Identifying Income as Goods & Services

T.I.P.S.

The student must recognize that they can use money earned from their income to buy goods and services that they want, but their money must be used to take care of needs first before spending money on their wants. Students must also be able to apply mathematical ideas and processes to problems arising in everyday life, society, and the workplace.

Example

Look at each of the following items and read the statements below.   

  a)  Decide if it is a want or a need. Make your choices by writing the needs on your paper. b)  Mark saved $20 from the money he earned helping his dad rake leaves. He needs a new backpack for school that cost $13. If he buys the backpack, how much will he have left to spend on other things he wants?   
Hint 
Possible Solutions 

TEKS

1.9 Personal financial literacy. The student applies mathematical process standards to manage one's financial resources effectively for lifetime financial security. The student is expected to: (B)  identify income as a means of obtaining goods and services, oftentimes making choices between wants and needs

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