Understanding Income

Economics Grades 1-2

What is Income?

Income is the money that people earn. Most grown-ups earn income by working at a job. This money helps them buy things they need and want, like food, clothes, and a home.

Sometimes, kids can also earn income by doing chores or helping out. This is your money to spend or save!

Income in Action!

If your parents go to work, they get paid for their time and effort. That payment is their income. They use this income to buy groceries, pay for your school, and maybe even buy you a treat!

If you help wash the dishes and get $1, that $1 is your income. You can choose to spend it or save it!

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