When Ben opens the Bank of Ben, Nick is eager to borrow money - until he is informed that he must pay interest. He doesn’t want to pay the interest and looks to Sydney and Will to back him up. Sydney explains that interest is the price people pay to borrow money, and furthers the discussion by explaining the various types of financial institutions and their functions.
Essential Question: What happens if you don’t have enough money to buy something you really need? Where can you get the money?
Learning Objective: Students will identify banks, credit unions, and savings and loan associations as places where some people save money and earn interest and where other people borrow money and pay interest. Students will give examples of borrowing and lending.
Essential Vocabulary: banks, credit unions, FDIC, borrow, credit, interest, lending, loans, price, save/savings, services, spending
Link to teacher's guide and more resources/programs at ff4kids.com !