1SS.F.18: identify goods that people make and services that people provide for each other

1SS.F.19: explain that scarcity is when unlimited wants are greater than limited resources

1SS.F.20: describe how people are both producers and consumers

1SS.F.21: explain that people earn income by working and that they must make choices about how much to save and spend

21a: identify the cause and effect relationship between income, saving, and spending

Goods and Services 

• identify common goods that people make such as food, toys, clothes, and games 

• identify common services that people can provide like firefighting, medical care, or teaching 

Consumers and Producers 

• Students should be able to describe how people are consumers when they make a purchase, and producers when they sell their labor by working to produce goods or services. 

• First Grade Example:

  • A baker produces cookies, sells them, and uses that money to consume (or purchase) other things she or he wants.

Scarcity 

• Students should be able to describe that scarcity is that people always want more than what is available to them, and that people are limited by their income/resources. 

Making Choices: Income, Saving, and Spending Relationship 

• • Income: money earned by working

  • Saving: Should we save our incomes or spend them? What are the benefits to saving?

  • Spending: Is spending our incomes necessary?  If so, when is it necessary to spend?

Personal Finance study guide 

Goods and services book