Description should include

• examining fundamental principles of personal and family economics, including
  • determining wants vs. needs
  • considering scarcity (e.g., of time, space, money),
  • acknowledging opportunity costs and trade-offs
  • considering supply and demand
• applying economic principles to personal and family finances, including
  • distinguishing between gross and net pay and recognizing the effects of taxes
  • interpreting the opportunity costs of financial decisions
  • applying a decision-making process to personal financial choices
  • making a plan to align income with budget
• analyzing how economic conditions affect the attainment of personal goals.

Teacher Resources:

• Empowering Futures, One Dollar at a Time, Virginia Council on Economic Education
• Financial Fitness, FCCLA
• Teen Teach-In, Virginia Events Jump$tart! Financial Smarts for Students
• Invest in What's Next: Your Career and Education Pathways, Federal Reserve Education
• Financial Fitness, FCCLA

Process/Skill Questions:

Thinking

• What is the relationship between trade-offs and opportunity costs?

Communication

• How can scarcity affect one’s 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?