Georgia SS5E2.a

Social Studies5th GradeEconomic Understandings

The Standard

Describe the household function in providing resources and consuming goods and services.

Georgia Standards of Excellence for Social Studies · Describe the functions of four major sectors in the U. S. economy.

Teacher's field guide

What Students Need to Do: Students identify households as both suppliers and consumers in the economy. They explain that people supply labor and other resources, then use income to buy goods and services.
What Mastery Looks Like: Students can trace a simple exchange between a household and a business. They correctly label labor as a resource, bread as a good, and a haircut as a service.
Common Misconceptions: Students may think a household means the building rather than the people making economic choices. They may think consuming means only eating, or overlook that households provide labor in return for income.
How to Assess It: Exit ticket: Maya earns wages working at a bakery, then buys shoes and a haircut. Name the resource, the good, and the service.

Lesson moves

Give groups job, money, product, and service cards, then have them model what households provide and what they buy.
Write two sentences explaining how a household can both supply work to a bakery and buy bread from it.
Play a sorting relay where teams place examples under resources provided, goods consumed, or services consumed.
Use a sample family budget to identify income earned, one good purchased, and one service purchased.

Free download

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