Economics and Personal Finance Unpacking Document

NORTH CAROLINA UNPACKING DOCUMENT FOR ECONOMICS AND PERSONAL FINANCE

The Unpacking Documents for North Carolina K-12 Social Studies Standards were created in collaboration with teachers, NCDPI leadership, andmembers of the NCDPI Social Studies team. These documents are intended to supplement the standard course of study and provide acomprehensive understanding for the teaching of the standards and objectives. The explanations and examples in this document are intended to behelpful in the planning of local curriculum and classroom instruction.

This document will provide:

● Inquiry Strand: the State Board of Education approved indicators for inquiry● Standard: the State Board of Education approved standard(s) for a strand● Objective: the State Board of Education approved objectives for teaching and learning● Mastery of the Objective: a description of how the student should be able to demonstrate mastery of the objective● Students Will Understand: understandings that students should be able to arrive at as a result of the instruction● Students Will Know: information the student should know● Example Topics: possible content and/or topic ideas that can be used to teach the objective● Example Formative Assessments: possible tasks that can be used to gauge student understanding of the objective

The example topics and example formative assessments provided with each objective are:

● Content examples for instruction that help to build student knowledge and understanding of the objective● Sample assessment activities to gauge learning that may be used to determine whether students are meeting the learning objective● Examples to enhance the student’s ability to make connections across other disciplines and in the real world● Recommendations, with the understanding that PSUs retain local control to determine curriculum

The example topics and example formative assessments provided with each objective are:

● Not meant to be an exhaustive list● Not meant to be content that must be taught all at once● Not a checklist for basic recall or memorization● Not a checklist for assessment for each objective● Not intended to reflect summative assessment items

The Social Studies Glossary of Instructional Terms has been designed to be a tool to provide educators with words and phrases that represent the big, overarching concepts, and ideas that teachers need to know and understand in order to effectively teach the revised Social Studies Standards: View the Glossary of Instructional Terms

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https://www.dpi.nc.gov/glossary-instructional-terms-fall-2021-implementation

Unpacking the Economics ObjectivesStandard EPF.E.1 Understand economies, markets, and the role economic factors play in making economic decisionsOverarching Concepts: Economies, Markets, Role, Economic Factors, Economic Decisions

Objective Mastery of theObjective

Students WillUnderstand Students Will Know Example Topics Examples of Formative

AssessmentEPF.E.1.1Compare howindividuals andgovernmentsutilize scarceresources intraditional,command,market, andmixed economies

Students must be ableto discuss thesimilarities anddifferences of howindividuals andgovernments usescarce resources intraditional, command,market, and mixedeconomies.

Scarcity forcespeople to makechoices about how toallocate resources tobenefit nations,communities, andgroups

The ways in whichscarce resources areallocated dependson the values of theindividuals, society,and their economicsystem

How scarcity impactstraditional, command,market, and mixedeconomies

The similarities anddifferences of howindividuals use scarceresources in variouseconomies

The similarities anddifferences of howgovernments use scarceresources in variouseconomies

Examples of currenttraditional, command,market, and mixedeconomies

Traditional economy● Maasai Tribe of

East Africa● Haiti

Command economy● Cuba● North Korea● Venezuela

Market economy● Japan● England

Mixed economy● United States● France● China

Types of limitedresources● Land● Labor● Capital/money● Food/pantry

items

Students are assigned aset of economies. Thestudents create a VennDiagram comparing howtheir set of economiesutilize scarce resources.The following setsshould be assigned: 1)Market economy andcommand economy; 2)Traditional economy andmarket economy; 3)Command and mixed;and 4) Traditional andmixed.

Students create a Janusfigure where each sliderepresents a differenttype of economy (e.g.,command, mixed, etc.)Students must comparehow scarce resourcesare utilized in thedifferent economies.



AssessmentEPF.E.1.2Distinguishmarket structuresin terms ofeconomic

Students must be ableto differentiate marketstructures based ontheir characteristics.

The type of marketstructure isdetermined by theamount ofcompetition among

How to apply the conceptof opportunity costs topersonal decision making

Examples of market

Market structures● Perfect

competition● Monopolistic

competition

Given information abouttwo different nations’economic approaches,students make acomparative list to

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characteristicsand the roles theyplay indecision-makingand opportunitycosts

Students must be ableto differentiate theroles various marketstructures play indecision-making andopportunity costs.

firms operating in thesame industry

Profit often acts asan incentive in a puremarket economy

structures

Examples of economiccharacteristics

● Oligopoly● Monopoly

Opportunity cost

Profit motive

Private ownership

Consumersovereignty

Governmentregulation

Social and economicgoals● Freedom● Security● Equity● Growth● Efficiency● Stability

distinguish whichmarket structures havethe most governmentinvolvement and how itimpactsdecision-making.

Students are given a listof characteristicsdescribing differentmarket structures.Students analyze the listof characteristics todetermine which marketstructure each list ofcharacteristics belongsto and how that list ofcharacteristics mightdeterminedecision-making.



AssessmentEPF.E.1.3 Explainhow supply anddemanddetermineequilibrium priceand quantityproduced

Students must be ableto demonstrate howequilibrium price andquantities produced areimpacted by supply.

Students must be ableto demonstrate howequilibrium price andquantities produced areimpacted by demand.

In a pure, free marketeconomy, price andquantity aredetermined by theinteraction of supplyand demand

Increases ordecreases in demandand/or supply willusually drive price andquantity

Factors that shift supply

Factors that shift demand

Examples of howchanges in supply impactthe equilibrium quantityand equilibrium price in amarket

Examples of howchanges in demandimpact the equilibrium

Law of Supply

Law of Demand

Elasticity

Market equilibrium

Equilibrium price

Factors that shiftdemand

Students are givensupply-and-demandgraphs based oneconomic scenarios.Students use the graphto explain how supplyand demand impactsequilibrium price.

The teacher givesstudents hypotheticalscenarios and asksstudents to identify what

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quantity and equilibriumprice in a market

Factors that shiftsupply

Complementary vs.substitute good

factors are causingchanges; which arechanging supply,demand, or both; andhow this will impactequilibrium price andquantity.



AssessmentEPF.E.1.4Compare theways in whichincentives andprofits influencewhat is producedand distributed ina market system

Students must be ableto discuss thesimilarities of howproduction anddistribution areinfluenced byincentives or profits.

Students must be ableto discuss thedifferences of howproduction anddistribution areinfluenced byincentives or profits.

Production of goodsis influenced byincentives or profits

Distribution of goodsis influenced byincentives or profits

How incentives andprofits influenceproduction anddistribution in a marketeconomy

Why the different types ofeconomies can impactprofits and incentives forentrepreneurs andexpanding business

Types of incentives● Profit sharing● Bonuses● Pay check● Stock options● Tax credits● Business grants● Fines/fees● Dock in pay● Promotion/

demotion

Trade-offs

Opportunity cost

Production

Possibilities frontier

Economic questions

Command economy

Market economy

Mixed economy

Specialization

Students choose anindustry. Studentscreate a chart thatcompares similaritiesand differences betweenthe effects of positiveincentives on theproduction anddistribution within thatindustry.

Students create a VennDiagram comparingvarious incentives thatinfluence production in amarket economy.

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Four factors ofproduction

Choice

Consumers/producers

Benefit and cost

Increased productivity

Innovation for acompetitive edge

Standard EPF.E.2 Analyze the role of government and economic institutions in developing and implementing economic stabilization policies in theUnited StatesOverarching Concepts: Role, Government, Economic Institutions, Develop, Implement, Economic Stabilization, Policies



AssessmentEPF.E.2.1Summarize basicmacroeconomicindicators andhow they varyover the course ofa business cycle

Given written or visualmaterial, students mustbe able to demonstratethe ability to create asummary or abstract ofhow macroeconomicindicators vary over thecourse of a businesscycle.

Business cycles aremade up of periods ofexpansion andcontraction

Measuring aneconomy requiresanalyzing key piecesof data known aseconomic indicators

The types ofmacroeconomicindicators

The impactmacroeconomicindicators have on abusiness cycle

Examples of howmacroeconomicindicators can vary overthe course of a businesscycle

Leading indicators● The stock market● House prices● Bond yields● Production and

manufacturingstatistics

● Retail sales● Interest rates

Lagging indicators● GDP growth

rates● The Consumer

Price Index (CPI)and inflation

● Currencystrength and

The teacher givesstudents differentscenarios reflecting theeconomiccircumstances of theUnited States or aparticular region of theUnited States. For eachscenario, students writea 2-3 sentencestatement summarizinghow leadingmacroeconomicindicators vary over thecourse of a businesscycle.

Students examine four

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stability● Labor market

statistics● Commodity

prices

Business Cycle

Turning Points of aBusiness Cycle● Peak● Expansion● Trough● Recession

different graphs ofleading macroeconomicindicator data. Graph 1should be of averageweekly work hours inmanufacturing. Graph 2should be factory ordersfor goods. Graph 3should be housingpermits. Graph 4 shouldbe stock prices.Students write atwo-paragraphhypothetical report thatmust be submitted tothe person in charge oftrade and industry inyour local community.One paragraph of thereport shouldsummarize how theshifts presented in thedata could signal a shiftin a business cycle.



AssessmentEPF.E.2.2Summarize basicmicroeconomicindicators andhow they varyover the course ofa business cycle

Given written or visualmaterial, students mustbe able to analyze howvariations in thebusiness cycle causechanges in markets,households, and firms.

Microeconomicindicators are used byindividuals and firmsto make decisionsabout consumptionand production

Factors of productionare influenced by thebusiness cycle

The circular flow

Examples that supportmicroeconomics as therelationship betweenfirms and individuals

Examples of howmicroeconomicindicators can vary overthe course of a businesscycle

Supply and demand

Price setting

Diminishing returnsand supply

Elasticity of demand

Elasticity of supply

Role of prices and

Students read ahypothetical situation inwhich a company isplanning to maximizeproduction and capacity,so it can lower its pricesto increase itscompetitive edge. Afterreading, students write a280-character tweetsummarizing thecompany’s plan.

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model represents theintersection of firms,households, andbusinesses

profits in determiningresource allocation

Products

Number of producers

Consumercharacteristics

Market concentrationindexes

Circular flow

Business cycle

Students are given anarticle about a smallbusiness’ decisions toexpand production tomeet demand. Studentswrite a headlinesummarizing the varyingmicroeconomicindicators in thescenario.



AssessmentEPF.E.2.3 Explainhow fiscal policyand monetarypolicy influenceoverall levels ofemployment,interest rates,production, pricelevel, andeconomic growth

Students must be ableto demonstrate howemployment, interestrates, production, pricelevel, and economicgrowth are impacted byfiscal policy.

Students must be ableto demonstrate howemployment, interestrates, production, pricelevel, and economicgrowth are impacted bymonetary policy.

The fiscal ormonetary policydecisions of agovernment canencourage economicbehaviors importantto keeping economicgrowth at a steadypace

Fiscal and monetarypolicy are oftenimplemented to exertinfluence on anation’s economy

Who is responsible forfiscal policy decisions

Who is responsible formonetary policy decisions

How fiscal and monetarypolicy influenceemployment interestrates, production, pricelevel, and economicgrowth

Monetary policy● Contractionary● Expansionary● Management of

money supplyand interest rates

● Federal Reserve

Fiscal policy● Contractionary● Expansionary● Government's

decisions abouttaxation andspending

● Stimulus checks● Subsidies

The teacher providesstudents with differentscenarios about pricelevels. Students decidewhat policy needs to beenacted. In a paragraph,students explain howtheir choices ofmonetary or fiscal policyinfluence price level.

Each student is given adescription of ahistorical or current timeperiod/era from asuggested list createdby the teacher. Eachstudent creates acause-and-effect chartexplaining how various

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fiscal and monetarypolicies impactedeconomic growth in theUnited States. Asuggested list of thesepolicies include:Alexander Hamilton’sfinancial plan, theRoaring Twenties, NewDeal Programs,response to 1970s oilcrisis, response to the2007-2008 financialcrisis, and response tothe Covid-19 crisis.



AssessmentEPF.E.2.4Differentiateorganizations interms of theirroles andfunctions in theUnited Stateseconomy

Students must be ableto make a distinctionbetween variousorganizations in termsof their roles andfunctions in the UnitedStates’ economy.

How variousorganizations helpregulate the economyand help the economyrun efficiently

How businesses areorganized and howthis impacts theeconomy andindividuals

The function/purpose oforganizations that helpregulate and stabilize theUnited States’ economy

How organizations helpto ensure stability of theUnited States’ economy

Banks and creditunions

Labor unions

Nonprofitorganizations

Cooperatives

Wall Street

Regulatory agencies● Federal Trade

Commission● Food and Drug

Administrations● Securities and

ExchangeCommision

● The Federal

Given severaldescriptions of both thefunctions of the FederalReserve and the FederalTrade Commission,students choose whatthey believe are themost important roles inmaintaining stability ofthe United Stateseconomy. Studentswrite one paragraphexplaining why.

Given a copy of a pastreport that the chairmanof the Federal ReserveBoard gives to Congresstwice a year, studentscircle the main pointsdescribing and reflecting

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Reserve● Federal Reserve

Banks● Federal

InsuranceDepositCorporation

● National CreditUnionAdministration

● CommoditiesFutures TradingCommission

the role and functionsimportant to the UnitedStates’ economy.Students share thepoints they circled witha partner and thendebrief in a whole groupdiscussion in which theteacher providesconfirmation andcorrection for the pointsstudents present.

Standard EPF.E.3 Understand the role of government in a market economyOverarching Concepts: Market Economy, Governmental Role in Regulation



AssessmentEPF.E.3.1 Identifythe role thegovernment playsin providing alegal structure toprotect propertyrights and enforcecontracts

Students must be ableto show they canrecognize informationabout the government'srole in protectingproperty rights andenforcing contracts.

The government haslaws in place toprotect individualproperty rights andintellectual property

Patents, trademarks,and copyright lawsprotect entrepreneursby allowing them toprofit off of new ideasand promoteinnovation with newproducts

The role the governmentplays in protecting theproperty rights of citizens

Various ways thegovernment enforcescontracts

The legal processes andstructures set up to helpensure the protection ofproperty rights

Intellectual property

Eminent domain

5th amendment

Patent laws

Trademark

Copyright laws

Creative commons

Licensing

Rights as a propertyowner

The teacher givesstudents a scenario of abusiness seeking torezone a residentialarea. Students list theways the governmentmay protect the owners’property rights.

Students are given threeto five prompts alongwith several possibleanswers. Each promptshould describe orreport on situationsinvolving the legalstructure thegovernment uses orputs in place to protectproperty rights orenforce contracts. The

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students must choosewhich answer is thecorrect choice for eachprompt. A prompt mayinclude multipleanswers if the teacherchooses to create theactivity in such amanner.



AssessmentEPF.E.3.2 Explainhow governmentregulationimpacts marketactivity

Students must be ableto demonstrate howmarket activity isimpacted bygovernment regulation.

Governmentregulation can affectthe financial industryin both positive andnegative ways

The government usesfiscal and monetarypolicy to manage theeconomy

The governmentcreates or allows thecreation of differentorganizations toassist with economicactivity

The purpose ofgovernment regulation

Examples of governmentregulation

How governmentregulation impactsmarket activity

Regulatory role ofgovernment● Key regulatory

agencies such asFood and DrugAdministration

● Federal TradeCommission

● EnvironmentalProtectionAgency

● Securities andExchangeCommission

Federal Reserve

Antitrust laws

Regulatory laws

Fiscal policy

Monetary policy

Unemployment rate

Students are asked toidentify a governmentregulatory agency and aregulation itimplemented in theUnited States. Studentscreate a flow chartexplaining the impact ofthe regulation on aparticular industry orbusiness.

Using governmentregulations, studentsconstruct a chain ofevents that bestexplains howgovernment regulationsimpact consumers’ability to sue a companyor business thatadvertises services it isnot able to deliver orperform.

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Inflation

Consumer protectionlaws

Truth in advertisinglaw

Interest rate



AssessmentEPF.E.3.3 Explainhow taxes andfees fundgovernmentgoods andservices

Students must be ableto demonstrateknowledge andunderstanding of theways in which taxes andfees are used to fundgoods and servicesproduced by thegovernment.

Governmentalfunctions depend ontax revenue

Government spendingimpacts national debt

How federal, state, andlocal governments collectand tax funds

How federal, state, andlocal governmentsallocate tax funds

Federal taxes

State taxes

Local taxes

Mandatory spending

Discretionaryspending

Income taxes

Federal InsuranceContributions Act(FICA)

Deficit

National debt

Capital gains taxes

Estate taxes

Property taxes

Students examine thelocal budget for theirgovernment and createa flowchart detailinghow various local taxesand fees listed in thebudget were used tofund the community andthe obligations andresponsibilities of thelocal government.

Students write a letter toa friend in anothercountry describing thefollowing: 1) Thereasons taxes arecollected in the UnitedStates or North Carolina;2) The various waystaxes are collected inthe United States orNorth Carolina; and 3)The various things thattax revenue is used tofund in the United Statesor North Carolina.

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Sales taxes

Excise tax

Entertainment taxes

Local budgets

State budgets

Federal budgets

Standard EPF.E.4 Understand factors of economic interdependence and their impact on nationsOverarching Concepts: Factors, Economic Interdependence, Impact, Nations



AssessmentEPF.E.4.1 Explainthe impact oftrade on theinterdependencebetween nations

Students must be ableto demonstrateunderstanding of howthe interdependencebetween nations isimpacted by trade.

The prosperity andstability of a nation’seconomy may bedependent upon thestability of the globaleconomy

Nations that tradewith other nationsmay develop adependence on thosenations to ensure theacquisition of goodsand services neededfor their nation

The economic andfinancial reasonscountries trade with eachother

The various ways tradeimpacts a nation'seconomic dependence onother nations for suppliesof necessary goods andservices

Trade Blocs

Protectionism vs. freetrade

Absolute advantage

Comparativeadvantage

Balance of trade

Trade wars

Trade surplus

Trade deficit

Tariff

Quotas

Embargo

Students write aparagraph explaininghow the exchange ofgoods and servicesbetween two nationsimpacts their tradingrelationship and howthat relationshipimpacts theinterdependencebetween the twonations.

Students look at twodifferent tradeagreements: a free tradeagreement and a fairtrade agreement.Students fill out acause-and-effect chartexplaining the effects ofthe two differentagreements on the

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Subsidy

European Union

North American FreeTrade Agreement

UnitedStates-Mexico-CanadaAgreement

Association ofSoutheast Nations

Free trade

Protectionism

Globalization

nations involved. Thechart should explain theimpacts that areimportant tointerdependence.



AssessmentEPF.E.4.2 Explainhow NorthCarolinacontributes to andbenefits from theUnited States andworld economies

Students must be ableto demonstrateknowledge andunderstanding of theways in which NorthCarolina contributes tothe global economy.

Students must be ableto demonstrateknowledge andunderstanding of howNorth Carolina isimpacted by the globaleconomy.

The prosperity andstability of a nation’seconomy may bedependent on theeconomy of anothernation

State economicdecisions and activityoften contribute to thegrowth of bothnational and worldeconomies

Examples of how NorthCarolina contributes tothe United States’economy

Examples of how NorthCarolina contributes toglobal economies

Examples of how NorthCarolina benefits fromeconomic conditions ofthe national economy

Examples of how NorthCarolina benefits from

Goods and servicesproduced in NorthCarolina● Aircraft● Timber● Christmas trees● Furniture● Farm products● Tobacco● Textiles● Biotechnology● Films/movies● Aerospace &

defense services● Automotive,

truck, & heavy

In small groups,students look at dataabout imports NorthCarolina receives.Groups create a chartthat shows how NorthCarolina benefits from atleast 10 imports that itreceives.

Using the Global EdgeIndex for North CarolinaTrade Statistics,students select fiveexports and explain howeach export benefits

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the economic conditionsof various economiesaround the world

machineryservices

● Biotechnology &pharmaceuticalsservices

● Business &financial services

Goods and servicesreceived by NorthCarolina● Plastics● Motor vehicles

and vehicle parts● Apparel: knit &

non-knit● Organic

chemicals● Furniture● Pharmaceuticals

economies in nationsand regions in variousplaces around the globe.

Students read theBusiness RoundtableReport, “How NorthCarolina's EconomyBenefits fromInternational Trade &Investment.” Thestudents then work insmall groups to craft atwo-slide PowerPointexplaining at least threeways North Carolinacontributes to theeconomy of the UnitedStates.

Unpacking the Income and Education ObjectivesStandard EPF.IE.1 Analyze the relationship between education, income, career, and desired lifestyleOverarching Concepts: Relationship, Education, Income, Career, Lifestyle



AssessmentEPF.IE.1.1Explain howeducation,income, career,and life choicesimpact anindividual’sfinancial planand goals

Students must be ableto demonstrateunderstanding of howgoals and financial plansare impacted byeducation choices,income, careerdecisions, and lifechoices.

There may be anopportunity cost forchoosing onecollege or careerpath over another

Education andspecialization canimpact your futureincome and goals

Attending college

How education can impactan individual's financialplans and goals

How income can impactan individual's financialplans and goals

How a career choice canimpact an individual'sfinancial plans and goals

High schooldiploma/GED

Job and careerrequirements

Career/work choices● Salaried● Hourly● Commission● Freelance● Apprenticeship

Students explain in oneparagraph how the costof tuition may impact aperson’s goals.

Students choose a careerthey would want topursue, then workbackwards to complete aflowchart showing whateducation would be

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and pursuing anadvanced degreeafter earning anundergraduate canhave costs andbenefits

How life choices canimpact an individual'sfinancial plans and goals

Opportunity costs

Trade offs

Wages

Undergraduatedegree

Graduate degrees

GI Bill

Professional licenseand certifications

Gap year

Student loans

Scholarships

Grants

Tuition

Co-signing loans

necessary to pursue thatcareer.

Students are given avisual or written chain ofevents depictingoccurrences that mighttake place after an18-year-old receives ahigh school diploma.Students are asked topick out at least twochoices in the chain ofevents and explain how achange in either of thechoices could affect thefinancial plan and lifegoals of that person.



AssessmentEPF.IE.1.2Differentiatecareer andeducationoptions afterhigh school interms of desiredlifestyle

Students must be ableto make a distinctionbetween various careeroptions in terms of theirlifestyle goals.

Students must be ableto make a distinction

Post-high schooleducation mayimpact anindividual'semployment,salaries, spendingpower, mobility, andretirement

Impact of post-high schooleducation on desiredlifestyle

Impact of various careeroptions on desired lifestyle

Factors impacting the cost

Career research● Cost of

education/training

● Salary

Quality of life

Students read about thethree careers they areinterested in. Aftercomparing income andeconomic mobility foreach career, studentsexplain which careerwould most likely meet

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between variouspost-secondaryeducation options interms of their lifestylegoals.

Education andcareer decisionsmade with goals inmind can helpindividuals achievedesired lifestyles

of college

Average salaries of variouscareers

Economicsustainability

Economic mobility

Post-pandemic workplans/mobility

Education options● College/

university● Trade school● Technical school● Military● Work

Career options● Military● Corporate

business● Non-profit● Service industry● Manufacturing

industry● Tech industry● Academia● Research● Entrepreneurship● Fortune 500● Public service● Skilled labor● Non-skilled labor

their desired lifestylegoals.

Students compare threeeducation options theyare interested in pursuingafter high school. Aftercomparingpost-secondaryeducation requirements,students explain whichpost-secondaryeducation option wouldmost likely meet theirdesired lifestyle goals.



AssessmentEPF.IE.1.3Identify the costsofpost-secondary

Students must be ableto identify and definethe costs ofpost-secondary

College/trainingchoice can havepositive and negativeoutcomes for future

Costs associated withpost-secondary education

How to choose a

Publiccolleges/universities

Students select fivecolleges/communitycolleges/vocationaltraining programs in

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education andthe potentialincrease inincome from acareer of choice

education.

Students must be ableto show they canrecognize how incomecan increase based onchoices people makeabout careers.

earnings

College/trainingchoice can havepositive and negativeoutcomes for careeroptions

major/field of study basedon potential earningoutcomes, career benefits,and the return on theirinvestment

Privatecolleges/universities

In-state tuition

Out-of-state tuition

Vocational trainingprograms

Community college

Post-secondaryoptions and their costsin North Carolina

Tuition & Fees

Books/supplies

On/off-campusHousing

Campus meal plans

Return on investment

North Carolina. Studentsidentify the costs toattend and the potentialearnings for completingthe program of theirchoice at each of theschools.

After looking at variousgraphs and data abouteducation and incomelevel, students identifycorrelations betweeneducation and income.



AssessmentEPF.IE.1.4Comparestrategies whichcan minimize thecosts ofpost-secondaryeducation

Students must be ableto discuss thesimilarities anddifferences ofstrategies which canminimize the costs ofpost-secondaryeducation.

Loans must berepaid, while grantsand scholarships arenot required to berepaid

There are a variety offinancial aid optionsavailable forpost-secondary

Different types of financialaid available forpost-secondary education

Ways to minimize cost ofpost-secondary educationprior to high schoolgraduation

Ways to save money

Education options● College/

university● Vocational/trade

School● Technical school● Military● Work● Continuing

education

Students compare 3post-secondary schoolsin terms of: prestige,cost, and aid. Studentsuse these three variablesto compare each schoolusing a triple VennDiagram.

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education before and while attendingpost-secondary education Saving plans for

post-secondaryeducation● 529 College

Savings Plan● 529 Prepaid

Tuition Plan● Education

SavingsAccount/Coverdell (ESA)

● Uniform Gifts toMinors Act(UGMA Account)or UniformTransfers toMinors Act(UTMA Account)

● Roth IndividualRetirementAccount

Paying for college● Advanced

Placement (AP)courses

● Dual enrollment● Transfer process● Public vs. private

institutions● Free application

for FederalStudent Aid

● Scholarships vs.loans

● Federalsubsidized loans

● Internships

Students use a T-Chart tocompare the costs ofattending a communitycollege or a four-yearuniversity as a way tominimize the cost of theireducation.

Students use a chart tocompare scholarships,grant, and loan optionsthat can help reduce thecost of their education.

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● Grants● Fellowships● Full/part-time

jobs● Student work

study



AssessmentEPF.IE.1.5Summarizevarious types ofincome

Students must be ableto demonstrate theability to create asummary or abstract ofinformation about thevarious types of income.

Entrepreneurship isan option to generateprimary andsecondary incomes

Providing a good orservice can lead to asource of income

Different types ofincome have varioustax regulations thatcan impact howmuch income aperson gets to keep

Types of income

The difference betweengross and net income

Types of income● Earned● Passive● Capital gains

Federal InsuranceContributions Act(FICA)Taxes

Gross income

Adjusted gross income

Rentals

Paychecks

Entrepreneurship

Wage

Salary

Dividend

Entitlements

Gross vs. net income

Self-employment

Students research howinvesting in oneself orinvesting in the marketcan create passiveincome. Students createa Public ServiceAnnouncement (PSA)summarizing how anindividual can makepassive income.

After reviewinghypothetical earningsreports for a family’sgross and net income,students write a headlinesummarizing thedifference between grossand net incomes.

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Side hustle

Passive income

Investments

Equity

“Gig Economy”

Standard EPF.IE.2 Understand the purpose and function of taxes and the impact on incomeOverarching Concepts: Purpose, Function, Impact, Income



AssessmentEPF.IE.2.1Explain howpayrolldeductionsmodify anemployee’sdisposableincome

Students must be ableto demonstrateunderstanding of howdisposable income isimpacted by payrolldeductions.

Payroll deductionsimpact not only aperson’s disposableincome, but also theirspending decisions

Payroll deductionscan be modified tomeet the changingneeds of anemployee

The different types ofpayroll deductions

The difference betweenstate, federal, and FICAtaxes

The difference betweennet pay and gross pay

How a Roth and atraditional retirementaccount can impactincome

401k

403b

529

Pensions

Health insurance

W-4 Form

Deductions vs.exemptions

Federal income tax

State income tax

FICA taxes

Medicare/Medicaid

Social Security

Students examine a paystub with variousdeductions. Then,students create aTikTok-style videoexplaining how payrolldeductions impactdisposable income.

Students analyze variousW-2 forms and howvarious deductionsimpacted the level oftaxable income.Students then explain inone paragraph howdeductions impactdisposable income.

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Retirement AccountDeduction

Gross pay

Net pay

Roth IndividualRetirement Account(IRA)

Traditional IndividualRetirement Account(IRA)

Flexible savingsaccount for healthcare

Flexible savingsaccount for childcare

Pre-tax deductions

Post-tax deductions

Voluntary/involuntary

Deductions

Union dues



AssessmentEPF.IE.2.2Identify the typesand purposes oflocal, state, andfederal taxes andthe way each is

Students must be ableto show they canretrieve or recallinformation about typesof local, state, andfederal taxes.

Different kinds oftaxes may becollected by variouslevels of governmentfor differentpurposes

The purpose of local, state,and federal taxes

Different ways local, state,and federal taxes arelevied

Income taxes

Payroll taxes

Capital gains taxes

Students review localand state budgets andidentify how differentlevels of governmentcollect taxes and theirmajor expenses.

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levied and usedStudents must be ableto show they canretrieve or recallinformation about thepurposes of local, state,and federal taxes.

Students must be ableto show they canretrieve or recallinformation about howtaxes are levied.

Students must be ableto show they canretrieve or recallinformation about howtaxes are used at thelocal, state, and federallevel.

Taxes providerevenue that fundprograms that can beessential in providingfor the generalwelfare of citizens

The different types offederal taxes

The different types of statetaxes

The different types of localtaxes

Estate taxes

Property taxes

Sales taxes

Excise tax

Inheritance/gift taxes

Local, state, andfederal governmentexpenditures

Entertainment taxes

Luxury taxes

Corporate incometaxes

Wealth taxes

Students complete amatching activityidentifying different typesof taxes with their correctpurposes.

Given a list of 5-10different types of taxes,students list how eachtax is levied.



AssessmentEPF.IE.2.3Implementappropriatecomputationsand proceduresto prepare afederal or statetax form

Students must be ableto complete federal andstate taxes usingappropriatecomputations andprocedures.

Not filing federal orstate taxes in atimely manner oftenhas negativeconsequences

State and federaltaxes can be filledout by an individualthrough variousmeans

How to read a W-2, 1099,and 1030

How to prepare for filingtaxes

What documents areneeded to file a tax return

Methods of filing● Paper● Preparer● Online● Tax software

Filing documents● W-2● W-4● 1099● 1040● 1098-INT● 1040 EZ● 1040

Students use a W-2 andother federal taxdocuments to learn andpractice filing taxes usingthe IRS Free FileProgram.

Students use a W-2 andother state taxdocuments to learn andpractice filing NorthCarolina state taxes.

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● NC-40

Unpacking the Money and Credit Management ObjectivesStandard EPF.MCM.1 Understand money management skills and strategiesOverarching Concepts: Money Management, Skills, Strategies


Students WillUnderstand

Students Will Know Example Topics Examples of FormativeAssessment

EPF.MCM.1.1Explain howfiscallyresponsibleindividuals createand manage aspending plan

Students must be able todemonstrate knowledgeand understanding of thereasons for having aspending plan.

Students must be able todemonstrate how aspending plan is created.

Students must be able todemonstrate knowledgeand understanding ofhow a spending plan ismanaged and thepositive impacts ofhaving one.

Fiscally responsibleindividuals oftencreate a spendingplan to help meetexpenses andprevent unnecessaryspending

Spending plans cancontribute to savingmoney andmaintaining bettercontrol of disposableincome

The purposes for creatinga spending plan

Examples of various typesof spending plan formats

How to create a spendingplan

How to manage a spendingplan

Needs vs. wants

Income vs. expenses

Spendingplan/budget

Disposable income

Discretionary income

Fixed expenses

Variable expenses

Periodic expenses

Escrow

After reading aboutvarious spending plans,students explain howfiscally responsibleindividuals create andmanage a spendingplan.

Students play abudgeting game with thegoal of managing abudget to reach asavings goal. Studentscomplete a reflectionwhere they explain theimportance of creatingand managing aspending plan.

Students keep aspending log for a week.Students analyze theirspending and create away to save at least 10%of what they spent. In areflection, studentsexplain the importanceof creating andmanaging a spendingplan.

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AssessmentEPF.MCM.1.2Critique incomeand spendingplans in terms ofage, individualneeds, andavailableresources

Students must be ableto make judgmentsabout the variousincome and spendingplans based on age,individual needs, andavailable resources.

Spending andinvestment plansmay changedepending on theneeds that exist atvarious stages oflife and career

Individual needs andavailable resourcescan affect the typesof spending anindividual or familycan afford

Examples of how age mayaffect spending plans

Examples of howindividual needs andavailable resources mayaffect spending plans

Cost of living

Budget

Constraint

Fixed Income

Passive income

Need vs. want

Income vs. expense

Spending plan

Disposable income

Discretionary income

Aggressive investment

Conservativeinvestment

Planning forretirement

After reading a spendingplan, students evaluatehow fiscally responsiblean individual was interms of needs andavailable resources byrating them on a Likertscale.

Small groups ofstudents are providedwith hypotheticalincomes and spendingplans for individuals andfamilies. The groupswork together to rate thespending plans with a(+) if they representfiscal responsibility or a(-) if they are not fiscallyresponsible plans. Thegroups share theirreasons for theirjudgements with the restof the class.



AssessmentEPF.MCM.1.3Compare thecosts andbenefits ofrenting, leasing,or owning

Students must be ableto discuss thesimilarities of renting,leasing, or owning interms of benefits andcosts.

Home ownershipmay be aninvestment that canhelp generatewealth

Owning, leasing, or

Similarities of renting,leasing, and owningproperty

Differences in renting,leasing, and owningproperty

The pros and consbetween buying andrenting a home

Apartment lease

Home equity

Students use a T-chart tocompare the costs andbenefits of owning ahome vs. renting a homein their local community.

Students use a Janus

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Students must be ableto discuss thedifferences of renting,leasing, or owning interms of benefits andcosts.

renting property caneach lead to uniquebenefits but alsochallenges

Security deposit

Utilities

Application fees

Mortgage loan

Collateral

Approval processesfor renting, owning, orleasing

Renting, owning, orleasing furniture

Renting, owning, orleasing appliances

Renting, owning, orleasing vehicles

Renting, owning, orleasing recreationalvehicles

figure to compareowning and leasing avehicle.



AssessmentEPF.MCM.1.4Compare varioustypes ofmortgages

Students must be ableto discuss thesimilarities anddifferences of differenttypes of mortgages.

When buying ahome, choosing theright type ofmortgage can havea large impact onone's ability to getfinancing

Different buyers

The similarities anddifferences of each type ofmortgage

The advantages anddisadvantages of eachtype of mortgage

Fixed-rate mortgage

Variable-ratemortgage

Conventionalmortgage

Jumbo mortgage

Students create agraphic organizercomparing the differenttypes of mortgages,their benefits, theirdrawbacks, and the typeof buyer they tend to bemost beneficial for.

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may requiredifferent attributesin a mortgage

Second mortgage

Government insuredmortgages● Federal Housing

Administration(FHA)

● Department ofVeterans Affairs(VA)

● US Departmentof Agriculture(USDA)

New construction loan

Renovation loan

Earnest money

Escrow accounts

Interest-only mortgage

Balloon mortgage

Mortgage points

Private MortgageInsurance (PMI)

Annual PercentageRate (APR)

Credit rating

Down payment

Students compare fixedrate and variable ratemortgages using a VennDiagram.

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Loan term

Compound interest

Simple interest

Standard EPF.MCM.2 Understand the purposes and services of financial institutionsOverarching Concepts: Purpose, Service, Financial Institution



AssessmentEPF.MCM.2.1Design a plan thatuses the servicesof variousfinancialinstitutions tomeet financialgoals

Students must be able tocreate a plan with theirfinancial goals using theservices of variousfinancial institutions.

Financial planningis essential toachieving financialgoals

The type of financialservices a personuses often dependson their goals

How to develop andimplement a financial planthat uses the services ofvarious financialinstitutions

Examples of the kinds ofservices offered by variousfinancial institutions

Specific MeasurableAchievable RealisticTimely (SMART)financial goals

Money market

Certificate of Deposit(CD)

401k

Loans

Checking account

Savings account

Stock marketinvestments

Retirement plan

Bank

Credit union

Investmentfirm/money

Students design a planto achieve their financialgoals for retirement.Students must findexamples of actualfinancial institutions thatwould allow them toachieve their goals anddetail how thoseinstitutions will helpmeet those goals.

Students set a goal forthe kind of house/apartment/condo inwhich they want to live.Students figure out themoney they would needfor an initial payment aswell as how much theywould need on amonthly basis to live insuch a place.

Students evaluatedifferent financialinstitutions and theservices they offer tosee if they would be

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management firm

Payday lender

Finance agencies

helpful in achieving theirgoal. Students thendesign a plan showingwhich financialinstitutions and whichservices would best helpthem in achieving theirgoals.



AssessmentEPF.MCM.2.2Explain howinterest and feesimpact spending,debt, and savings

Students must be able todemonstrate howspending, debt, andsavings are impacted byinterest and fees.

The rate of interestoften plays a keyrole in decisionsinvolving spending,debt, andinvestment

The fees charged byfinancial institutionsoften increase thetotal debt owed

Examples of how interestimpacts spending, debt,and saving

Examples of how feesimpact spending, debt, andsaving

Credit cards

Loans

Interest

Fixed interest

Compound interest

Variable interest

Late fees

Checking account

Savings account

Annual fees

Bank fees

Money marketaccount

Overdraft fees

Investments

After reading the termsof a credit cardagreement, studentsexplain the impact ofinterest on credit carddebt in a Flipgrid stylepresentation.

Students read aboutmultiple purchases atdifferent interest rates.

Students explain theimpact of interest rateson spending and savingby creating acause-and-effectdiagram.

Students look at theinterest rates offered invarious accounts (e.g.,checking, savings,money market, etc.).Students complete acause-and-effect flowchart showing howmuch money they would

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Broker fees

Licensing fees

earn in each accountwith the same initialinvestment based on theinterest offered.



AssessmentEPF.MCM.2.3Compare costsand benefits ofcash, debit,paymentapplications, andcredit cardtransactions interms of interestrates, fees,penalties, costs,and benefits

Students must be ableto discuss thesimilarities of cash,debit paymentapplications, and creditcard transactions interms of interest rates,fees, penalties, costs,and benefits.

Students must be ableto discuss thedifferences of cash,debit paymentapplications, and creditcard transactions interms of interest rates,fees, penalties, costs,and benefits.

Some mediums ofexchange that areused in society mayhave costs thatoutweigh thebenefits

Paying with cashversus credit, debit,or using a mobilepaymentapplication mayallow a consumer toavoid costly fees,penalties, and highinterest rates.

Interest rates, fees,and penalties areterms individualsoften consider whenmaking choicesabout methods ofpayment forpurchases

The similarities anddifferences of paying withcash, debit, paymentapplications, and creditcards

The similarities anddifferences of interestrates and fees on cash,debit cards, paymentapplications, and creditcards

Checking accounts

Credit cards

Paymentapplications/peer to

Peer apps● Venmo● Apple Pay● Google Pay● Cash App● PayPal● Zelle● Square Cash

Cash

Debit Cards

Cryptocurrency

Interest rate

Types of Fees● Maintenance● Late● Overdraft

Credit scores

Advantages

Students compare thesimilarities anddifferences of using acredit card, debit card,and cash to make alarge purchase using atriple Venn Diagram.

Students create a chartcomparing the fees ofcash, Cash App, Venmo,Zelle, and a debit card.

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● Cash: nointerest, no fees

● Debit: no interest● Credit card:

fraud protection,cash back,bonuses

● Paymentapplication:convenience

Disadvantages● Cash: not

traceable● Cash: can be

stolen, noprotection

● Debit: accountcan be drained,stolen, or closed

● Credit card:interest and fees

● Paymentapplication:limited security

Standard EPF.MCM.3 Understand the concepts and factors that enable individuals to make informed financial decisions for effective resourceplanning and money managementOverarching Concepts: Concepts, Factors, Individuals, Financial Decisions, Resource, Planning, Money Management



AssessmentEPF.MCM.3.1Compare creditsources andservices

Students must be ableto discuss thesimilarities anddifferences betweencredit sources.

Students must be ableto discuss the

Terms andconditions of loans,accounts, and cardservices may varydepending on thetype of creditservices offered byan institution

The similarities anddifferences of creditsources

The similarities anddifferences of creditservices

Types of creditsources● Savings and loan

Associations● Credit unions● Commercial

banks● Consumer

Students use a chart tocompare the interestrates of various creditcard companies.

Students use a chart tocompare various typesof loans (e.g., Pay Day,

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similarities anddifferences betweencredit services.

Individuals oftenmake choices ofwhich type of creditsource to use basedon their long-termor short-termfinancial needs

financecompanies

● Pawn shops● Sales finance

companies● Life insurance

companies

Credit services● Credit reporting

Agencies● Credit scoring● Credit repair● Credit monitoring● Mortgage

services● Payday loan

Agencies● Financial lending

agencies

Lending, Car, Mortgage,Personal).



AssessmentEPF.MCM.3.2Explain how debtmanagement andcreditworthinessimpact anindividual’s abilityto become aresponsibleconsumer andborrower

Students must be able todemonstrateunderstanding of howdebt management andcreditworthiness impactan individual’s ability tobecome a responsibleconsumer.

Students must be able todemonstrateunderstanding of howdebt management andcreditworthiness impactan individual’s ability tobecome a responsible

Creditworthinesscan have a majorimpact on aconsumer’s financialoptions

Lenders rely on aconsumer’screditworthinesswhen decidingwhether to lend,terms of the loanand types of creditto offer

A good credit score

Examples of how a goodcredit score can affectone’s financial status andoptions in the future

How to read and analyze acredit report

Factors that have anegative and/or positiveimpact on one’s creditscore

Credit score

Credit report

Fair Isaac Corporation(FICO) Score

Credit bureaus

Debt-to-income ratio

Hard hits/soft hits

Debt management

Factors that make up

Students create agraphic organizershowing the impact ofcreditworthiness on anindividual trying topurchase a house.

Students are given a setof cards. One half of thecards have examples ofways people practicedebt management andone half of the cardshave descriptions ofvarious effects thatresult from practicing

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borrower. can result in lowerinterest rates, lowerdown paymentrequirements, andlower borrowingcosts

a credit score● Payment history● Amounts owed

on accounts● Credit history

length● Credit mix● New credit

debt management.Students are asked tomatch the practice withthe appropriate effect.



AssessmentEPF.MCM.3.3Summarize theadvantages anddisadvantages ofdebt

Given stimulus material,students must be able todemonstrate the ability tocreate a summary orabstract of theadvantages anddisadvantages of debt.

Used responsibly,debt can help anindividual buildwealth

When overused,debt can behazardous tofinancial success ifit becomes more ofa disadvantage thana benefit inachieving financialgoals

How to make responsiblechoices about debt andthe risks involved

Various types of debt

Examples of advantagesof debt

Examples ofdisadvantages of debt

Secured debt● Car loans● Mortgages

Unsecured debt● Medical bills● Credit cards● Student loans

Good debt

Bad debt

Debt-to-income ratio

Fair Isaac Corporation(FICO) Score

Vantage score

Credit report

Student loans

Mortgage

Business loans

Students watch a shortvideo clip about theadvantages anddisadvantages of debtand then create a 60-second TikTok-stylevideo summarizing themain idea of the videoclip.

Students read anuntitled passage on theadvantages anddisadvantages of debtand summarize thepassage by creating anappropriate title for whatthey read.

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AssessmentEPF.MCM.3.4Classify thevarious types ofinsurance andestate planningincluding thebenefits andconsequences

Students must be able tocategorize various typesof insurance and estateplanning products interms of their benefitsand drawbacks.

People maypurchase varioustypes of insurance tooffset the risk offinancial loss

The benefits ofincluding insurancein estate planningoften outweigh thecosts

Individuals oftenpurchasecomprehensive plansof insurance toprovidesecurity andprotection forthemselves andothers

The various types ofinsurance

Various types of estateplans

Examples of benefitsassociated with differenttypes of insurance

Examples of personalconsequences associatedwith being insured

Types of insurance● Life● Health● Short-term

disability● Auto● Homeowner● Renter

Premium

DeductibleCoverage limits

Death benefit

Beneficiary

Types of estateplanning● Last will and

testament● Codicil to will● Living will● Living trust● Transfer on

death deed● Durable power of

attorney

Students are given a listof short vignettes ofindividuals withinsurance needs.Students classify eachvignette by placing it inthe correct category.The following are thecategories forclassifying: 1) Lifeinsurance; 2) Healthinsurance; 3) Disabilityinsurance; and 4) Autoinsurance.

Students are given a setof instances involvingestate planning.Students decide whichinstances belong in thecategory for benefits ofestate planning andwhich belong in thecategory forconsequences of estateplanning.

Unpacking the Financial Planning ObjectivesStandard EPF.FP.1 Understand the value and planning processes associated with saving and investingOverarching Concepts: Value, Plan, Process, Saving, Investing

Objective Mastery of the Objective Students WillUnderstand Students Will Know Example Topics Examples of Formative

AssessmentEPF.FP.1.1 Students must be able to Investment The various types of 401 K Students compare the

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Compare variousinvestingstrategies and taximplications fortheir potential tobuild wealth

discuss the similaritiesand differences ofvarious investmentstrategies that buildwealth.

Students must be able totake into account the taximplications of thevarious investmentstrategies.

strategies involveopportunities tocreate wealth, butalso include varioustypes of risk

Fees, tax deferrals,and exemptionsmay significantlytransform aninvestor’s totalreturn over time

In an effort tominimize personaltax liabilities,individuals oftenconsider the taximplications whenevaluating theinvestment strategywhich best suitstheir financial goals

investment options andthe tax implications ofeach

Pros and cons of differenttypes of investmentstrategies

The risks and benefitsassociated with varioustypes of investments

The benefits ofinvestments, mutual funds,certificates ofdeposits or money marketaccounts versus savingsaccounts

Roth IRA

Traditional IRA

Mutual funds

Stocks

Bonds

Cryptocurrency

Certificates of Deposit(CD)

Money market account

Savings account

Real estate

Dividend taxes

Interest income

Capital gain taxes● Long-term● Short-term

How to read a stockticker and stock report

returns from ahypothetical year ofinvesting in stocks and ahypothetical yearinvesting in cryptocurrency. Students usea T-chart to make theircomparisons and decidewhich has morepotential to build wealth.

Students use a Venndiagram to compareinvestment strategies.


AssessmentEPF.FP.1.2 Identifyfactors (i.e.income, budget,cost of living,

Students must be able toshow they can recognizefactors that influencefinancial planning,

Financial planningcan encouragegood budgeting,spending, and

Various factors thatinfluence financialplanning

Fixed expenses

Variable expenses

Students are given 5-10statements describingpersonal financialplanning. The students

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experiences) thatinfluence financialplanning

including but not limitedto: income, budget, costof living, andexperiences.

saving habits andlead to successfulfinancial outcomesfor an individual’sfuture

Financial planningcan help anindividual gainbetter control oftheir expenses,investments, andhow they manageincome, which canlead to bettermoneymanagement andhelp achieve futurefinancial goals

The difference betweenfixed expenses andvariable expenses

How to prepare forunexpected expenses

Budgets

50-30-20 budget plan

Zero-based budgetplan

Income

Cost of living

Emergency fund

Financial planningfactors● Financial data● Goals● Spending

behavior● Saving &

investing● Provisions for

emergencies● Risk tolerance

identify the factors thatinfluence financialplanning by listing thefactors that would applyin the case of eachstatement.

The teacher givesstudents promptsdescribing factorsimportant in financialplanning. Each promptshould have severalpossible answerresponses. Studentsidentify the factor thatwould be mostimportant to the prompt.


AssessmentEPF.FP.1.3Summarize therole ofphilanthropy,volunteer services,businesses, andnonprofits incommunitydevelopment andquality of life

Students must be able todemonstrate the ability tocreate a summary orabstract of howphilanthropy, volunteerservices, businesses, andnonprofits impactcommunity developmentand quality of life.

When businessesand communityorganizations areable to combineresources andservices designed tohelp the communitythey can oftenbroaden their reachand ability toimprove lives

How philanthropicorganizations, volunteerservices, and nonprofitsimpact the community

The role of businessphilanthropy in communitydevelopment

Non-profitorganizations

Donations

Community/recreationcenters

Community gardens

Food banks

Students watch a videoclip of a non-profitfoundation’sadvertisement andsummarize ways thefoundation helps thecommunity by creating a60-second TikTok-stylevideo.

After reading someadvertising material

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Partnerships alloworganizations,businesses, andindividuals to focuson areas where theirexpertise will havethe greatest impact

Mentorship programs

Philanthropicfoundations

Volunteer services

Crowdfundingapplications● Gofundme● Caringbridge● DonorsChoose

Receiving from family,friends, non-profits,and charities

provided by alocal/national charitableorganization, studentscreate a 280-charactertweet summarizing theimpact of theorganization oncommunitydevelopment.

Unpacking the Critical Consumerism ObjectivesStandard EPF.CC.1 Understand factors associated with consumer decision makingOverarching Concepts: Factors, Consumer, Decision Making


AssessmentEPF.CC.1.1Explain howadvertising, socialmedia, andbusiness practicesimpact consumerdecisions

Students must be able todemonstrate knowledgeand understanding ofhow consumer decisionsare impacted by socialmedia and businesspractices.

Advertisers may usea variety oftechniques toconvince you to buygoods or services

The wayscompanies advertisemay be influencedby social mediaaudiences

How advertising andsocial media impactbuying decisions

How business practicesimpact buying decisions

Social media’s impact● Social media data● Celebrities● Influencers● Trendsetting● Targeted

marketing ads

Business practices● Sales practices● Consumers

responding tobusiness tactics

● Businessesresponding toconsumer trends

Students explorevarious advertisingtechniques such asaspirational buying,bandwagon appeal, andflattery. Students createa chart to explain howeach may impactconsumer decisions.

Students are given a listof business practices.Students write onestatement describinghow each businesspractice impacts

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● Productplacement

Social media platforms

Advertising techniques● Aspirational

buying● Bandwagon

appeal● Flattery● Promotion and

rewards● Endorsements● Patriotic

advertising

consumer decisions.


AssessmentEPF.CC.1.2Identifyinformation,reviews, andreportsconsumers use tomake financialdecisions

Students must be ableto show they canrecognize and listinformation about toolsconsumers use to makefinancial decisions.

Consumers may useinformation, reviews,and reports to makeinformed financialdecisions

Businesses oftenaddress consumerdissatisfaction withsolutions that meetthe individual orcollective needs ofall involved

Examples of types ofinformation consumersuse to make financialdecisions

Examples of types ofreviews consumers use tomake financial decisions

Examples of types ofreports consumers use tomake financial decisions

Government consumerorganizations● The Federal Trade

Commission● US Department of

Agriculture● The Food And

DrugAdministration

● National HighwayTraffic SafetyAdministration

● ConsumerProduct SafetyCommission

● State publicutilitiescommissions

● State insurancecommissions

Students use the BetterBusiness Bureau (BBB)website and identify andlist the elements thathelp consumers makefinancial decisions.

The teacher providesstudents with variousconsumer reports.Students make a listidentifying whichelements of the reportshelp consumers makefinancial decisions.

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● State licensingagencies

Fake reviews

Better Business Bureau(BBB)

Consumer FinancialProtection Bureau

Product rating/reviews

Consumer reports


AssessmentEPF.CC.1.3Explain howconsumer- drivendecisions impactthe economy

Students must be able todemonstrate knowledgeand understanding ofhow the economy isimpacted byconsumer-drivendecisions.

Decisions made byconsumers can playa large role in thedirection of theeconomy

Businesses maychange practices toattract customers ina consumer-driveneconomy

Examples of howconsumer-drivendecisions impact theeconomy

How businesses react toconsumer-drivendecisions

Social mediainfluencers

Consumer activism

Boycotts

Product reviews

Consumerism

Cost benefit analysis

Advertising

Brand loyalty

Socially responsiblecompanies

Saving money

Students use a recentexample from the newsto explain howconsumer-drivenpressure can force acompany to change apractice in a oneparagraph quick write.

Students explain theimpact of aconsumer-driven trendon the economy in a30-second TikTok-stylevideo.

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Recalls

Standard EPF.CC.2 Understand the rights and responsibilities of buyers and sellers under consumer protection lawsOverarching Concepts: Rights, Responsibilities, Buyers, Sellers, Consumer Protection, Laws


AssessmentEPF.CC.2.1Explain howconsumerprotection lawscontribute to theempowerment ofthe individual

Students must be able todemonstrate knowledgeand understanding ofhow individualempowerment isimpacted by consumerprotection laws.

The government canplay an important rolein promotingconsumer confidenceand spending

Consumers who areprotected may feelmore empowered tomake large financialdecisions

How consumer protectionlaws influence businesspractices

How consumer protectionlaws empower consumersto fight back againstunethical businesspractices

Examples of how thegovernment enforces lawsthat protect consumers

Examples of consumerprotection laws thatsafeguard consumersagainst unfair orfraudulent practices in themarketplace

Privacy terms

Express warranty

Implied warranty

Telemarketing salesrules

Deceptive advertising

Ponzi schemes

Identity theft

Let the buyer beware

Better Business Bureau(BBB)

Government consumerorganizations● The Federal Trade

Commission● US Department of

Agriculture● The Food And

DrugAdministration

● ConsumerProduct SafetyCommission

Students explore thepackaging for variousfood or medicine items.Students explain howthe truth in labeling lawsprotect and empowerconsumers.

Students draw apolitical cartoon with aone-sentence captionexplaining how NorthCarolina sanitationratings help informconsumers about therestaurants theypatronize.

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● State PublicUtilitiesCommissions

● State InsuranceCommissions

● State License● State attorney

general's office● Consumer

ProtectionFinance Bureau

● Secretary ofState

Laws that ProtectConsumers● Truth in Lending

Act/ConsumerProtection Act

● Fair CreditReporting Act

● GrammLeach-Bliley Act1999

● The Children’sOnline PrivacyProtection Act

● Fair DebtCollection Act

● Truth in LabelingLaws

● Fair Packagingand Labeling Act


AssessmentEPF.CC.2.2Summarizevarious types of

Students must be able todemonstrate the ability tocreate a summary or

Mobile, automated,and online financialtransactions can

Examples of fraudulentsolicitation

Identity theft

Phishing

Students read an articleabout the fraudulentpractice of skimming.

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fraudulentsolicitation andbusiness practices

abstract of various typesof fraudulent solicitationand fraudulent businesspractices.

make consumersvulnerable tofraudulent businesspractices

People who haveexperienced loss orlife changing eventsmay become victimsof fraudulentsolicitation andbusiness practices

Examples of fraudulentbusiness practices Forgery

Fake charities

Deceptive interest ratereduction

Ponzi scheme

Pyramidscheme/multi-levelmarketing

Money laundering

Skimming

Advance fee

Predatory lending

Elder fraud

Consumer fraud types● Credit card● Check● Mail/wire● Securities● Mortgage● Debt collection

Students summarize thepractice of skimming bycreating a newspaperheadline.

Students watch a shortvideo clip of variousfraudulent solicitations.Students then make a60-second Flipgrid-stylevideo summarizing thetype of fraudulentpractice or schemewitnessed in the clip.


AssessmentEPF.CC.2.3Summarize waysconsumers canprotectthemselves from

Students must be able todemonstrate the ability tocreate a summary orabstract of the variousways consumers can

Monitoring financialaccounts and onlineactivities can protecta consumer againstfraudulent or

Steps to take to preventidentity theft

Examples of consumerprotection strategies

Consumer fraud types● Credit card● Check● Mail/wire● Securities

After reading an articleabout various types ofconsumer fraud,students create a PublicService Announcement

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fraudulent anddeceptivepractices

protect themselves fromfraud.

deceptive practices

Consumers oftenprotect themselvesfrom unfair ordeceptive practicesby filing lawsuitsagainst people orbusinesses that useunfair or deceptivepractices

Examples of informationconsumers can review toprotect themselves fromfraudulent and deceptivepractices

Examples of howconsumers can reportfraudulent and deceptivepractices

● Mortgage● Debt collection

Fraudulent practices● Identity theft● Phishing● Forgery● Fake charities● Ponzi scheme● Pyramid scheme● Advance fee● Predatory lending

Ways consumersprotect themselves● Monitoring

○ Credit report○ Credit card

statements○ Bank

statements○ Bills○ Passwords○ Personally

identifiableinformation

● Shreddingdocuments

● Legalaids/attorneys

Reporting agencies

(PSA) for collegestudents summarizingtypes of fraudulentsolicitation that willmost likely target them.

The teacher shows avideo about predatorylending. Using agraphic organizer,students thensummarize howconsumers can protectthemselves.

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