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Core Standards of the Course
Standard 20.0104-01
Students will discuss his/her role as a consumer.
Objective 20.0104-0101
Students will explain the role of the consumer in the economic system. National Standard 3.1.1
- Identify the roles consumers play (purchasing agent, customer, citizen)
- Describe how the economic system works to produce goods and services for consumers
- Identify the difference between inflation and recession and discuss their effects on consumers
Objective 20.0104-0102
Students will explain how the decision making process works in the economic system.
- Define terms: values, goals, and standards
- Identify and list personal values, goals, and standards.
- List steps s in making economics decisions.
- Identify factors involved with personal consumer choices
- Analyze how personal factors and economic conditions affect consumer decisions
Objective 20.0104-0103
Students will identify types of consumer problems and how they may be dealt with. National Standard 3.2.8
- Identify consumer protection legislation and protection agencies
- Define the term warranty or guarantee and identify the differences between written and implied warranties
Objective 20.0104-0104
Identify consumer rights and responsibilities. National Standard 3.1.1
- Describe how to make an effective consumer complaint
- Apply appropriate purchasing skills
Standard 20.0104-02
Students will describe the role of advertising in the economic system.
Objective 20.0104-0201
Identify advertising roles in the marketplace.
- Explain how a product is brought to market
- Explain the impact of advertising on the consumer
- Identify advertising techniques
- Identify fraudulent claims aimed at teen markets
Objective 20.0104-0202
Develop criteria for evaluating advertising, then critique advertisements in various types of media.
- Identify agencies that govern advertisements
- Evaluate advertisements according to the emotional or educational appeal
- Evaluate the budget for adequacy, ease of use, meeting goals, and realism
Objective 20.0104-0203
Describe the steps and purposes of advertising, then develop an advertisement for a product or service.
Standard 20.0104-03
Students will participate in activities concerning the income area of money management.
Objective 20.0104-0301
Select a career and calculate the anticipated earning, identifying financial concerns that relate to that career selection. National Standard 3.1
Objective 20.0104-0302
List various types of income for individuals and families and identify various types of incomes currently found in families.
Standard 20.0104-04
Students will participate in activities concerning the spending area of money management.
Objective 20.0104-0401
Identify and discuss spending habits.
- Analyze personal and/or family spending habits
- Specify problems that result from these spending habits
- Identify ways to correct spending habits
- Define impulse buying and discuss the problems that can result from it
Objective 20.0104-0402
Students will define basic terms used in budgeting, describe the benefits of a budget, the characteristics of a good budget, then develop a budget
- Establish long-term and short-term financial goals
- Maintain personal financial records for a set period of time
Standard 20.0104-05
Students will discuss and use various banking services.
Objective 20.0104-0501
Explain how to use and then practice using a checking account.
- Identify established terms: deposits, withdrawals, interest bearing accounts, being overdrawn, check or drafts, returned checks, credit, debit, service charge, etc.)
- Survey local banking institutions for types of checking accounts and costs
- Identify personal banking needs and determine the type of account needed
- Specify the responsibilities and advantages of having a checking account
Objective 20.0104-0502
Explain how to use and then use a savings account.
- Identify characteristics of a good savings plan
- Survey local banking institutions for various types of savings plans and interest rates
- Develop a personal savings plan incorporating personal goals
Objective 20.0104-0503
Explain how investments work and develop a hypothetical investment plan.
- Define investment and identify various types of investments (characteristics of each and the level of risk involved.
- Use established investment terms (stocks, bonds, mutual funds, return rate, dividends, risk factors, etc.
- List guidelines for selecting investments.
- Describe the stock market and how it works.
Standard 20.0104-06
Students will explain the role of credit in consumer economics.
Objective 20.0104-0601
Students will define credit and standard credit terms (lender, borrower, annual percentage rate, collateral, credit report, etc.).
Objective 20.0104-0602
Students will identify various types of credit (consumer loans, revolving accounts, mortgage, etc.) and distinguish between commercial and consumer credit.
Objective 20.0104-0603
Identify the advantages and disadvantages of credit
- Analyze the costs of credit versus paying cash
- Analyze the dangers of credit abuse
- Identify ways that credit fraud has been practiced by businesses and consumers
- List ways to protect oneself from credit fraud
Objective 20.0104-0604
Identify reasons for establishing and maintaining good credit, complete a credit application, and identify ways to maintain a good credit rating.
Objective 20.0104-0605
Ascertain individual and/or family credit limits in relation to income, and develop guidelines for staying within those limits.
Objective 20.0104-0606
Identify the role that credit plays in the economy by illustrating how credit adds to inflation and recession.
Standard 20.0104-07
Students will describe the role of insurance.
Objective 20.0104-0701
Students will define and use established insurance terms (policy, claim, coverage, deductible, rider, premium, etc.) and list reasons for securing financial protection.
Objective 20.0104-0702
List the various types of insurance including their various components, generally carried by individuals and families, including those required by law (automotive, life medical, household).
Objective 20.0104-0703
Students will determine guidelines for the amounts and types of personal and family insurance needed, then complete an insurance application form.
Standard 20.0104-08
Students will list the reasons to plan financially for clothing purchases.
Objective 20.0104-0801
Students will identify and distinguish between the needs and wants for a personal wardrobe.
Objective 20.0104-0802
Plan for the purchase of a personal wardrobe while staying within a budget.
- Determine how information on labels and hangtags can help make decisions on clothing purchases
- Research the cost of shoplifting on store owners and consumers
Objective 20.0104-0803
Discuss how accessories can stretch a wardrobe and develop a personal plan for stretching a wardrobe.
Objective 20.0104-0804
Discuss and participate in clothing care techniques.
- Ascertain proper laundry techniques
- Review garment labeling for fibers and care
- Perform personal/family laundry
- Identify various types of stains and the appropriate treatment for removal
- Complete laundry experiments related to shrinkage and color bleeding
- Describe the benefits of mending and minor alterations in relation to the clothing budget
Standard 20.0104-09
Students will determine how to best provide for personal and/or family transportation needs.
Objective 20.0104-0901
Determine individual and/or family transportation needs and the amount of the budget that can be used for transportation costs (including payments).
Objective 20.0104-0902
Participate in a simulated car purchase scenario.
- Identify the advantages and disadvantages of owning a car
- List guidelines for judging the performance of a car
- Debate whether it is better to purchase a used car or a new car
- Select a car to purchase
- Assess the annual costs of gas, oil, insurance, repairs, payments, and maintenance; prorate for a monthly amount
- Explain the importance of a full warranty
- Identify possible sources of automobile loans
Standard 20.0104-10
Students will discuss ways to make the best use of the money they spend on food.
Objective 20.0104-1001
Determine the amount of money that can be spent on food.
Objective 20.0104-1002
Identify wise food buying practices that can save money and reduce waste (shopping plan, unit pricing, comparison shopping, assessing nutritional value for dollar, reading labels, using coupons, etc.)
Objective 20.0104-1003
Compare the costs of using prepared or convenience foods to cooking from scratch.
Objective 20.0104-1004
Compare the costs of eating out versus preparing food at home.
Standard 20.0104-11
Students will discuss ways to make the best use of the money they spend on housing.
Objective 20.0104-1101
Determine individual and/or family housing needs and the amount of money that can be spent on housing (including rent or a house payment).
- Compare renting versus purchasing a home
- Assess the annual costs of housing including utilities, repairs, payments, furnishings, and maintenance; prorate for the monthly amount
Objective 20.0104-1102
Discuss the steps of purchasing a home.
- Identify the costs related to purchasing a home
- Identify various types of home loans
- Use established mortgage terms.
Objective 20.0104-1103
Identify how to best spend money on furnishing a home.
- Identify the basic furnishing needs and the costs for acquiring these items
- Comparison shop for the quality and price of furniture and appliances
- Recognize labels and seals that are indicators of quality
Standard 20.0104-12
Students will explain the purpose of taxes and their role in our economy.
Objective 20.0104-1201
Discuss the various types of taxes.
- Define and explain the term tax and the basic principles of taxation
- Identify taxes that must be paid (income, property, sales, etc.)
- Debate the fairness of various types of taxation
Objective 20.0104-1202
Discuss how taxes pay for government projects.
- List the services provided by federal, state, and local governments
- Describe how tax rates relate to services provided by the government
- List major revenue sources and expenditures at the federal, state and local levels of government
- Identify taxes that are included in the purchase price of goods and services
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