# CTE Resource Center - Verso - Independent Living Task 871652956

CTE Resource Center - Verso

Virginia’s CTE Resource Center

Describe the impact of the fundamental principles of economics on personal finances.


Description should include
  • examining fundamental principles of personal and family economics, including wants vs. needs, scarcity (e.g., of time, space, money), opportunity costs/trade-offs, and supply and demand
  • applying economic principles to personal and family finances, including
    • explaining how limited personal financial resources affect the choices people make
    • interpreting the opportunity costs of financial decisions
    • applying a decision-making process to personal financial choices
  • analyzing how economic conditions affect the attainment of personal income and goals.

Process/Skill Questions

  • Why should you be knowledgeable about financial management?
  • How do needs and wants differ? How do they overlap?
  • How can clothing be both a want and a need?
  • Why is the exchange of money for goods and services a form of communication?
  • What technological advances help communications?
  • Why are financial issues often a source of family stress and conflict?
  • When do you think it is ethical for businesses to encourage consumers to accrue large debts through extensive use of credit cards? Why or why not?
  • What are the differences between using cash, check, debit card, and credit cards as a method of payment?
  • What leadership skills are necessary for effective financial management?
  • What information do you need to become a good manager of the family’s financial resources?
  • What steps should you follow to organize financial information?
  • How do limited financial resources affect the choices people make?

Other Related Standards

FCCLA National Programs

Families First: Families Today


Families First: Meet the Challenge


Financial Fitness: Earning


Financial Fitness: Protecting


Financial Fitness: Saving


Financial Fitness: Spending


Power of One: A Better You


FCCLA: STAR Events (2019)

Event Management


National Programs in Action


Professional Presentation


Public Policy Advocate


National Standards for Family and Consumer Sciences Education


Apply time management, organizational, and process skills to prioritize tasks and achieve goals.


Analyze how individuals and families make choices to satisfy needs and wants.


Apply consumer skills to decisions about housing, utilities, and furnishings.


Analyze how media and technological advances influence family and consumer decisions.


Analyze the use of resources in making choices that satisfy needs and wants of individuals and families and communities.


Evaluate the need for personal and family financial planning.


Apply financial management principles to individual and family financial practices.


Explain the effects of the economy on personal income, individual and family security, and consumer decisions.


Demonstrate components of a financial planning process that reflect the distinction between needs, wants, values, goals, and economic resources for a variety of diverse populations.