|
6120
36 weeks
|
Economics and Personal Finance
TASKS/COMPETENCIES
|
|
|
|
Demonstrating Personal Qualities and Abilities
|
|
|
Required
|
1
|
Demonstrate creativity and innovation.
|
|
|
Required
|
2
|
Demonstrate critical thinking and problem solving.
|
|
|
Required
|
3
|
Demonstrate initiative and self-direction.
|
|
|
Required
|
4
|
Demonstrate integrity.
|
|
|
Required
|
5
|
Demonstrate work ethic.
|
|
|
|
Demonstrating Interpersonal Skills
|
|
|
Required
|
6
|
Demonstrate conflict-resolution skills.
|
|
|
Required
|
7
|
Demonstrate listening and speaking skills.
|
|
|
Required
|
8
|
Demonstrate respect for diversity.
|
|
|
Required
|
9
|
Demonstrate customer service skills.
|
|
|
Required
|
10
|
Collaborate with team members.
|
|
|
|
Demonstrating Professional Competencies
|
|
|
Required
|
11
|
Demonstrate big-picture thinking.
|
|
|
Required
|
12
|
Demonstrate career- and life-management skills.
|
|
|
Required
|
13
|
Demonstrate continuous learning and adaptability.
|
|
|
Required
|
14
|
Manage time and resources.
|
|
|
Required
|
15
|
Demonstrate information-literacy skills.
|
|
|
Required
|
16
|
Demonstrate an understanding of information security.
|
|
|
Required
|
17
|
Maintain working knowledge of current information-technology systems.
|
|
|
Required
|
18
|
Demonstrate proficiency with technologies, tools, and machines common to a specific occupation.
|
|
|
Required
|
19
|
Apply mathematical skills to job-specific tasks.
|
|
|
Required
|
20
|
Demonstrate professionalism.
|
|
|
Required
|
21
|
Demonstrate reading and writing skills
|
|
|
Required
|
22
|
Demonstrate workplace safety.
|
|
|
|
Examining All Aspects of an Industry
|
|
|
Required
|
23
|
Examine aspects of planning within an industry/organization.
|
|
|
Required
|
24
|
Examine aspects of management within an industry/organization.
|
|
|
Required
|
25
|
Examine aspects of financial responsibility within an industry/organization.
|
|
|
Required
|
26
|
Examine technical and production skills required of workers within an industry/organization.
|
|
|
Required
|
27
|
Examine principles of technology that underlie an industry/organization.
|
|
|
Required
|
28
|
Examine labor issues related to an industry/organization.
|
|
|
Required
|
29
|
Examine community issues related to an industry/organization.
|
|
|
Required
|
30
|
Examine health, safety, and environmental issues related to an industry/organization.
|
|
|
|
Addressing Elements of Student Life
|
|
|
Required
|
31
|
Identify the purposes and goals of the student organization.
|
|
|
Required
|
32
|
Explain the benefits and responsibilities of membership in the student organization as a student and in professional/civic organizations as an adult.
|
|
|
Required
|
33
|
Demonstrate leadership skills through participation in student organization activities, such as meetings, programs, and projects.
|
|
|
Required
|
34
|
Identify Internet safety issues and procedures for complying with acceptable use standards.
|
|
|
|
Exploring Work-Based Learning
|
|
|
Required
|
35
|
Identify the types of work-based learning (WBL) opportunities.
|
|
|
Optional
|
36
|
Reflect on lessons learned during the WBL experience.
|
|
|
Required
|
37
|
Explore career opportunities related to the WBL experience.
|
|
|
Optional
|
38
|
Participate in a WBL experience, when appropriate.
|
|
|
|
Developing Basic Economic Concepts and Structures
|
|
|
Required
|
39
|
Describe how consumers, businesses, and government decision-makers face scarcity of resources and must make trade-offs and incur opportunity costs.
|
|
|
Required
|
40
|
Explain that economic choices often have long-term, unintended consequences.
|
|
|
Required
|
41
|
Describe how effective decision-making requires comparing the additional costs (marginal costs) and additional benefits (marginal benefits).
|
|
|
Required
|
42
|
Identify factors of production.
|
|
|
Required
|
43
|
Compare economic systems.
|
|
|
Required
|
44
|
Explain Adam Smith’s characteristics of a market economy.
|
|
|
|
Understanding the Role of Producers and Consumers in a Market Economy
|
|
|
Required
|
45
|
Describe how consumers, producers, workers, savers, investors, and other people respond to incentives.
|
|
|
Required
|
46
|
Explain how businesses respond to consumer sovereignty.
|
|
|
Required
|
47
|
Identify the role of entrepreneurs.
|
|
|
Required
|
48
|
Compare the costs and benefits of different forms of business organization.
|
|
|
Required
|
49
|
Describe how costs and revenues affect profit and supply.
|
|
|
Required
|
50
|
Describe how increased productivity affects costs of production and standard of living.
|
|
|
Required
|
51
|
Examine how investment in human capital, physical capital, and technology can improve productivity.
|
|
|
Required
|
52
|
Describe the effects of competition on producers, sellers, and consumers.
|
|
|
Required
|
53
|
Explain why monopolies or collusion among sellers reduces competition and raises prices.
|
|
|
Required
|
54
|
Describe the circular flow of economic activity.
|
|
|
|
Exploring the Price System
|
|
|
Required
|
55
|
Examine the laws of supply and demand and the determinants of each.
|
|
|
Required
|
56
|
Explain how the interaction of supply and demand determines equilibrium price.
|
|
|
Required
|
57
|
Describe the elasticity of supply and demand.
|
|
|
Required
|
58
|
Examine the purposes and implications of price ceilings and price floors.
|
|
|
|
Demonstrating Knowledge of a Nation's Economic Goals
|
|
|
Required
|
59
|
Examine the market value of a worker’s skills and knowledge.
|
|
|
Required
|
60
|
Describe how changes in supply and demand for goods and services affect a worker’s income.
|
|
|
|
Demonstrating Knowledge of a Nation's Economic Goals
|
|
|
Required
|
61
|
Describe economic indicators, such as gross domestic product (GDP), consumer price index (CPI), and unemployment rate.
|
|
|
Required
|
62
|
Describe the causes and effects of unemployment and inflation.
|
|
|
Required
|
63
|
Describe the fluctuations of the business cycle.
|
|
|
Required
|
64
|
Describe strategies for achieving national economic goals.
|
|
|
Required
|
65
|
Demonstrate knowledge of the nation’s financial system.
|
|
|
Required
|
66
|
Demonstrate knowledge of how monetary and fiscal policy influence employment, output, and prices.
|
|
|
Required
|
67
|
Demonstrate knowledge of the role of government in a market economy.
|
|
|
Required
|
68
|
Demonstrate knowledge of the global economy.
|
|
|
|
Developing Consumer Skills
|
|
|
Required
|
69
|
Examine basic economic concepts and their relation to product prices and consumer spending.
|
|
|
Required
|
70
|
Examine the effect of supply and demand on wages and prices.
|
|
|
Required
|
71
|
Describe the steps for making a purchase decision.
|
|
|
Required
|
72
|
Describe common types of contracts and the implications of each.
|
|
|
Required
|
73
|
Demonstrate comparison-shopping skills.
|
|
|
Required
|
74
|
Maintain a filing system for personal financial records.
|
|
|
Required
|
75
|
Examine the impact of advertising and marketing on consumer demand and decision making in the global marketplace.
|
|
|
Required
|
76
|
Access reliable financial information from a variety of sources.
|
|
|
Required
|
77
|
Explain consumer rights, responsibilities, remedies, and the importance of consumer vigilance.
|
|
|
Required
|
78
|
Examine precautions for protecting identity and other personal information.
|
|
|
Optional
|
79
|
Interact effectively with salespersons and merchants.
|
|
|
Optional
|
80
|
Describe consumer protection regulations.
|
|
|
Optional
|
81
|
Describe the role of consumer assistance agencies.
|
|
|
|
Demonstrating Knowledge of Planning for Living and Leisure Expenses
|
|
|
Required
|
82
|
Compare the costs and benefits of purchasing vs. leasing a vehicle.
|
|
|
Required
|
83
|
Compare the advantages and disadvantages of renting vs. purchasing a home.
|
|
|
Required
|
84
|
Describe the process of renting housing.
|
|
|
Required
|
85
|
Describe the process of purchasing a home.
|
|
|
Required
|
86
|
Calculate the cost of utilities, services, maintenance, and other housing expenses involved in independent living.
|
|
|
Required
|
87
|
Evaluate discretionary spending decisions.
|
|
|
|
Demonstrating Knowledge of Banking Transactions
|
|
|
Required
|
88
|
Describe the types of financial institutions.
|
|
|
Required
|
89
|
Examine how financial institutions affect personal financial planning.
|
|
|
Required
|
90
|
Evaluate services and related costs associated with personal banking.
|
|
|
Required
|
91
|
Differentiate among types and regulations of electronic monetary transactions.
|
|
|
Required
|
92
|
Prepare all forms necessary for opening and maintaining a checking and a savings account.
|
|
|
Required
|
93
|
Reconcile bank statements.
|
|
|
Required
|
94
|
Compare costs and benefits of online, mobile, and traditional banking.
|
|
|
Required
|
95
|
Explain how certain historical events have influenced the banking system and other financial institutions.
|
|
|
Optional
|
96
|
Compare the U.S. monetary system with the international monetary system.
|
|
|
|
Demonstrating Knowledge of Credit and Loan Functions
|
|
|
Required
|
97
|
Evaluate the various methods of financing a purchase.
|
|
|
Required
|
98
|
Analyze credit card features and their impact on personal financial planning.
|
|
|
Required
|
99
|
Identify qualifications needed to obtain credit.
|
|
|
Required
|
100
|
Identify basic provisions of credit and loan laws.
|
|
|
Required
|
101
|
Compare terms and conditions of various sources of consumer credit.
|
|
|
Required
|
102
|
Identify strategies for effective debt management, including sources of assistance.
|
|
|
Required
|
103
|
Explain credit rating and credit report.
|
|
|
Required
|
104
|
Compare the costs and conditions of secured and unsecured loans.
|
|
|
Required
|
105
|
Compare the types of voluntary and involuntary bankruptcy and the implications of each.
|
|
|
Optional
|
106
|
Calculate payment schedules for a loan, using spreadsheets, calculators, and/or online tools.
|
|
|
Optional
|
107
|
Complete a sample credit application.
|
|
|
|
Demonstrating Knowledge of the Role of Insurance in Risk Management
|
|
|
Required
|
108
|
Evaluate insurance as a risk-management strategy.
|
|
|
Required
|
109
|
Distinguish among the types, costs, and benefits of automobile insurance coverage.
|
|
|
Required
|
110
|
Distinguish among the types, costs, and benefits of life insurance.
|
|
|
Required
|
111
|
Distinguish among the types, costs, and benefits of property insurance.
|
|
|
Required
|
112
|
Distinguish among the types, costs, and benefits of health insurance.
|
|
|
Required
|
113
|
Explain the roles of insurance in financial planning.
|
|
|
Optional
|
114
|
Distinguish among the types of professional liability insurance.
|
|
|
|
Demonstrating Knowledge of Income Earning and Reporting
|
|
|
Required
|
115
|
Examine how personal choices about education, training, skill development, and careers impact earnings.
|
|
|
Required
|
116
|
Differentiate among sources of income.
|
|
|
Required
|
117
|
Calculate net pay.
|
|
|
Required
|
118
|
Investigate employee benefits and incentives.
|
|
|
Required
|
119
|
Complete standard federal employment tax forms.
|
|
|
|
Demonstrating Knowledge of Taxes
|
|
|
Optional
|
120
|
Describe the types and purposes of local, state, and federal taxes and the way each is levied and used.
|
|
|
Optional
|
121
|
Explore how tax structures affect consumers, producers, and business owners differently.
|
|
|
Required
|
122
|
Compute local taxes on products and services.
|
|
|
Required
|
123
|
Examine potential tax deductions and credits on a tax return.
|
|
|
Required
|
124
|
Explain the content and purpose of a standard W-2 and 1099 form.
|
|
|
Required
|
125
|
Explain the similarities and differences between state and federal taxation of inheritances.
|
|
|
Optional
|
126
|
Define the terminology associated with inheritance.
|
|
|
Optional
|
127
|
Compare investment options for a monetary inheritance.
|
|
|
Optional
|
128
|
Examine types and purposes of estate planning.
|
|
|
Optional
|
129
|
Complete a state income tax form, including electronic formats.
|
|
|
Optional
|
130
|
Complete short and itemized federal income tax forms, including electronic formats.
|
|
|
|
Demonstrating Knowledge of Personal Financial Planning
|
|
|
Required
|
131
|
Identify short-term and long-term personal financial goals.
|
|
|
Required
|
132
|
Identify anticipated and unanticipated income and expenses.
|
|
|
Required
|
133
|
Examine components and purposes of a personal net worth statement.
|
|
|
Required
|
134
|
Develop a personal budget.
|
|
|
Required
|
135
|
Investigate the effects of government actions and economic conditions on personal financial planning.
|
|
|
Required
|
136
|
Explain how economics influences a personal financial plan.
|
|
|
|
Demonstrating Knowledge of Investment and Savings Planning
|
|
|
Required
|
137
|
Compare the impact of simple interest vs. compound interest on savings.
|
|
|
Required
|
138
|
Compare investment and savings options.
|
|
|
Required
|
139
|
Explain costs and income sources for investments.
|
|
|
Required
|
140
|
Examine the fundamental workings of the Social Security System and the system’s effects on retirement planning.
|
|
|
Required
|
141
|
Contrast alternative retirement plans.
|
|
|
Required
|
142
|
Explore how the stock and bond markets work.
|
|
|
|
Financing Education after High School
|
|
|
Required
|
143
|
Identify sources of financial aid.
|
|
|
Required
|
144
|
Examine types of student loans.
|
|
|
Required
|
145
|
Explain the repayment process for student loans.
|
|
|
Required
|
146
|
Describe types of student grants.
|
|
|
Required
|
147
|
Describe types of scholarships.
|
|
|
Required
|
148
|
Describe investment options to pay for college costs.
|
|
|
Required
|
149
|
Identify ways to make the cost of post-secondary education affordable.
|
|
|
|
Preparing for Industry Certification
|
|
|
Required
|
150
|
Describe the process and requirements for obtaining industry certifications related to the Economics and Personal Finance course.
|
|
|
Required
|
151
|
Identify testing skills/strategies for a certification examination.
|
|
|
Required
|
152
|
Demonstrate ability to successfully complete selected practice examinations (e.g., practice questions similar to those on certification exams).
|
|
|
Required
|
153
|
Successfully complete an industry certification examination representative of skills learned in this course (e.g., W!SE Financial Literacy Examination).
|
|
|
|
Developing Career Exploration and Employability Skills
|
|
|
Optional
|
154
|
Investigate career opportunities.
|
|
|
Optional
|
155
|
Identify personal interests, aptitudes, and attitudes related to the characteristics found in successful workers.
|
|
|
Optional
|
156
|
Prepare a professional portfolio.
|
|
|
Optional
|
157
|
Research a company in preparation for a job interview.
|
|
|
Optional
|
158
|
Participate in mock interviews to refine interviewing techniques.
|
|
|
Optional
|
159
|
Prepare employment-related correspondence.
|
|