Personal Finance Curriculum

Regional Collaborative Technology & Business Personal Finance Curriculum

Aligned to the New Jersey Core Content Curriculum State Standards

ENGAGING STUDENTS FOSTERING ACHIEVEMENT CULTIVATING 21ST CENTURY GLOBAL SKILLS

Office of Curriculum & Instruction: The Regional Collaborative of Oceanport, Monmouth Beach, Shore Regional High School, & West Long Branch

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Submitted As Part of A Regional Collaborative Design to Achieve the Educational Goals of the Communities served by the Oceanport, Monmouth Beach, West Long Branch and Shore Regional School Districts

O Office of Curriculum & Instruction Bruce B.C. Preston

Business & Technology

Personal Finance

Special thanks to New Egypt Public Schools.

BOARD OF EDUCATION INITIAL ADOPTION DATE:

Regional Collaborative Technology & Business Personal Finance Curriculum Aligned to the New Jersey Core Content Curriculum State Standards


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Shore Regional High School - Based on a template from the DOE, Office of Academic Standards,

Course Philosophy

While the overall economy is growing larger, the economics of an individual play an increasingly more significant role in the global economy. It is important,

now more than ever, that every student understand the our global and national economic system, the correlating systems that influence it, and each

individuals role, as well as responsibility, within the economic system. Our choices affect not only ourselves and families but also the lives of every other

individual on the planet. Sound financial planning, developing personal budgets, and an understanding of the basic principles associated with business and

economics is essential for individual success as well as the success of our communities.

Scope and Sequence by Topic

1st Quarter:

Introduction To Basic Economic Principles & Theory

2nd

Quarter:

Money, Banking, & Personal Finance

Mondays = Status of the Economy Fridays = Case Studies

Mondays = Current Events Fridays = Guest Speakers

UNIT 1: Wants & Needs UNIT 2: Economic Systems UNIT 3: Supply & Demand UNIT 4: Business Cycles UNIT 5: Monetary & Fiscal Policy UNIT 6: Market Structures

UNIT 7: Money & Banking UNIT 8: Financial Markets UNIT 9: Business Organizations UNIT 10: Personal Finance UNIT 11: Insurance UNIT 12: Consumer Education



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Last 2 Wks.: Career Decisions & Career Exploration

Course Proficiencies

Unit Topic Title Instructional Objective

Unit 1 "Wants & Needs" When presented with a list of resources, the learner will define "scarcity" and name a real-world example. Unit 1, Section 1

Scarcity & the Factors of Production

Unit 1, Section 2 Opportunity Cost Given a list of goods & resources, the learner will state the "efficient allocation" by matching the products. Unit 1, Section 3 Production Possibilities

Unit 2 Economic Systems

Given an example of a free market economy and a centrally-planned economy, the student will compare & contrast these systems by writing an essay.

Unit 2, Section 1 Key Economic Questions

Unit 2, Section 2 The Free Market & Free Enterprise

Unit 2, Section 3 Centrally Planned Economies Given three present-day economies, the student will be able to recognize & label them aloud with 100% accuracy. Unit 2, Section 4 Modern Economies

Unit 3 Supply & Demand Given different prices & quantities, the student will be able to graph a demand curve and chart the trend.

Given a change in demand, the student will be able to estimate the correlating price change & its effect.



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Unit 4 Business Cycles Given a list of different countries' GDPs, the student will be able to compare & contrast productivity.

Given a list of GDP & population numbers, the student will be able to calculate GDP per capita & explain their findings.

Unit 5 Monetary & Fiscal Policy Given an economic indicator, the student will be able to predict monetary policy & list the tools that the Fed would use.

Unit 6 Market Structures Given an industry example, the student will be able to illustrate how the role of competition insures free enterprise.

Unit 7 Money & Banking Given a list of financial institutions, the student will be able to label the different types with at least 80% accuracy. Unit 7, Section 1 Money

Unit 7, Section 2 The History of American Banking Given a picture of three different types of currency, the student will be able to identify its uses & give specific examples. Unit 7, Section 3 Banking Today

Unit 8 Financial Markets Given a set of costs & profits, the student will be able to calculate the return on investment (R.O.I.) & payback.

Unit 9 Business Organizations Given 3 options of incorporation, the student will be able to pick a specific one, explain its benefits, & list the necessary steps.



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Unit 10 Personal Finance Given a list of expenses & sample revenue, the student will be able to create a budget on computerized spreadsheet software.

Unit 11 Insurance Given list of the different personal insurances available, the student will show the needs for insurance using real-life examples.

Unit 12 Consumer Education After watching a video on different consumer scams, the student will be able to demonstrate the legal protection & recourse afforded.

Curriculum Unit

Personal Finance "Money, Banking & Finance"

Enduring Understanding: The learner will (TLW): become an active participant in their financial futures by analyzing and applying

economic and personal finance concepts to their lives.

District Curriculum Instructional Strategies

Topics Concepts Standards Activities Assessments Resources Essential Questions

Introduction to Economic Principles & Theory

UNIT 1 (WEEK 1) Profit Maximization 3 Case Study: Alan Greenspan Bio What are the economic ramifications

"WANTS & NEEDS" Commodity Products 3 of "wants" & "needs"?

"Value-Added" Products 1 http://www.federalreserve.gov/bios/ What is economics?

Unit 1, Section 1 What Is Economics? 1 Greenspan.htm



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Scarcity & the Factors of Production Microeconomics Vs. Macroeconomics 1

Resources 1

TLW define & explain scarcity Natural Resources 1

Human Resources 1

Unit 1, Section 2 Capital Resources 1

Opportunity Cost Scarcity 1

Shortages 1

TLW explain opportunity cost Factors of Production 1

Opportunity Cost 1

Unit 1, Section 3 Trade-Offs 1

Production Possibilities Production Possibilities 1

Efficiency & Growth 1

TLW understand efficient allocation Cost 3

of goods & services Allocation of Goods & Services



UNIT 2 (WEEK 2) Adam Smith & "Wealth of Nations" 3 Case Study: NAFTA What is a free market economy?

ECONOMIC SYSTEMS "Laissez-Faire" Economics 3 How does free enterprise work?

John Maynard Keynes 3 http://www.econedlink.org/lessons/

Unit 2, Section 1 Keynesian Economics 3 index.cfm?lesson=EM50&page=teacher

Key Economic Questions How Markets Work 3

Key Economic Questions 3

TLW recognize diff econ systems The Free Market 3

Free Enterprise 3

Unit 2, Section 2 Traditional Economy 3

The Free Market & Free Enterprise Role of Incentives 4

Economic Freedoms 3



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TLW define the free market Centrally Planned Economies 3

Modern Economies 3

Unit 2, Section 3 Comparing Economic Systems 8

Centrally Planned Economies Exchange Rates 5

Exports & Imports 5

TLW compare market structures Barriers to Trade 5

Market Structures 3, 8, 9

Unit 2, Section 4 Choice 4

Modern Economies Gain from Trade 5

Barter & Exchange 5

TLW contrast modern economies Free Trade 5



UNIT 3 (WEEKS 3 - 4) Law of Demand 8 Case Study: "Supply & Demand How does the laws of supply &

"SUPPLY & DEMAND" Aggregate Demand 13 at the Gold Rush" demand effect production?

The Demand Curve 8 How does the laws of supply &

Unit 3, Section 1 Shifts in the Demand Curve 8 http://www.econedlink.org/lessons/ demand effect pricing?

Understanding The Law of Demand Role of Price in Market System 8 index.cfm?lesson=EM328

Price Determinants 8

TLW understand the law of demand Price Stability 8 Case Study: Enron

Price Floors 8

Unit 3, Section 2 Price Ceilings 8 http://boards.abcnews.go.com/cgi/

Shifts in the Demand Curve Role of Competition 9 abcnews/request.dll?LIST&room=bz_enron

Elasticity of Demand 8

TLW graph a demand curve Inelastic Demand 8

Factors of Production 14

Unit 3, Section 3 Law of Supply 8

Elasticity of Demand Aggregate Supply 13

The Supply Curve 8

TLW explain elasticity of demand Elasticity of Supply 8



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Costs of Production 14

Unit 3, Section 4 Marginal Returns 14

Understanding Supply Economies of Scale 14

Changes in Supply & Demand 13

Unit 3, Section 5 Input Costs 13

Costs of Production Input Costs 13

Influences 13

Unit 3, Section 6 Labor 13

Changes in Supply & Demand Distribution 13

Pricing 13

Unit 3, Section 7 Combining Supply & Demand 13

Prices Balancing the Market 13

Market Equilibrium 13

Unit 3, Section 8 Market Disequilibrium 13

Changes in Market Equilibrium Analyzing Shifts 13

The Role of Prices 13

Unit 3, Section 9 The Role of Prices in a Free Market 13

The Role of Prices Efficient resource Allocation 13



UNIT 4 (WEEK 5) Gross Domestic Product (GDP) 18 Case Study: "Stagflation in the 1970's" How can you compare different

BUSINESS CYCLES What Factors Influence GDP? 18 countries economic productivity?

Calculating GDP 18 http://ideas.repec.org/p/fth/michin/ What factors influence GDP?

Unit 4, Section 1 Real GDP 18 452.html

Gross Domestic Product (GDP) Nominal GDP 18

Business Cycles 18

TLW calculate GDP Phases of the Business Cycle 18

Fluctuations 18



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Unit 4, Section 2 Economic Growth 15

Business Cycles Measuring Economic Growth 15

Productivity 15

TLW understand economic phases "Real" Vs. "Nominal" Growth 15

Economic Challenges 19

Unit 4, Section 3 Employment 18

Economic Growth Unemployment 19

Inflation 19

TLW measure economic growth Consumer Price Index (CPI) 19

Standard of Living 15

Unit 4, Section 4 Hyperinflation 19

Economic Challenges "Stagflation" 19

Deflation 19

Unit 4, Section 5 Poverty 19

Inflation Poverty Rate 19

Income Distribution in the U.S. 19

Unit 4, Section 6 Incentives 15

Poverty Taxes 20



UNIT 5 (WEEKS 6 - 7) Taxes & Government Spending 16 Case Study: "Reaganomics" What is the Federal Reserve Bank?

MONETARY & FISCAL POLICY Federal Taxes 16 Why do governments tax?

Income Taxes 16 http://www.econlib.org/library/Enc/

Unit 5, Section 1 Corporate Taxes 16 Reaganomics.html

Taxes & Government Spending Social Security Taxes 16

Medicare Taxes 16

TLW understand why gov't taxes Unemployment Taxes 16

Federal Spending 20



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Unit 5, Section 2 State Taxes 16

Federal Taxes Local Taxes 16

Economic Stimulus 20

TLW understand the diff Fed taxes Economic Manipulation 20

Fiscal Policy 20

Unit 5, Section 3 Role of Government 16

Federal Spending Federal Budget 20

OMB 20 TLW understand the budget process Budget Process 20

Expansionary & Contractionary Fiscal Policy 20

Unit 5, Section 4 Coordinating Fiscal Policy 20

State & Local Taxes Fiscal Policy Options 20

Classical Economics 20

Unit 5, Section 5 Keynesian Economics 20

Understanding Fiscal Policy Supply-Side Economics 20

Budget Deficits 20

Unit 5, Section 6 National Debt 20

Fiscal Policy Options Taxes & Government Spending 20

Balancing the Budget & a Surplus 20

Unit 5, Section 7 The Federal Reserve System 20

Budget Deficits & The National Debt Central Banking System 20

Banking History 20

Unit 5, Section 8 Structure of the Federal Reserve 20

The Federal Reserve System Federal Reserve Functions 20

The Journey of a Check 20

Unit 5, Section 9 Regulating the Banking System 20

Federal Reserve Functions Regulating the Money Supply 20

Monetary Policy Tools 20

Unit 5, Section 10 Money Creation 20

Monetary Policy Tools Reserve Requirements 20



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Discount Rate 20

Unit 5, Section 11 Open Market Operations 20

Monetary Policy "Tight" & "Loose" Money Policy 20



UNIT 6 (WEEK 8) Market Structures 9, 8 How does the role of competition

MARKET STRUCTURES Perfect Competition 9 insure free enterprise?

Barriers to Entry 9 What is a monopoly?

Unit 6, Section 1 Monopoly 9

Perfect Competition Government Monopolies 9

Price Discrimination 9

Unit 6, Section 2 Price Fixing 9

Monopoly Monopolistic Competition 9

Oligopoly 9

Unit 6, Section 3 Regulation 9 Monopolistic Competition & Oligopoly Deregulation 9



Money, Banking & Finance

UNIT 7 (WEEK 9) Money & banking 10 What is money?

MONEY & BANKING Money 10 What is the history of banking?

What is Money? 10 What are the different types of

Unit 7, Section 1 Uses of Money & Currency 10 savings institutions?

Money Banking History 10 How do banks make a profit?



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Shifts in the Banking System 10

TLW explain the uses of money Banking Stabilization 10

Modern Banking 10

Unit 7, Section 2 Measuring the Money Supply 10

The History of American Banking Banking Services 10

How Banks Make a Profit? 10

TLW know how banks make a profit Types of Financial Institutions 10

Electronic Banking 10

Unit 7, Section 3 Credit Unions 10

Banking Today Savings & Loan 10



UNIT 8 (WEEK 10) Financial Markets 10 Guest Speaker: Banker What is a stock?

FINANCIAL MARKETS Saving & Investing 11 What is a bond?

Risk & Return 11

Unit 8, Section 1 Return On Investment (R.O.I.) 11

Saving & Investing Payback 11

Stocks & Bonds 11

TLW understand risk & return Financial Assets 11

Types of Bonds 11

Unit 8, Section 2 Bond Ratings 11

Bonds & Other Financial Assets The Stock Market 11

Buying Stock 11

TLW calculate R.O.I. Types of Stock 11

Stock Splits & Stock Risks 11

Unit 8, Section 3 Futures & Options 11

The Stock Market Stock Exchanges 11



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UNIT 9 (WEEK 11) Business Organizations 10 How to incorporate?

BUSINESS ORGANIZATIONS Sole Proprietorships 10 What are the tax advantages

Characteristics of Proprietorships 10 of a S Corporation?

Unit 9, Section 1 Advantages of Proprietorships 10

Sole Proprietorships Partnerships 10

Types of Partnerships 10

TLW learn how to incorporate Advantages of Partnerships 10

Disadvantages of Partnerships 10

Unit 9, Section 2 Corporations 10

Partnerships Types of Corporations 10

Advantages of Corporations 10

TLW understand partnerships Disadvantages of Corporations 10

Mergers 10

Unit 9, Section 3 Acquisitions 10 Corporations, Mergers, & Multinationals Multinationals 10

Franchises 10

Unit 9, Section 4 Cooperatives 10

Other Organizations Nonprofit Organizations 10



UNIT 10 (WEEK 12) Personal Finance 13 How do I create a budget?

PERSONAL FINANCE Personal Financial Systems & Skills 13 How can I better manage my

Saving 11 personal finances?

Personal Financial Systems & Skills Investing 11



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Banking Systems 11

Unit 10, Section 1 Budgeting 13

Saving & Investing Financial Planning 13

Income & Expenses 14

TLW apply financial systems Debt Management 13

to every day life Credit 13

Mortgages 13

Unit 10, Section 2 Loans 13

Budgeting & Financial Planning Federal Taxes 14

State Taxes 14

Unit 10, Section 3 Personal Taxes 13

Taxation



UNIT 11 (WEEK 13) Insurance What is insurance?

INSURANCE Personal Insurance Why do I need insurance?

Life Insurance

Unit 11, Section 1 Health Insurance

Personal Insurance Auto Insurance

Disability Insurance

Unit 11, Section 2 Business Insurance

Business Insurance Homeowner's Insurance

Unit 11, Section 3

Homeowner's Insurance



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UNIT 12 (WEEK 14) Consumer Powers How is the consumer protected?

CONSUMER EDUCATION Consumer Protection What does "Caveat Emptor" mean?

Business Law

Unit 12, Section 1 Consumer Management Skills

Consumer Powers & Protection Consumer Credit

Responsible Choices

Unit 12, Section 2 "Caveat Emptor"

Consumer Management Skills

Unit 12, Section 3

Responsible Choices

Career Decisions



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Documents

Personal Finance Curriculum