In this Grade 3 lesson from Pengi Social Studies, students learn to define scarcity and explain why people cannot have everything they want. They practice differentiating between needs, such as food and shelter, and wants, such as toys and games. Students then apply basic decision-making skills to create a simple budget, laying the foundation for Chapter 7's exploration of community economics.
Section 1
Understanding Needs and Wants
Everyone has things they need and things they want. Needs are things you must have to live, like food, water, and shelter. Wants are things you would like to have, like toys or video games, but you can live without them.
There are not enough resources for everyone to have everything they want. This is called scarcity. Because of scarcity, people cannot buy everything. They must make a choice and decide what is most important to buy first.
Section 2
People Plan Their Spending
When you get money, you have to decide how to use it. A budget is a plan for your money. It helps you track how much you spend and how much you save. Making a plan helps you reach goals, like buying a new bike.
When you choose one thing, you might have to give up another. This is called a trade-off. If you spend all your allowance on candy today, you won't have money for a movie later. Good budgeting helps people make smart choices.
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Section 1
Understanding Needs and Wants
Everyone has things they need and things they want. Needs are things you must have to live, like food, water, and shelter. Wants are things you would like to have, like toys or video games, but you can live without them.
There are not enough resources for everyone to have everything they want. This is called scarcity. Because of scarcity, people cannot buy everything. They must make a choice and decide what is most important to buy first.
Section 2
People Plan Their Spending
When you get money, you have to decide how to use it. A budget is a plan for your money. It helps you track how much you spend and how much you save. Making a plan helps you reach goals, like buying a new bike.
When you choose one thing, you might have to give up another. This is called a trade-off. If you spend all your allowance on candy today, you won't have money for a movie later. Good budgeting helps people make smart choices.
Book overview
Jump across lessons in the current chapter without opening the full course modal.
Continue this chapter