Grade: 3Lesson # 1

What's the difference between earned and unearned income?

SS.4.FL.1.1 People have many different types of jobs from which to choose. Identify different jobs requiring people to have different skills

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SS.4.FL.1.1 People have many different types of jobs from which to choose. Identify different jobs requiring people to have different skills

Money Matters

Grade 3 Lesson Plan

Lesson Number : #1

Correlated Florida Standards (See Full Text on Cover Page)

  • LAFS.3.RI.1.1
  • LAFS.3.RI.2.5
  • LAFS.3.W.1.3

Essential Question

  • What is the difference between earned and unearned income?

Learning Goals/Objectives

Students will:

  • Understand the concept of income
  • Understand and explain the differences between earned and unearned income.

Overview

  • In this lesson students will explore the differences between earned and unearned income. They will participate in large and small group discussion and complete a worksheet demonstrating their knowledge of the concept.

Materials

  • Paper
  • Pencils
  • Song sheet (Included inlesson)
  • Earned vs. Unearned Worksheet (Included in lesson)

Time

  • 30 minutes

Activity Sequence

INTRODUCTION/HOOK

Discuss with students:

  1. Today’s lesson will be about earning money. There are two ways people get money: earned and unearned income. Brainstorm as to what unearned and earned income means. Earned income is money for providing a service and unearned income is money received as a gift.
  • Now tell students that you are going to present some ways that people might get money.Students are to respond by telling you whether the income is earned or unearned:

Mowing the grass

Washing dishes

Receiving a gift card

Getting good grades on your report card

Baby sitting

Mom gave you $5.00

Then ask students what are some other ways they can earn unearned or earned income (5 minutes)

ACTIVITY

  1. Write these lyrics on the board (or copy and distribute to students).
  2. Tune: She'll Be Coming 'Round the Mountain

We'll be earning lots of income when we work (when we work).
We'll be earning lots of income when we work (when we work).
We'll be earning lots of income.
We'll be earning lots of income.
We'll be earning lots of income when we work (when we work).
(Verse 2)
We will sometimes get some money as a gift (as a gift).
We will sometimes get some money as a gift (as a gift).
We will sometimes get some money.
We will sometimes get some money.
We will sometimes get some money as a gift (as a gift).

By Martha Hopkins & Donna Wright) From Financial Fitness for Life: Pocket Power, K-2

  1. After singing the song. Place students in four groups of four or five. (depending on your class size) (5 minutes)
  2. Assign groups one and three the word earned income and groups two and four the words unearned income.
  3. Depending on which income the groups have the students will brainstorm amongst their group about unearned and earned income and have them create a song or rap. (15 minutes)

CLOSURE

Have students perform their song or rap to the class. (5 minutes)

Review Essential Questions (3 minutes)

OPTIONAL EXTENSION SUGGESTION/HOME LEARNING

Language Arts Extension (Have students write in their journals):

Narrative:Write about a job in which your skills can help you do your job successfully.

Home Learning: Students will complete the Earned vs Unearned Handout

SOURCES/BIBLIOGRAPHIC INFORMATION THAT CONTRIBUTED TO THIS LESSON: Adapted from:

Junior Achievement- Earned and Unearned Income

Song:

Earning Money Song

  1. Tune: She'll Be Coming 'Round the Mountain

We'll be earning lots of income when we work (when we work).
We'll be earning lots of income when we work (when we work).
We'll be earning lots of income.
We'll be earning lots of income.
We'll be earning lots of income when we work (when we work).
(Verse 2)
We will sometimes get some money as a gift (as a gift).
We will sometimes get some money as a gift (as a gift).
We will sometimes get some money.
We will sometimes get some money.
We will sometimes get some money as a gift (as a gift).

By Martha Hopkins & Donna Wright) From Financial Fitness for Life: Pocket Power, K-2

Name______

Date______

Earned vs Unearned Income

Days of the Week / Type of Income / Earned / Unearned / Total
Sunday
Monday
Tuesday
Wednesday
Thursday
Friday
Saturday
  1. What was your total income for seven days? ______
  1. Which day did you earn the most income?______
  1. Did you have more earned income or unearned income? Why?______

Adapted from: