First Grade Passport
Your student should complete this activity with adult involvement at
home or in your community.
Supply and Demand:
- Next time you are running low on a household item (toilet paper, toothpaste, cereal) use it as an opportunity to explain supply and demand. If there is a greater demand for something, the supply needs to go up. If there is no demand (maybe a cereal that no one likes) then they do not need a large supply.
- While driving with your student, look around and help them identify items that could be sold for cash. Discuss what could be done with that cash, including saving. Help students understand that by having that item, the owner is giving up something else. For example, if you identify a boat, explain that if it was sold, maybe that family could use the money for a trip to Disneyland. By owning the boat, they are giving up the trip to Disneyland.
Wants or Needs:
- Have student compose a list of possible gift items they would like to receive for a birthday or holiday. Then have them label each item on the list as a want or a need.
- Talk with your child about saving money for one of his/her needs or wants.
- Discuss how much it will cost and how this money could be earned.
- Decide if the money will be saved in a piggy bank or a savings account.
Scarcity and Choices:
- In the student’s spare time, give them three choices of activities to participate in. Explain that they only have twenty minutes, so time is “scarce.” Help them make a choice on how to spend their time.
Career & Income:
- Make a list with your student to help him identify different sources of income in his life, such as birthday money. On the list, include FUTURE sources of income and make a plan to help the student identify ways to earn money such as pulling weeds or getting the newspaper for a neighbor. Track increased income on the list.
- Hold a discussion with your student explaining the relationship between careers and income. Explain that people are only paid from their job if they work.