Social Studies
Objective: I can put needs first in a budget and explain the opportunity cost of my choices.
Standards: D2.Eco.1.3-5
Builds on: Needs the budget from Day 3 and Week 24 Day 2 (needs and wants). One-minute check: "A winter coat in a cold place: need or want? A fourth coat?" (A need. A want.)
Materials: Budget from Day 3, 1 index card, Colored pencils in green, blue and orange, Notebook, Pencil
- Warm-Up · 5 min
Spaced review from Week 24. Ask: "What is opportunity cost?" (The next best thing you give up when you make a choice.) Then ask the big question: "Should you buy candy before you pay for a school supply you need? Why?"
- Mini-Lesson · 10–15 min
Say: "A smart budget pays for needs first, then saving, then wants." Model with Priya in the notebook. Say: "Priya has $15. Her needs are a notebook for $3 and pencils for $2." Ask: "What do her needs cost?" ($5.) Say: "She saves $4." Write 15 - 5 - 4 = 6. Say: "She has $6 left for wants. She wants a slime kit for $8." Ask: "Can she buy it this week?" (No. $8 is more than $6.) Say: "She has two choices. She can buy stickers for $3, or keep the $3 to buy the kit sooner. She picks the stickers." Ask: "What is her opportunity cost?" (Getting the kit sooner. That was her next best choice.) Say: "Her choice is not wrong. Every choice has a benefit and a cost. A good planner knows both." Ask: "What is the benefit of her choice?" (She enjoys the stickers now.) If stuck, say: "Could she stay safe, healthy and ready for school without it? Then it is a want."
- Activity / Source Work · 15–20 min
Budget Fix-Up. Write these facts on the index card and read them aloud. "Diego has $20 this week. He must pay $6 for a water bottle for practice and $4 for a field-trip lunch. He plans to save $3. He wants a $9 model kit and a $5 comic." 1) In the notebook, draw a table with four columns: line, kind, amount, money left. 2) Your child writes the needs first and finds the money left. (20 - 6 - 4 = 10.) 3) Add the Save line. (10 - 3 = 7. He has $7 for wants.) 4) Ask: "Which want fits? What is your evidence?" (The comic. $5 is less than $7. The kit costs $9, which is too much.) 5) Your child decides what Diego should do. There are two good answers. Buy the comic and keep $2. Or buy nothing and add the $7 toward the kit. 6) Your child names the opportunity cost of that choice. 7) Color each line: green for needs, blue for save, orange for wants.
- Notebook Entry · 10 min
Your child reworks the Day 3 budget. First add one need: a $3 pencil pouch for school. Put it on the first line and make the plan fit $12 again. Label each line NEED, SAVE or WANT. Then finish the frame: "I chose ___, so I gave up ___." Sample: "I chose the toy car, so I gave up the trading cards."
- Exit Ticket · 5 min
Read the exit questions aloud. Your child solves question 1 on paper. Check the subtraction together. Praise plans that put needs first.
Watch for: Calling something a need because your child wants it very much, as in "I need the comic."
Try: Ask: "Could you stay healthy and safe, and do your school work, without it?" If yes, it is a want.
- Ava has $18. Her needs cost $7 and she saves $4. Can she buy a $9 game this week? Explain.
- Eli says, "I need the new comic." Is the comic a need or a want? How can you tell?
- Nora has $5 left for wants. She picks a $5 puzzle instead of a $5 kite. What is her opportunity cost?
Show answers
- No. 18 - 7 - 4 = 7, so she has $7 left, and $9 is more than $7.
- A want. He can stay safe, healthy and ready for school without it.
- The kite.
Support: Use only one need and one want, with prices under $5. Your child labels each one before doing any math.
Extend: Your child writes a two-week plan so Diego can buy the $9 kit. He still pays every need and saves $3 each week.
Homework: Your child asks a family member to name one need and one want in this week's shopping. Look for your child telling which one comes first, and why.
Practice page · Week 30, Day 4
Social Studies
I can put needs first in a budget and name the opportunity cost of a choice.
Look: needs first
- Pay for needs first.
- Next, put money in Save.
- Whatever is left can go to wants.
Lena has $18. Needs: gloves $5 and glue for a school project $2. She saves $4. Wants: a board game $10 or a book $6.
| Line | Amount | NEED, SAVE or WANT |
|---|---|---|
- 1.
How much do Lena's needs cost?
- 2.
How much is left for wants?
- 3.
Can Lena buy the board game? Explain.
- 4.
If she buys the book, how much is left?
Answer each question.
- 5.
Lena chooses the book. What is her opportunity cost?
- 6.
Jon has $12. His needs cost $4 and he saves $3. Can he buy a $6 kite? Explain.
Challenge: Why is it smart to save before buying wants?
Materials: colored pencils (green, blue, orange)