Colorado
4th Grade
State Standards
Personal Financial Literacy
8: Apply economic reasoning skills to make informed personal financial decisions.
FL.4.5.1: Determine the opportunity cost when making a choice.
Students Can
a: Define choice and opportunity cost.
b: Determine the relationship between long-term goals and opportunity cost.
c: Analyze scenarios of choices including opportunity cost.
Colorado Essential Skills
1: Make connections between information gathered and personal experiences to apply and/or test solutions when making a purchase (Self-Advocacy and Initiative).
2: Regulate one's emotions, thoughts, and behaviors in different situations when making a purchase (Self-Management).
3: Ask questions to develop further personal understanding of how to make informed purchases (Critical Thinking and Analysis).
Inquiry Questions
1: What different ways does an individual have to get information when deciding between purchase options?
2: How do you know when a good decision has been made about a purchase?
3: What outside influences (peer pressure) can affect spending decisions?
Nature and Skills of Personal Financial Literacy
1: Financially capable individuals analyze opportunity costs associated with making decisions.
2: Financially capable individuals analyze data to forecast possible outcomes.
3: Financially capable individuals understand that the relationship between choice and opportunity cost leads to good decision-making. For example: A business may have an opportunity to purchase inexpensive land, but the cost may be in the travel time.
4: Financially capable individuals compare the benefits and costs of individual choices.
5: Financially capable individuals identify positive and negative incentives that influence the decisions people make.
Disciplinary, Information, and Media Literacy
1: Integrate information from two texts on the same topic in order to write or speak about the subject knowledgeably.
2: Use precise language and domain-specific vocabulary to inform about or explain the topic.