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
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.?
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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