Introducing Kids To Banks, Bank Accounts, And Economics

Posted by Kristy Beaudry McCain on Jul 15, 2014 3:29:02 AM

 

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Educating Kids About Banking Pays Big Dividends

Adults can get a lot of bank for their buck by teaching children about money and banking institutions. Families may maximize instructional time by taking kids to the banks with them and talking them through the banking process. Starting at a young age, youngsters should be introduced to the academic vocabulary of banking. Students have the ability to learn content specific words at an early age. Using real items (realia) and vivid pictures helps learners to better understand the word.

Banking Vocabulary

Educators and parents can teach children these important terms about money and economics.

  • Bank An institution where you can save money and earn interest, or borrow money and pay interest
  • Barter To trade goods and services without exchanging money
  • Benefit The satisfaction of your wants; the value attached to the satisfaction of your wants
  • Budget A plan that includes a detailed list of expenses and income
  • Choice an option that you have selected
  • Consumers People whose wants and needs are satisfied by using goods and services
  • Demand To need or want
  • Goods Objects that can satisfy your wants or needs
  • Hyperinflation Quick and uncontrollable inflation
  • Income Money earned in exchange for your time and labor
  • Inflation An increase in the average level of prices you must pay to receive goods and services; reduces the purchasing power of money
  • Interest Money paid to you for borrowing your money, or money you pay for the use of someone else's money; interest can be earned from a bank or credit union
  • Investment Money put into a company or business with hopes of making more money
  • Loss A negative return on an investment (i.e., you end up with less than your original investment
  • Market A place where trade occurs
  • Money A medium of exchange that is used to buy goods and services
  • Opportunity cost What you give up when you make a choice
  • Price The value of goods or services you are expected to give up in exchange for other goods or services
  • Producers People who produce or have a good or service that they sell to others
  • Productive resources The natural resources, human resources, and capital goods available to make other goods and services
  • Purchase To buy; to exchange for money or its equivalent
  • Save To put aside for later use; to accumulate money; the opposite of spend
  • Scarcity The problem of having unlimited wants while resources will always be limited
  • Services Actions that satisfy your wants or needs
  • Spend To use up; the opposite of save
  • Supply To sell or provide
  • Trade To give up something of value that belongs to you in order to receive something of value that belongs to someone else.

Recommended Reads

Readers have the opportunity to enjoy these titles that teach students about banks and banking institutions. These expository texts can be used to introduce students to the business of economics. Some titles are even available in the read aloud format, which is very helpful for emerging readers and writers. Kids can push the icon and the text can be read aloud to them. This is a great opportunity to enrich student’s educational skills by introducing them to new academic content and vocabulary. Big Universe offers hundreds of titles in many different languages on thousands of topics. Find these informational and engaging texts that help learn about dollars and sense at www.biguniverse.com

thumb-3 The Bank

by David and Patricia Armentrout © 2009
ISBN: 9781615907182 AR: /

Banks and their uses are described in this book. Includes details such as who works there, why they are necessary, and special equipment bankers use.

thumb-4 Bank Tellers Then and Now

by Lisa Zamosky
ISBN: 0743993837

Bank tellers help people take care of their money. Long ago, bank tellers did most of their work by hand. Today, computers make their work faster and easier. There are even machines called Automatic Teller Machines, or ATMs. Although convenient, ATMs cannot replace bank tellers.

thumb-7American Coins and Bills

by Tim Clifford © 2009
ISBN: 9781604724028 AR: / / /

Provides the history of American coins and bills and shows how they have changed over time.

Teaching Resources For Educators And Parents

Budgeting & Banking Math

Budgeting & Banking Math

by Saddleback Educational Publishing (author) © 2011
ISBN: 9781612470016

The reproducible lessons in each of the six books in this series presents topics students are likely to encounter in everyday life. Each book contains problems that involve estimation, equations, mental math, calculators, and critical thinking. Additional concept-specific skills in each book include graphing, averages, statistics, ratios, and measurement. These 112-page reproducible books include teacher notes and tips, answer keys, reference guides, lessons, unit reviews, and more. Units include: Paying Your Way, Buying Large Items, Unplanned Expenses, Credit Card Buying, Rental Budgeting, Self-Employment, Going on a Trip, Keeping the Books.

Looking At Money Calculations From The Common Core State Standards

CCSS.Math.Content.2.MD.C.8
Solve word problems involving dollar bills, quarters, dimes, nickels, and pennies, using $ and ¢ symbols appropriately. Example: If you have 2 dimes and 3 pennies, how many cents do you have?

Pencil

Connecting To The Common Core State Standards

The Common Core State Standards clearly outline what is expected of students at each grade level. The Common Core State Standards can be found at www.corestandards.org/

Information and standards taken from www.corestandards.org/

Students require a wide-ranging, rigorous academic preparation and, particularly in the early grades, attention to such matters as social, emotional, and physical development and approaches to learning. Similarly, the Standards define literacy expectations in history/social studies, science, and technical subjects, but literacy standards in other areas, such as mathematics and health education, modeled on those in this document are strongly encouraged to facilitate a comprehensive, schoolwide literacy program.

Topics: Common Core, Big Universe News

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