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5th Grade

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Fifth 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 5th Grade:
  • Budget: a plan showing how income is to be spent
  • Credit: promise of payment at a future time in return for goods/services now
  • Debit: money owed on an account
  • Invest: to use money to gain a profit
  • Taxes: required payments of money made to governments by people and businesses that are used to provide goods and services
  • Federal Reserve Bank: the central banking organization in the United States
  • Supply: the amount that producers are able and willing to produce and sell at all possible prices at a given time
  • Demand: the amount that consumers are able and willing to buy at all possible prices at a given time
  • Competition: methods used by businesses to gain more customers and earn higher profits

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Fifth Grade Learning Targets

The Bellingham (Washington) Public Schools Curriculum Department establishes the following learning targets for 5th Grade:


  • How are the economics of the U.S. affected by geographic region?
  • How did these economics mold the political geography of the early U.S.?

Academic Standards

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

Concept 1: Foundations of Economics

The foundations of economics are the application of basic economic concepts and decision-making skills. This includes scarcity and the different methods of allocation of goods and services.

Concept 1 Performance Objectives for the 5th Grade

  • PO 1. Identify the opportunity costs (i.e., separation from family, indentured service) associated with expeditions to the New World.
  • PO 2. Describe how specialization (e.g., division of labor) improved standards of living in the three colonial regions and the Pre-Civil War North and South.
  • PO 3. Identify how voluntary exchange helps both buyers and sellers as in colonial trade in North America.
  • PO 4. Interpret how trade promoted economic growth throughout U.S. history.

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 5th Grade

  • PO 1. Explain how price incentives affect peoplesí behavior and choices, such as colonial decisions about what crops to grow and which products to produce.
  • PO 2. Describe how competition, markets, and prices influence peoplesí behavior.
  • PO 3. Identify how people earn income by selling their labor to businesses or governments.
  • PO 4. Describe ways in which entrepreneurs take risks to develop new goods and services.
  • PO 5. Describe the function of private business in producing goods and services.
  • PO 6. Discuss the function of banks in providing checking accounts, savings accounts, and loans.
  • PO 7. Explain the function of government in providing certain goods and services through taxation.

Concept 5: Personal Finance

Decision making skills foster a personís 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 5th Grade

  • PO 1. Explain how the following are used to purchase goods and services:
    a. cash
    b. check
    c. money order
    d. debit card
    e. credit card

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Kids' Money > Teachers > 5th Grade

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