World Book Learning Resources suggests typical courses of study for Kindergarten through 12th Grade. The course of study for 2nd Grade is Handling money (coins).
Second Grade Financial Concepts
The Fifty Nifty Econ Card program from the Federal Reserve Bank of Kansas City includes recommendations on concept introduction for grade levels K through 6. Here are the recommended concepts for 2nd Grade:
Opportunity Cost: the next best choice that you give up
Natural Resources: gifts of nature used to make goods and services
Human Resources: workers who make goods and provide services
Capital Resources: goods made and used to produce other goods and services
Currency: paper money that is used by a country
Price: the amount that people pay when they buy a good or service
Income: amount of money you earn or receive from different sources
Strand 5: Economics, The Social Studies Standard as of May 22, 2006
State of Arizona, Standards and Assessment Division
Concept 1: Foundations of Economics
The foundations of economics are the application of basic economic concepts and decision-making skills. This includes scarcity and the different methods of allocation of goods and services.
Concept 1 Performance Objectives for the 2nd Grade
PO 1. Discuss how scarcity requires people to make choices due to their unlimited needs and wants with limited resources.
PO 2. Discuss that opportunity cost occurs when people make choices and something is given up (e.g., if you go to the movies, you can’t also go to the park).
PO 3. Identify differences among natural resources (e.g., water, soil, and wood), human resources (e.g., people at work), and capital resources (e.g., machines, tools and buildings).
PO 4. Recognize that people trade for goods and services.
PO 5. Compare the use of barter and money in the exchange for goods and services (e.g., trade a toy for candy, buying candy with money).
PO 6. Recognize that some goods are made in the local community and some are made in other parts of the world.
PO 7. Discuss how people can be both producers and consumers of goods and services.
Concept 5: Personal Finance
Decision making skills foster a person’s individual standard of living. Using information wisely leads to better informed decisions as consumers, workers, investors and effective participants in society.
Concept 5 Performance Objectives for the 2nd Grade
PO 1. Discuss costs and benefits of personal savings.
