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Hi there! I am Studyfin, your learning buddy. Today we will explore how we make smart choices with our money!
Before we start reading, let us set our goal. Setting a reading purpose helps us focus. Today, our goal is to find out how people choose between things they want and things they need.
In economics, a 'need' is something you must have to live, like water. A 'want' is something nice to have, like a toy. Since we cannot buy everything, we must make choices.
Now, let us look at a fable. A few well-known children's stories, like some of Aesop's fables, can also teach us about saving and planning. These stories use talking animals to show us how to plan for the future.
Read this short fable about a squirrel and a rabbit. Explain the economic choice being made and find the lesson of the story.
- Step 1: Set your purpose. We want to read to find the difference between immediate wants and future needs.
- Step 2: Read the story. Sammy the Squirrel gathers acorns for winter. Ronny the Rabbit plays and eats sweet berries today.
- Step 3: Identify the characteristics of this story. It has talking animals and teaches a clear lesson. This means it is a fable.
- Step 4: Explain the economic choice. Sammy chooses to save for his future needs. Ronny chooses to enjoy his instant wants.
- Step 5: Find the lesson. It is wise to prepare for tomorrow instead of only enjoying today.