1G14/1G15 – Buying, Trading, Cost and Benefits

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Class Summary

Students will understand the definitions of buying, trading, cost, and benefits. And become familiar with how they are a part of daily life in a community.

Lesson Slide

1G14/1G15 – Buying, Trading, Cost and Benefits

Main Teaching Points

  • Explain: To trade is to give someone something so that they will give you something in return. To buy is to give someone money so that they will give you something.
  • Explain: A service is when someone does something for money. If your neighbor washes your car for $20, you are paying them for a service. You can trade services too. You can tell your neighbor: “I don’t have $20 but if you wash my car I’ll mow your lawn.”
  • Explain: A cost is something a person gives up, like money. A benefit is something someone hopes to get.  When we make choices we have to weigh the cost and benefits of our choice.

Discussion Questions

  • Is this buying or trading?
  • What does it mean to volunteer?
  • What does cost mean?
  • What is a benefit?

In-Class Activities

  • Play monopoly as a family: Families can play monopoly online here and practice buying, trading, and weighing costs and benefits.
  • Use Vocabulary Cards: Use vocabulary cards to discuss goods, services, and community
    • trade- to give someone something so that they will give you something in return
    • buy – to give someone money so that they will give you something
    • cost – what a person gives us to get something
    • benefit – what a person hopes to get