Standard 1 : Earning Income



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General Information

Number: SS.4.FL.1
Title: Earning Income
Type: Standard
Subject: Social Studies
Grade: 4
Strand: Financial Literacy (Adopted in 2023)

Related Benchmarks

This cluster includes the following benchmarks
Code Description
SS.4.FL.1.1: People have many different types of jobs from which to choose. Identify different jobs requiring people to have different skills.
SS.4.FL.1.2: People earn an income when they are hired by an employer to work at a job.
Explain why employers are willing to pay people to do their work.
SS.4.FL.1.3: Workers are paid for their labor in different ways such as wages, salaries, or commissions. Explain the ways in which workers are paid.
SS.4.FL.1.4: People can earn interest income from letting other people borrow their money.
Explain why banks and financial institutions pay people interest when they deposit their money at those institutions.
SS.4.FL.1.5: People can earn income by renting their property to other people.
Identify different types of property (such as apartments, automobiles, or tools) that people own and on which rent is paid.
SS.4.FL.1.6: Describe ways that people who own a business can earn a profit, which is a source of income.
SS.4.FL.1.7: Entrepreneurs are people who start new businesses. Entrepreneurs do not know if their new businesses will be successful and earn a profit. Identify ways in which starting a business is risky for entrepreneurs.
SS.4.FL.1.8: Income earned from working and most other sources of income are taxed. Describe ways that the revenue from these taxes is used to pay for government provided goods and services.


Related Access Points

This cluster includes the following access points.

Access Points

Access Point Number Access Point Title
SS.4.FL.1.AP.1: Identify different skills with different types of jobs.
SS.4.FL.1.AP.2: Recognize that people get paid for their work.
SS.4.FL.1.AP.3: Recognize that workers are paid in different ways for different jobs.
SS.4.FL.1.AP.4: Identify interest income from people borrowing money.
SS.4.FL.1.AP.5: Recognize income can be earned by renting to others.
SS.4.FL.1.AP.6: Recognize that people who own a business can make money.
SS.4.FL.1.AP.7: Recognize that entrepreneurs are people who start new businesses.
SS.4.FL.1.AP.8: Recognize taxes are used to pay for government goods and services.


Related Resources

Vetted resources educators can use to teach the concepts and skills in this topic.

Lesson Plans

Name Description
Emergency Savings:

Students will use their multiplication skills to explore the importance of taxes and how the government uses tax revenues to save for unforeseen emergencies, in this integrated lesson plan.

No Lemons Only Limes: Now What? :

Using the case study, When Life Gives You Limes, students will discuss that goods can vary in price depending on supply. Students will work in groups to reimagine a lemonade stand business with a new product. To resolve conflict, they will also come up with strategies that were used as a group to brainstorm ideas on how to change their product. This will allow the students to decide what to do with their new product and which product to create using the materials that they have.

 

Text Resource

Name Description
Case Study: When Life Gives You Limes:

Using this case study, students can discuss how products can be changed to make a business successful.