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
- distinguishing between gross and net pay and recognizing the effect of taxes
- 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:
Thinking
- What is the relationship between trade-offs and opportunity costs?
Communication
- How does scarcity affect your life?
Leadership
- What is the difference between a durable good and a non-durable good?
Management
- Why must a society face the choices about what, how, and for whom to produce?
Teacher Resources: