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Income and Earning
Social Studies, Grade 3
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Study Guide Income and Earning Social Studies, Grade 3
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3
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INCOME
AND
EARNING
What
is
income?
Income
is
money
that
people
earn
from
working.
It
is
also
referred
to
as
wages
or
salaries.
What
is
earning?
Earning
is
receiving
money
for
work
done
or
services
performed.
Earning
is
the
act
of
getting
the
income
for
working.
How
do
people
earn
money?
Some
people
make
or
grow
goods.
Farmers
grow
crops
or
livestock.
Some
people
work
in
factories
to
make
cars,
or
toothpaste,
or
telephones.
Children
make
lemonade
to
sell
in
a
lemonade
stand.
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purchaser
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Some
people
perform
services.
Doctors
and
nurses
give
care
to
patients.
Teachers
help
students
learn.
Policemen
and
firemen
keep
communities
safe.
Some
people
invest
in
business
stocks
that
they
hope
will
bring
them
an
income.
Stocks
are
small
shares
of
a
company.
The
company
sells
shares
to
run
its
business.
They
pay
dividends
to
stockowners
Spending
means
using
income
to
purchase
goods
and
services.
People
buy
things
they
need.
They
also
buy
things
they
want.
Needs
are
the
things
we
cannot
live
without
such
as
food,
clothing
and
shelter.
Wants
are
the
things
we
like
to
have
but
can
live
without.
Savings
are
the
amount
of
income
that
is
not
spent.
Some
people
put
their
savings
in
a
place
at
home
to
use
as
needed
Some
people
put
savings
in
banks.
Banks
pay
them
a
small
amount
called
interest
to
thank
them
for
the
use
of
their
savings.
Economics
-
the
study
of
ways
people
spend
money
Budget
-
a
plan
that
shows
income,
spending
and
savings
Taxes-
monies
collected
by
a
government
to
provide
services
to
communities.
(Sales
tax,
real
estate
tax,
business
profit
tax)
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Income
tax
-
a
percent
of
the
money
people
earn
is
paid
back
to
the
government
Sales
tax
-
a
percent
of
the
cost
of
some
goods
is
added
to
the
price
of
an
item
Profit
-
income
a
producer
has
left
after
all
costs
of
production
are
paid
Costs
of
production
-
salaries
to
workers,
goods
needed
to
make
more
goods,
maintenance
of
property
such
as
electricity
or
heat,
and
taxes
Economic
choice
-
buying
one
thing,
not
another
Employer
-
an
owner
of
a
business
Employee
-
a
worker
at
a
business,
sometimes
called
a
laborer
© Copyright NewPath Learning. All Rights Reserved.
Permission
is
granted
for
the
purchaser
to
print
copies
for
non-commercial
educational
purposes
only.
Visit
us
at
www.NewPathLearning.com.
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