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