3 Consumer Economics Unit 1: Budgeting Suggested Duration: about 10 days Access the SAS content at: www.pdesas.org Standards, Big Ideas, and Essential Questions Big Idea: Students learn how to estimate, create, and balance a family budget Standards: 6.1.9.A,D
6.1.12.D
6.5.3,4,5.G
Concepts Students should know how to: •
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Estimate costs Recognize fixed expenses •
Recognize variable expenses •
Anticipate future expenses •
Budget for the future •
Explain savings plans Essential Questions: 1.
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What is a budget? What is a balanced budget? What is deficit spending? How do we plan to save? How can we estimate costs? What are fixed versus flexible expenses? What is a liability? Competencies and Social Studies Core Skills RTM Core Social Studies Skills: • Math skills • Interpretation of charts and graphs • Analysis and interpretation of expenses • Analysis and interpretation based on synthesis of facts • Notetaking and organizational skills • Reading comprehension • Research skills • Written and oral expression of facts and concepts Students will be able to: Identify fixed costs Identify flexible/variable costs Forecast future Vocabulary/Content Assets Liability Liquid Assets Bankruptcy Income Cash inflow Cash Outflow Short‐term Goal Long‐term Goal Budget Balanced Budget Deficit Savings “In the Red” “In the Black” Fixed Expenses Variable Expenses Instructional Materials Suggested Activities Personal Finance Literacy Ch. 4 Internet, websites Computers/Projector
Example budgets Students submit and analyze their own definitions of key terms. Students read and answer teacher and textbook‐based questions about Chapter 4. Students research current housing, food, and transportation costs. Students create a personal budget based upon estimated costs of living expenses Identify budgetary concerns Anticipate areas of savings within a budget Plan savings given a list of expenses and anticipated income Unit 2: Stock Market/Investment Suggested Duration: About 10 days, Duration of the Semester Standards, Big Ideas, and Essential Questions Concepts Big Idea: Americans plan Students should know for their retirements via that: a variety of investment •
Investment tools, most linked to the involves risk rise and fall of stock •
Some stocks prices. are riskier than others A stock portfolio is •
The safest something you “manage” investment strategy as you plan for the is focused on future. growth of assets •
A portfolio Stock prices rise and fall consists of all your according to numerous investments market factors •
Mutual funds spread risk making your funds “safer” Standards: •
You may manage your 6.5.9.D,H,G
investments using the internet •
Stockbrokers 6.1.3.C
charge fees •
The most 6.1.6.D
common form of investment is the 6.1.8.C
401k system 6.5.3,4.G
Competencies and Social Studies Core Skills RTM Core Social Studies Skills: • Math skills • Interpretation of charts and graphs • Analysis and interpretation of stock reports • Analysis and interpretation based on synthesis of facts • Notetaking and organizational skills • Reading comprehension • Research skills • Written and oral expression of facts and concepts Students will be able to: Vocabulary/Content Equities Portfolio Portfolio Diversification Stock Market Dow Jones Industrial Average New York Stock Exchange 401K Bull Market Bear Market Mutual Fund Buying Stock Stock Price Fluctuation Risk Financial Health Investment Strategy 52‐week High 52‐week Low Dividend E‐trading NASDAQ Quote Investment Tool Stock Broker Shareholder Commission Securities and Exchange •
Develop Commission (SEC)
knowledge about investment strategy •
Identify the information displayed on a page of stock quotes •
Define “mutual fund” and how that Instructional Materials Suggested Activities Personal Financial Literacy, Ch. 14 Web‐Based Trading Internet, websites Computers/Projector
Students submit and analyze their own definitions of key terms. Students create a “fantasy portfolio” and manage the holdings for approx. 10‐12 weeks Students research different companies and decide on investment strategies Essential Questions: investment tool works •
Explain how a 401K works •
Manage their own “fantasy” portfolio What is stock? How do we buy and sell stock? What is a stock portfolio? What is a stock broker? Why do prices rise and fall? What is a mutual fund? What is the relationship of risk and stocks? Unit 3: Banking Suggested Duration: about 10 days Standards, Big Ideas, and Essential Questions Concepts Competencies and Social Studies Core Skills Big Idea: Banks play a Students should know RTM Core Social Studies vital role in capitalist that: Skills: economies. • Math skills • Interpretation of •
How to open a The price of goods and charts and graphs savings account services is linked to • Analysis and •
How to open a interest rates interpretation checking account based on synthesis •
How to balance Managing a bank of facts a checkbook account is an essential • Notetaking and •
Why people part of life organizational use banks skills •
The ‘ins and Knowing the “ins and •
Reading outs’ of banking, outs” of credit and credit comprehension banking fees cards •
Research skills •
The features of • Written and oral a safety deposit box expression of facts •
Types of Standards: and concepts savings institutions •
How buying on 6.2.9.F
credit increases cost Students will be able to: to buyer 6.2.U.F
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Compare and contrast banking 6.5.U.E
institutions •
Balance a 6.5.3,4,5,6,7,8.
checkbook •
Write a check •
.Identify credit Essential Questions: card applications and hidden fees •
What is •
Compute savings? savings over time •
What is a bank? •
Identify key Vocabulary/Content Instructional Materials Suggested Activities Check Checking Account Balancing a Checkbook Debit Card Savings Account Automatic Teller Machines (ATM) Deposits Withdrawals Safety Deposit Box Cashier’s Check Money Order Personal Identification Number (PIN) Bank Statement Personal Financial Literacy, Ch. 13 Internet, websites Computers/Projector
Bank Statements Credit Card Applications Checkbook Students submit and analyze their own definitions of key terms. Students read and answer teacher and textbook‐based questions about Chapter 13. Students research fees of local banks and savings/checking account offerings Students balance a fictitious checking account •
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What is credit? What is APR? What services do banks offer the public? What is a “check?” How do checking accounts work? How do we “balance” a checkbook? feature of an ATM Identify ATM fees •
Identify information on a bank statement •
Unit 4: Credit Suggested Duration: about 10 days Standards, Big Ideas, and Essential Questions Big Idea: All Americans use credit. Credit costs money. Most Americans obtain credit via credit cards and mortgages. Your credit score affects the cost of credit. Calculating the cost of credit is simple. Credit costs more the longer you hold it. Standards: 6.5.9.H
6.5.12.H
Essential Questions: •
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What is credit? How does credit work? How do we obtain credit? What is a Concepts Students should know that: •
A variety of institutions offer credit •
Credit costs money •
The terms of credit cards vary considerably. •
Annual Percentage Rate (APR) determines final cost of products and services when using credit. •
There is a difference between cash price and credit price. •
You should “shop” for credit. •
Your credit history determines your credit score. •
The web is an excellent tool for amortizing credit costs. Competencies and Social Studies Core Skills RTM Core Social Studies Skills: • Math skills • Interpretation of charts and graphs • Analysis and interpretation of amortization tables • Analysis and interpretation based on synthesis of facts • Notetaking and organizational skills • Reading comprehension • Research skills • Written and oral expression of facts and concepts Students will be able to: •
Calculate credit costs •
Fill out a credit application •
Identify key items in a credit card application •
Calculate the Vocabulary/Content Interest Finance Charge Cash Price Credit Price Credit Card Credit Card Application Late Fee Credit Cards Do’s and Don’ts Amortize Amortization Calculators Principal Credit Bureaus Credit Rating Credit Score Annual Percentage Rate(APR) Down Payment Automobile Loans Mortgage Mortgage Payment 30‐Years Loan Fixed Interest Variable Interest Home Equity Loans Instructional Materials Suggested Activities Personal Financial Literacy, Chapter 10 &11 Amortization Web Sites Credit Card Applications Internet, websites Computers/Projector
Students find credit card applications in the community to bring to class for analysis. Students find different On‐Line sources of credit. Students calculate varying credit costs in relation to APR. Students submit and analyze their own definitions of key terms. Students read and answer teacher and textbook‐based questions about Chapter 10 & 11. •
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mortgage? How do we amortize? What are the pitfalls of credit cards? What is APR? What affects my credit score? How do I calculate the cost of credit? cost of an automobile mortgage •
Identify key items in a mortgage •
Calculate a monthly mortgage payment •
Compare credit card options and determine which is best. Unit 5: Careers Suggested Duration: about 10 days Standards, Big Ideas, and Essential Questions Big Idea: There is a process for choosing a career path. Different sources exist for helping one choose and find a career and job. Different careers require different skills at many levels. Standards: 6.1.3,4,5.B 6.1.6.B,D Concepts Students should know that: • Careers have predictable “paths” • Certain jobs require certain skills with varying levels of difficulty • Interviews are an important part of the job‐search process • The internet is an excellent tool for finding a job • Some fields require membership in a labor union 6.4.3,4,5.A 6.5.9.A,B 6.5.12.A,B Essential Questions: •
What are my interests and how Competencies and Social Studies Core Skills RTM Core Social Studies Skills: • Map skills • Interpretation of charts and graphs • Analysis and interpretation of political cartoons • Analysis and interpretation based on synthesis of facts • Notetaking and organizational skills • Reading comprehension • Research skills • Written and oral expression of facts and concepts Students will be able to: •
Choose a career that fits their own interests •
Utilize the Web for a job search •
Describe the protections and responsibilities of union membership Vocabulary/Content Career Career Path Industry Market Application Employee Employee’s Rights Manager Management Boss Skills Skill Set Skill Level Semi‐Skilled Unskilled Professional Interview Cover Letter Resume Job Search Occupational Outlook Handbook (OOH) Labor Union Seniority Job Security Collective Bargaining Shop Steward White Collar Pink Collar Blue Collar Instructional Materials Suggested Activities Personal Financial Literacy, Ch. 5 Selected video clips showing various jobs. Internet, websites Computers/Projector
Job Application Forms Students submit and analyze their own definitions of key terms. Students read and answer teacher and textbook‐based questions about Chapter 5. Students research the various careers and jobs described in Chapter 5 and create a presentation based on the skill levels. Students complete job applications Students create a cover letter Students create a resume. Practice Interviews •
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will they help me with a career? What skills are required for the career I choose How do I find a job? What will my life be like as a_________? What are unions and how do I become a member? What sources are available for my career and job search? •
Write a cover letter •
Write a resume Unit 6: Insurance Suggested Duration: about 10 days Standards, Big Ideas, and Essential Questions Big Idea: Carrying insurance is a necessity in today’s world. There are types of insurance with various degrees of covering risk to life and financial loss. Standards: 6.1.3,4,5,6,7,8.C
6.1.6.D
6.2.9.B
6.5.9.D
6.5.12.G Essential Questions: •
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What is insurance? What types of insurance do I need? Why does insurance protect my life and financial health? Concepts Students should know that: •
Your lifestyle directly affects the cost of insurance. •
Insurance is a benefit to you. •
Some “ins and outs” of the insurance industry •
Your demographic affects the cost of your insurance •
Risk affects the cost of insurance •
Policies vary, as do cost and coverage Competencies and Social Studies Core Skills RTM Core Social Studies Skills: • Map skills • Interpretation of charts and graphs • Analysis and interpretation of political cartoons • Analysis and interpretation based on synthesis of facts • Notetaking and organizational skills • Reading comprehension • Research skills • Written and oral expression of facts and concepts Students will be able to: •
Identify key components of a declaration page •
Find different rates for same coverage •
Identify liability •
Describe their own demographic Vocabulary/Content Insurance Insurance Policy Risk Liability Demographic Coverage Declaration Page Group Plan Premium Deductable Collision Blue Book Value Claim Claim Adjuster 10/30/5 Automobile Insurance Health Insurance HMO Home Insurance Apartment Insurance Instructional Materials Suggested Activities Personal Financial Literacy, Ch. 7 Internet, websites Computers/Projector
Various examples of Insurance Policies Students submit and analyze their own definitions of key terms. Students read and answer teacher and textbook‐based questions about Chapter 7. Students research and present different insurance policies. Students find coverage for their own automobiles from at least 3 different insurance companies. Students find blue book value of a variety of automobiles. •
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What affects the prices of insurance? How do I shop for insurance? •
Find the blue book value of a used car •
Identify key sections of an insurance policy Unit 7: Taxes and Income Suggested Duration: about 10 days Standards, Big Ideas, and Essential Questions Big Idea: We pay taxes in order to fund the American government. Filing taxes is less difficult than most people claim. Standards: 6.1.9.C
6.3.9.A,C
6.3.C.A
6.3.U.C
6.3.C.C
6.3.12.C
Essential Questions: •
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What is fiscal policy? Why should I pay my taxes? How do I know what I owe, or better, what I am owed? How is my tax Concepts Students should know that: •
A portion of their pay will be garnished •
Taxes pay for all goods and services supplied by the government •
Taxes are paid to three separate levels of government •
1040EZ forms are what most people need to file their income taxes •
Accountants help file income tax returns Competencies and Social Studies Core Skills RTM Core Social Studies Skills: • Math skills • Interpretation of charts and graphs • Analysis and interpretation based on synthesis of facts • Notetaking and organizational skills • Reading comprehension • Research skills • Written and oral expression of facts and concepts Students will be able to: •
Identify key components of a 1040EZ tax return form •
Calculate their net pay. •
Complete a 1040EZ tax return •
Identify major expenditures in a federal budget Vocabulary/Content Gross Pay Net Pay Federal Tax State Tax Income Tax Sales Tax Tax Return 1040EZ Tax Deductions Gross Income Payroll Tax Capital Gain Adjusted Gross Income Accountant Expenditure Fiscal Policy Withholding Social Security Tax Evasion Instructional Materials Suggested Activities Personal Financial Literacy, Ch. 6 Internet, websites Computers/Projector
Various examples of Tax returns 1040EZ Tax Return Students submit and analyze their own definitions of key terms. Students read and answer teacher and textbook‐based questions about Chapter 6. Students will complete a 1040EZ tax return successfully. •
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dollar spent? What is a tax break? Who can help me file my tax return? Unit 8: Advertising Suggested Duration: about 10 days Standards, Big Ideas, and Essential Questions Concepts Competencies and Social Studies Core Skills Big Idea: Supply and Students should know RTM Core Social Studies demand determine the that: Skills: price of goods. • Interpretation of charts and graphs •
Sellers depend Advertising is a means of • Analysis and on demand for their increasing demand. interpretation products in order to based on synthesis sell them Advertisers attempt to of facts •
Advertising is a appeal to consumers by a •
Notetaking and means of increasing variety of psychological organizational demand methods. skills •
Advertisements • Reading are based on comprehension psychological Standards: • Research skills assumptions about • Written and oral human wants and expression of facts needs 6.1.9.A,B,C and concepts •
Advertisers attempt to 6.2.3.D Students will be able to: manipulate our desires 6.2.4.D •
Identify the key components of 6.1.12.D Maslow’s Hierarchy •
Analyze the 6.2.C.A psychological elements of 6.2.9.B advertisements (commercials, 6.2.12.B musical, and pictorial)
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Students will 6.2.9.D write and produce a commercial for an 6.2.U.D imaginary or real Vocabulary/Content Demographics Psychology Maslow’s Hierarchy Needs Wants Advertising Campaign Marketing Marketer Psychological Weakness Advertising Tactic Subliminal Message Focus Group Catchphrase Jingle Emotional Appeal Instructional Materials Suggested Activities Personal Financial Literacy, Ch. 8 Internet, websites Computers/Projector
Various examples of Advertisements (commercials, musical, pictorial) Students submit and analyze their own definitions of key terms. Students read and answer teacher and textbook‐based questions about Chapter 8. Students will write, produce, and film an advertisement for fictional or real product based on psychology of advertising 6.2.W.D product Essential Questions: What are wants and needs? How does advertising affect my buying habits? What are the psychological motivations in an advertisement? What is an “ad campaign?”