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Standard 2 : Buying Goods and Services
Cluster Standards

This cluster includes the following benchmarks.

Visit the specific benchmark webpage to find related instructional resources.

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

This cluster includes the following Access Points.

  • 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).