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Grade 1 4-1

Page history last edited by pam merrill 2 years, 1 month ago

Oklahoma Academic Standard 4. The student will describe the characteristics of the American economic system.

Objective 4.1 Explain the costs and benefits of spending and saving in order to meet needs and wants.

In a Nutshell

Students should continue to develop their understanding of basic economic concepts by identifying the costs of saving money versus spending earnings for immediate needs or wants. It is important for students to realize that all economic choices possess both benefits to the individual or family, as well as costs.   

Teacher Action 

Student Action 

  • Provide opportunities for students to give examples of the costs and benefits resulting from personal economic choices.

  • Assist students in describing freedom of choice when determining needs and wants in a free market. 

  • Gather basic economic data from various types of graphs and charts in order to develop an understanding of the benefits of saving.

  • Acquire new academic vocabulary and relate new words to prior knowledge, applying vocabulary as it relates to economic choices. 

Key Concepts 

Misconceptions 

  • needs such as clothing, shelter, food, water, means of earning a living, modes of transportation

  • wants such as consumer items including televisions, computers; activities such as vacations, sports activities

  • Some students may not realize that some things can be both needs and wants.

  • Some students may not understand that people can save some money and still spend money for needs.

Instructional Resources

Access suggested instructional resources correlated to learning standard and objective.

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