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1st grade · Social Studies · Unit 10 of 10

Earning, Saving & Sharing

How families earn, choose, save and trade.

What your child practices

Practices how people earn income, why families save, sharing and bartering, choosing between needs and wants, and natural, human and capital resources.

Minnesota K-12 Academic Standards benchmark: 1.2.7.1 · weighing the costs and benefits of two choices

How we explain it

Children can open this short lesson before they practice.

  1. People earn money by working.
  2. A consumer buys things. Saving is keeping money for later.
  3. We make choices when we can't have everything.

Example: Lena puts money in her piggy bank. She is… She does not spend it now. Keeping money for later is saving. Answer: saving

Earning, Saving & Sharing in Minnesota

In the Minnesota K-12 Academic Standards, this is unit 10 of 10 in 1st grade Social Studies, after Goods and Services.

Gradelings describes a child's practice on this unit as Beginning, Approaching, Meeting or Exceeding (Four practice steps). That reflects practice, not a report-card mark: the teacher decides the mark.

Source: Minnesota Department of Education (MDE)

Sample questions

A taste of this unit. In the app, questions change every time and get easier or harder to match your child.

  1. Question 1

    Which is a smart way to choose between two toys?

    • think about which you will use more
    • cry
    • grab both and run

  2. Question 2

    Why might a family save money?

    • for something they need later
    • to forget it
    • to throw it away

  3. Question 3

    Which family resource helps them get food?

    • a rainy day
    • a toy box
    • money from work

  4. Question 4

    Money you get for doing a job is called…

    • income
    • a rule
    • a gift card

  5. Question 5

    Maya buys a snack and has no money left for a book. She made a…

    • law
    • choice
    • map

  6. Question 6

    Which is a natural, a human and a capital resource?

    • tree, farmer, tractor
    • toy, cake, kite
    • rain, sun, wind

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