identify basic economic concepts.

Objective 4.3 Identify ways that people use their money, including spending and saving.

In a Nutshell

Knowledge about the various uses of money in our market economy will help students become effective decision-makers as consumers, producers, savers, investors, and responsible citizens. Students should begin to identify the benefits of saving money as a means to accumulate wealth for larger purchases or to provide security for future needs.   

Teacher Action 

Student Action 

  • Assist students to acquire new academic vocabulary associated with economic principles and practices; relate new words to prior knowledge. 

  • Guide and support students to draw, label, dictate, and write to express an opinion, providing reasons for saving one's earnings.

  • Discuss the concept that personal decisions have costs and benefits using examples of saving money instead of immediately spending earned income.

  • With assistance, collaboratively gather simple economic data from charts and tables to explain basic economic concepts, using basic budgets to save money for larger purchases.

Key Concepts 

Misconceptions 

  • money, buy, save, plan

  • home, clothing, food, transportation, school, entertainment, charity 

  • Most students may have a rudimentary understanding of how money is used, but have not considered benefits to saving money over time in order to plan for and purchase higher-priced goods and services. 

  • Some students misunderstand the nature of credit cards and banks, neglecting to recognize that human labor in the form of parental/family employment is the source of income.  

Instructional Resources

Access suggested instructional resources correlated to learning standard and objective.

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