Economics

Grade Level: 5th Grade

Subject: Social Studies 

Time Frame: 4 weeks (November/December)

​

Big Understandings

​

- examine how individuals use financial institutions to manage personal finances 

​

Essential Questions

​

- what risks and benefits are associated with spending versus saving and investing?
- how can a checking account help to decide how to spend and save?
- why do people use financial institutions rather than self-banking?
- how do people choose a financial institution?

​

​

By the end of the unit, students will be able to:

​

- differentiate between saving and investing
- establish the function of banking
- distinguish between different types of financial institutions such as banks and credit unions, and the services provided ( checking accounts, savings accounts, investments, and loans)
- create a way to keep track of money spent and money saved 

​

Topics:

​

◦ Market interactions 
◦ Allocation of resources 
◦ Capitalist market economy 
◦ Identify governmental activities that affect financial institutions and the economy- local, state, and national level 
◦ Products and services of financial institutions- checking accounts, savings accounts, investments, loans 
◦ Compare financial institutions- products and services 

​

Standards

SS.5.3.2