Standard 2 : Buying Goods and Services



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General Information

Number: SS.4.FL.2
Title: Buying Goods and Services
Type: Standard
Subject: Social Studies
Grade: 4
Strand: Financial Literacy

Related Benchmarks

This cluster includes the following benchmarks
Code Description
SS.4.FL.2.1: Explain that economic wants are desires that can be satisfied by consuming a good, a service, or a leisure activity.
SS.4.FL.2.2: Explain that people make choices about what goods and services they buy because they can’t have everything they want. This requires individuals to prioritize their wants.
SS.4.FL.2.3: Identify some of the ways that people spend a portion of their income on goods and services in order to increase their personal satisfaction or happiness.
SS.4.FL.2.4: Discuss that whenever people buy something, they incur an opportunity cost. Opportunity cost is the value of the next best alternative that is given up when a person makes a choice.
SS.4.FL.2.5: Explain that costs are things that a decision maker gives up; benefits are things that a decision maker gains. Make an informed decision by comparing the costs and benefits of spending alternatives.
SS.4.FL.2.6: Predict how people’s spending choices are influenced by prices as well as many other factors, including advertising, the spending choices of others, and peer pressure.
SS.4.FL.2.7: Planning for spending can help people make informed choices. Develop a budget plan for spending, saving, and managing income.


Related Access Points

This cluster includes the following access points.

Access Points

Access Point Number Access Point Title
SS.4.FL.2.AP.1: Identify economic wants with goods, services, and leisure activities.
SS.4.FL.2.AP.2: Place goods and services in a list that prioritizes an individual’s wants.
SS.4.FL.2.AP.3: Recognize a portion of income can be used for personal happiness.
SS.4.FL.2.AP.4: Recognize a scenario that involves making an economic choice.
SS.4.FL.2.AP.5: Identify the costs and benefits of spending based on an informed decision.
SS.4.FL.2.AP.6: Identify ways people’s spending choices are influenced.
SS.4.FL.2.AP.7: Identify the parts of a budget plan (spending, saving, and managing income).