Spending
"This topic concerns choices that people make to allocate their scarce resources to necessary and desired goods and services."
Spending
"This topic concerns choices that people make to allocate their scarce resources to necessary and desired goods and services."
Grade 4
Spending 4-1
People differ in their preferences, priorities, and resources available for consuming goods and services.
4-1a. Give examples of differences in people’s preferences that can influence their spending on goods and services.
4-1b. Brainstorm a personal list of goals for consumption of goods and services.
4-1c. Prioritize future spending, taking resource limitations into account.
Spending 4-2
Money can be spent to increase one’s own or another individual’s personal satisfaction or to share the cost of goods and services.
4-2a. Describe ways that people in a community share the cost of services available to everyone.
4-2b. Analyze how people differ in their values and attitudes about spending money.
4-2c. Identify ways you spend your money to increase personal satisfaction.
Spending 4-3
When people make a decision to use money for a particular purpose, they incur an opportunity cost in that they cannot use the money for another purpose.
4-3a. Define the concept of opportunity cost.
4-3b. Provide examples of financial choices that have opportunity costs.
Spending 4-4
Purchasing decisions have costs and benefits that can be different for different people.
4-4a. Compare the costs and benefits of purchasing an item for people with different characteristics (e.g. age, income).
4-4b. Explain the costs and benefits of trading goods and services between family members and friends.
Spending 4-5
Price, spending choices of others, peer pressure, and advertising about a product or service can influence purchase decisions.
4-5a. Explain how peer pressure can affect purchasing decisions.
4-5b. Share examples of how price, spending choices of others, peer pressure, or advertising influence a purchase decision.
4-5c. Identify reliable sources of information when comparing products.
Spending 4-6
Payment methods for making purchases include cash, checks, debit cards, and credit cards.
4-6a. Explain the similarities between paying for purchases with cash, checks, and debit cards.
4-6b. Compare the effects of using debit versus credit cards to make purchases.
Grade 8
Spending 8-1
Creating a budget can help people make informed choices about spending, saving, and managing money in order to achieve financial goals.
8-1a. Identify personal goals for spending and saving.
8-1b. Create a budget that includes expenses and savings out of a given amount of income.
8-1c. Explain why people with identical incomes make different choices for spending, saving, and managing money.
8-1d. Discuss the budgeting challenges faced by people living on minimum wage.
Spending 8-2
Making an informed purchase decision requires a consumer to critically evaluate price, product claims, and quality information from a variety of sources.
8-2a. Select an item and gather information from the manufacturer’s website, retail websites, and consumer review websites.
8-2b. Explain the types of information most helpful in making a purchase decision.
8-2c. Identify misleading or deceptive information about consumer goods or services found in online and print sources.
8-2d. Discuss ways to verify a claim expressed in advertising for an age-appropriate product.
Spending 8-3
When evaluating information about goods and services, a consumer can better assess the quality and usefulness of the information by understanding the incentives of the information provider.
8-3a. Evaluate information about goods and services based on reliability and accuracy of the source.
8-3b. Assess strengths and weaknesses of various online and printed sources of product information.
8-3c. Identify sources of product information that are less useful for buying decisions due to incentive conflicts of the information provider.
Spending 8-4
Consumers weigh the costs and benefits of different payment methods to determine the best option for purchasing goods and services.
8-4a. Explain the difference between a debit card and a credit card.
8-4b. Explain how various payment methods are used to purchase goods and services.
8-4c. Summarize the advantages, disadvantages, risks, and protections of various payment methods.
8-4d. Choose and justify a preferred payment method for purchases of at least three different types of goods and services.
Grade 12 (Coming in the future)
Saving 12-x