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4th Grade

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Fourth Grade Financial Concepts

The Fifty Nifty Econ Card program from the Federal Reserve Bank of Kansas City includes recommendations on concept introduction by grade levels K through 6. Here are the recommended concepts for 4th Grade:

  • Economics: the study of the production, consumption and distribution of goods and services
  • Public Goods: goods and services that are provided by the government
  • Markets: a place where buyers and sellers exchange goods and services for money
  • Trade-offs: when you choose to get less of one thing in order to get more of something else
  • Costs/Benefits: the bad and good points related to making a decision
  • Entrepreneur: someone who takes the risk of producing a product or starting a new business
  • Profit: the money a business makes after it pays its production costs
  • Loss: the money a business loses after it pays its production costs
  • Imports: the goods and services that consumers in one nation buy from sellers in other nations
  • Exports: the goods and services that producers in one nation sell to buyers in other nations
  • Interdependent: when people and nations depend on one another for the goods and services they want

Academic Standards

Strand 5: Economics, The Social Studies Standard as of May 22, 2006
State of Arizona, Standards and Assessment Division

Concept 2: Microeconomics

Microeconomics examines the costs and benefits of economic choices relating to individuals, markets and industries, and governmental policies.

Concept 2 Performance Objectives for the 4th Grade

  • PO 1. Explain how price incentives affect peoples’ behavior and choices, such as colonial decisions about what crops to grow and which products to produce.
  • PO 2. Describe why (e.g., schools, fire, police, libraries) state and local governments collect taxes.
  • PO 3. Describe how education, skills, and career choices affect income.
  • PO 4. Discuss how profit is an incentive to entrepreneurs.
  • PO 5. Describe risks that are taken by entrepreneurs.
  • PO 6. Identify the role of financial institutions in providing services (e.g., savings accounts, loans).

Concept 5: Personal Finance

Decision making skills foster a person’s individual standard of living. Using information wisely leads to better informed decisions as consumers, workers, investors and effective participants in society.

Concept 5 Performance Objectives for the 4th Grade

  • PO 1. Describe how interest is an incentive to saving money.

National Standards in K-12 Personal Financial Education

Jump$tart is a national coalition of organizations dedicated to improving the financial literacy of kindergarten through college-age youth by providing advocacy, research, standards and educational resources. Jump$tart strives to prepare youth for life-long successful financial decision-making. Their National Standards in K–12 Personal Finance Education describe their minimum requirements for functional financial literacy. They describe what personal finance instruction should enable students to know and do.

Wyland products from Teacher Created Resources

Knowledge Statements

These statements provide guidance at three points in consumer development — the 4th, 8th and 12th grades. They are intended for:

  • Publishers as they develop and revise curricula, and
  • Educators as they select classroom materials and plan lessons.

Category: Financial Responsibility and Decision Making

Overall Competency: Apply reliable information and systematic decision making to personal financial decisions.

Specifically, 4th grade students should know, understand and be able to demonstrate the following concepts:

  1. People make choices because they have limited financial resources and cannot have everything they want.
  2. A first step toward reaching financial goals is to identify wants/needs and rank them in order of importance.
  3. Systematic decision making can help people make money choices.
  4. To make a decision, careful consumers compare the benefits and costs of spending alternatives.
  5. Information about goods and services comes from many sources.
  6. Every spending decision has an opportunity cost.
Category: Income and Careers

Overall Competency: Use a career plan to develop personal income potential.

Specifically, 4th grade students should know, understand and be able to demonstrate the following concepts:

  1. People can acquire income in several ways, including wages, salaries, and money gifts.
  2. Income can be earned or unearned.
  3. Workers can improve their ability to earn income by gaining new knowledge, skills, and experiences.
  4. Many workers receive employee benefits in addition to their pay.
  5. Entrepreneurs, who work for themselves by starting new businesses, hope to earn a profit, but accept the risk of a loss.
Category: Planning and Money Management

Overall Competency: Organize personal finances and use a budget to manage cash flow.

Specifically, 4th grade students should know, understand and be able to demonstrate the following concepts:

  1. A budget is a plan for using income productively, including spending, sharing, and setting money aside for future expenses.
  2. People pay for goods and services in different ways.
  3. People are required to pay taxes, for which they receive government services.
Category: Credit and Debt

Overall Competency: Maintain creditworthiness, borrow at favorable terms, and manage debt.

Specifically, 4th grade students should know, understand and be able to demonstrate the following concepts:

  1. Credit is a basic financial tool.
  2. Borrowing money to buy something usually costs more than paying cash because there is a fee for credit (interest).
  3. Responsible borrowers repay as promised, showing that they are worthy of getting credit in the future.
Category: Risk Management and Insurance

Overall Competency: Use appropriate and cost-effective risk management strategies.

Specifically, 4th grade students should know, understand and be able to demonstrate the following concepts:

  1. Risk is a part of daily life.
  2. People have choices for dealing with risk.
Category: Saving and Investing

Overall Competency: Implement a diversified investment strategy that is compatible with personal goals.

Specifically, 4th grade students should know, understand and be able to demonstrate the following concepts:

  1. People save for future financial goals.
  2. Every saving decision has an opportunity cost.
  3. Banks, savings and loan associations, and credit unions are places people can invest money and earn interest.
  4. Piggy banks are places to hold savings. Savings accounts and savings bonds are ways to earn money from income not spent.

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Kids' Money > Teachers > 4th Grade

© Copyright 1995 - 2011 by David McCurrach. All rights reserved. Revised 3/12/2011.