(Worksheet: Calculating Mike’s Pay Answer Key ) government provided goods and services. Topic(s): Goods and Services Provided by Tax Money Taxes and Government Services Benefits of Tax Revenue (Lesson Plan Taxes: Cowboy Bob Builds a Community ) Buying Goods and Services Buying Goods and Services Buying Goods and Services Buying Goods and Services Buying Goods and Services Wants vs. Needs Understanding (Lesson Plan: All I Really Need ) What Do You Want to Buy? What are “Goods?” What are “Services?” Goods and Services- What is the difference? Buyers (Lesson Plan: Goods and Services ) Economic Wants Consumers Use and Services How Buyers and Sellers Interact Buying Goods and Services Spending on Leisure Activities SS.4.FL.2.1 Explain that economic wants are desires that can be satisfied by consuming a good, a service, or a leisure activity. Topic(s): Ways to Satisfy Economic Wants What Do You Want? Choosing What I Want Most Money is Limited: Choose Carefully (Lesson Plan: Yard Sale – Spending Decisions ) (Lesson Plan: Spending Decisions ) Things to Think About Before Spending Money Goals Help Us Make Choices (Scholastic Spending Goals Activity Sheet: ) Thoughtful Money Choices vs. Later Regret Be Careful: You Can Only Spend that Money Once SS.4.FL.2.2 Explain that people make choices about what goods and services they buy because they can’t have everything they want. This requires individuals to prioritize their wants. Topic(s): Prioritize Your Wants Narrow that Shopping List What’s at the Top of Your List? Identify Wants and Rank Them in Order of Importance What Do I Want? Not Everyone Wants a Baseball Class “Wants” Survey People Have Different and Wants Why People Spend Money SS.4.FL.2.3 Identify some of the ways that people spend a portion of their income on goods and services in order to increase their personal satisfaction or happiness. Topic(s):
Buying and Services for Personal Satisfaction or Happiness. Different People- Different Spending Choices Making Choices – You Can’t Have Everything! Giving Up One Thing for Another (Lesson Plan: What Pet Should I Get? ) What is Opportunity Cost? (Lesson Plan: Opportunity Cost ) Opportunity Cost: Weigh the Alternatives (Lesson Plan Opportunity Choice: Everyday Opportunities ) SS.4.FL.2.4 Discuss that whenever people buy something, they an opportunity cost. Opportunity cost is the value of the next best alternative that is given up when a person makes a choice. Topic(s): Opportunity Cost: Choosing the Best Alternative Good Choice: But What is the Cost? (Lesson Plan – Opportunity Cost: Uncle Jed’s Barber Shop ) What does it Cost? Benefits of Spending Comparing and Benefits (Lesson Plan: Every Penny Counts ) Consider the wider consequences of economic decisions Explore Economic Alternate Choices SS.4.FL.2.5 Explain that costs are things that a decision maker gives up; benefits are things that a decision maker gains. Make an informed decision by comparing the costs and benefits of spending alternatives. Topic(s): Components of Informed Economic Decision Making Comparing and Benefits of Spending Alternatives Not Everything Costs the Same Costs More? Different Goods or Services have Different Prices. How Price Affects Spending Choices How Advertising Affects Spending Choices Peer Pressure Spending (But Mom, Everyone I Know Has One) SS.4.FL.2.6 Predict how people’s spending choices are influenced by prices as well as many other factors, including advertising, the spending choices of others, and peer pressure. Topic(s): Do Role Models Affect Spending Choices?
Factors That Influence Spending Choices How Shopping Lists Help Consumers Planning Helps People Make Choices About Spending What is a budget? Budgets and Planning Balancing Income and Expenses: Make a Plan What is a Balanced Budget SS.4.FL.2.7 Planning for spending can help people make informed choices. Develop a budget plan for spending, saving, and managing income. Topic(s): Create a Spending Plan Managing Income Wisely Saving Saving Saving Saving Saving Now and Later (Concept) Saving Money Spending Money (Lesson Plan: Using Money Wisely – Saving for Freckles ) Importance of Saving Money Spend Now or Save for Later (Lesson Plan: Introduction to Saving and Spending Benefits and of Saving Benefits and of Spending Saving for Future and Wants Saving in Case of Emergency Saving vs. Spending SS.4.FL.3.1 Identify ways that income is saved, spent on goods and services, or used to pay taxes. Topic(s): Income: Saved or Spent, or Used to Pay Taxes Benefits of Saving Explaining the Difference Between Saving and Spending Saving for Something I Want Choosing to Save Money Waiting to Buy What We Want Reasons for Saving Money (Lesson Plan: Why We Save ) Giving Up to Save for the Future SS.4.FL.3.2 Explain that when people save money, they give up the opportunity to buy things now in order to buy things later. Topic(s): Buy Now or Buy Later: The Cost of Future Purchases What You Give Up to Put $50 in a Savings Account A Safe to Keep My Savings at Home Keeping My Savings in a Safe Place Keeping My Savings in a Bank Where Shall I Keep My Savings (Lesson Plan: Checking Accounts and Alternative Banking Methods ) SS.4.FL.3.3 Identify ways that people can choose to save money in many places—for example, at home in a piggy bank or at a commercial bank, credit union, or savings and loan.