 Economics & Personal Finance 
2017-2018
John Handley High School
Teacher: Mr. Rush
Room 2303
Phone: (540) 662-3471 ext. 45139
Email: rushc@wps.k12.va.us _____________________________________________________________________________________
Economics and Personal Finance Course Overview
The goal of Economics and Personal Finance is to help students to become financially responsible, conscientious members of society. To reach that end, this course develops students understanding and skills in such areas as money management, budgeting, financial goal attainment, the wise use of credit, insurance, investments, and consumer rights and responsibilities.
This course will give students the tools and resources needed to make wise financial decisions. Students will analyze their personal financial decisions, evaluate the costs and benefits of their decisions, recognize their rights and responsibilities as consumers, and apply the knowledge learned to financial situations encountered later in life.
Economics and Personal Finance Course Description
Economics and Personal Finance is a one-credit course designed to help students understand the impact of individual choices on occupational goals and future earnings potential. Using simulations, students will experience real world scenarios and use strategies covered in the course to help them make sound financial decisions. Students will learn how to navigate the financial decisions they must face and to make informed decision related to career exploration, budgeting, banking, credit, insurance, spending, taxes, saving, investing, buying/leasing vehicle, living independently, retirement planning, and inheritance. Development of financial literacy skills and an understanding of economics principles will provide the basis for responsible citizenship and career success. In addition, to developing personal finance skills, students will also study basic occupational skills and concepts in preparation for entry-level employment in the fields of banking/finance. This course will provide a foundational understanding for making informed personal financial decisions. Students will have an opportunity to earn an Industry Certification through W!SE in Financial Literacy.
Economics and Personal Finance Course Objectives:
At the completion of the course, the student will be able to do the following:
Explain financial literacy and how sound financial decisions can increase a person’s standard of living and wealth.
Develop and evaluate a spending/savings plan.
Explain career preparation and job acquisition skills required for employment and professionalism.
Distinguish between different economic systems and the major features of the U.S. economic systems.
Demonstrate an understanding of the effects of globalization on consumer decisions.
Summarize the rights and responsibilities of a consumer.
Demonstrate the ability to prepare personal income tax forms.
Evaluate savings and investment options to meet short and long-term goals.
Analyze factors that affect the choice of credit, the cost of credit, and the legal aspects of using credit.
Textbook(s) and Resources
Economics and Personal Finance- A Virginia Course, Pearson Learning Solutions, 2011 ©.
Managing Your Personal Finances, Seventh Edition Cengage Learning 2016, 2010 ©
Joan S. Ryan and Christie Ryan, authors
The Richest Man in Babylon by George Clason
Online Literacy Certification Preparation Materials:
www.everfi.com: Students must successfully completed all Modules to pass the course
www.moneypower.org: Students must successfully completed all Modules with 100% to pass the course.
Economics and Personal Finance Course Topics
Chapter 1—Skills for Success
Chapter 2—Basic Economics
Chapter 3—Personal Finance
Chapter 4—Financial Planning
Chapter 5—Money Management
Chapter 6—Economic Systems
Chapter 7—American Free Enterprise
Chapters 8, 9, 10—Supply and Demand, Price
Chapter 11—Consumer Management
Chapter 12—Market Structures
Chapter 13—Labor
Chapter 14—Money & Banking
Chapter 15—Financial Markets
Chapter 16—Gross Domestic Product and Growth
Chapter 17—Entrepreneurship
Chapter 18—Starting Your Own Business
Chapter 19—Financial Calculations for Business
Chapter 20—Economic Challenges
Chapter 21—Business Management Issues
Chapter 22—Taxes and Government Spending
Chapters 23, 24, 25—Fiscal Policy, Monetary Policy, International Trade
Required Materials
Loose Leaf Paper- no torn out pages from spiral notebooks
3 ring binder to organize homework, notes, work samples and handouts
Pen or pencil, Highlighters
Classroom Etiquette/Course Expectations
To ensure a positive learning environment for all students and to simulate a real-life business environment, students must become familiar with and practice The 5 Basic Rules of Business Etiquette. The rules are as follows:
Promptness: Perhaps the easiest way to exhibit professionalism is to consistently be punctual. On a daily basis, one must arrive at the classroom/office on time, ready to work. This action alone speaks volumes to both teachers and peers, demonstrating the individual’s seriousness regarding their work.
Preparation: In addition to arriving on time, business etiquette dictates that an individual must be prepared to conduct the business at hand. Students must have all resources such as reports, homework, materials and other documents ready for use.
Appearance: An individual who wishes to be taken seriously in the classroom/work place must dress appropriately for his/her environment. During the semester, students may be asked to wear business attire.
Decorum: An individual’s attitude and deportment exhibit just as much about his/her seriousness as his wardrobe does. Excessive use of slang, profanity and other offensive language is an immediate sign of unprofessionalism. Cell phones should be off and out of sight. No eating in the classroom.
Respect for Oneself and Others: Respect in the classroom/office is vital to the success of a learning/work environments. Students should be able to demonstrate respect in the following manners: Teach It, Adapt It, Model It, and Praise It.
Assignments/Homework:
Students are expected to complete all assignments on time. Students will be expected to participate in appropriate opportunities for completion of assignments/assessments as designated by Mr. Rush. Students will be provided a one-week make-up deadline for assignments/assessments not submitted on time before the grade reverts to a zero. Please make every effort to see Mr. Rush and discuss any work that you need to make up. Please note: Late assignments are subject to a 5 point reduction in your grade.
After the one week grace period has passed, assignments will no longer be accepted.
Target Core Competencies:
At the completion of the course students will be able to:
Demonstrating Workplace Readiness Skills: Personal Qualities and People Skills
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Demonstrate positive work ethic.
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Demonstrate integrity.
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Demonstrate teamwork skills.
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Demonstrate self-representation skills.
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Demonstrate diversity awareness.
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Demonstrate conflict-resolution skills.
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Demonstrate creativity and resourcefulness.
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Demonstrating Workplace Readiness Skills: Professional Knowledge and Skills
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Demonstrate effective speaking and listening skills.
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Demonstrate effective reading and writing skills.
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Demonstrate critical-thinking and problem-solving skills.
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Demonstrate healthy behaviors and safety skills.
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Demonstrate an understanding of workplace organizations, systems, and climates.
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Demonstrate lifelong-learning skills.
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Demonstrate job-acquisition and advancement skills.
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Demonstrate time-, task-, and resource-management skills.
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Demonstrate job-specific mathematics skills.
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Demonstrate customer-service skills.
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Demonstrating Workplace Readiness Skills: Technology Knowledge and Skills
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Demonstrate proficiency with technologies common to a specific occupation.
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Demonstrate information technology skills.
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Demonstrate an understanding of Internet use and security issues.
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Demonstrate telecommunications skills.
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Examining All Aspects of an Industry
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Examine aspects of planning within an industry/organization.
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Examine aspects of management within an industry/organization.
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Examine aspects of financial responsibility within an industry/organization.
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Examine technical and production skills required of workers within an industry/organization.
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Examine principles of technology that underlie an industry/organization.
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Examine labor issues related to an industry/organization.
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Examine community issues related to an industry/organization.
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Examine health, safety, and environmental issues related to an industry/organization.
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Addressing Elements of Student Life
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Identify the purposes and goals of the student organization.
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Explain the benefits and responsibilities of membership in the student organization as a student and in professional/civic organizations as an adult.
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Demonstrate leadership skills through participation in student organization activities, such as meetings, programs, and projects.
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Identify Internet safety issues and procedures for complying with acceptable use standards.
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Developing Basic Economic Concepts and Structures
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Describe how consumers, businesses, and government decision-makers face scarcity of resources and must make trade-offs and incur opportunity costs.
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Explain that economic choices often have long-term, unintended consequences.
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Describe how effective decision-making requires comparing the additional costs (marginal costs) and additional benefits (marginal benefits).
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Identify factors of production.
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Compare economic systems.
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Explain Adam Smith’s characteristics of a market economy.
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Understanding the Role of Producers and Consumers in a Market Economy
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Describe how consumers, producers, workers, savers, investors, and other people respond to incentives.
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Explain how businesses respond to consumer sovereignty.
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Identify the role of entrepreneurs.
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Compare the costs and benefits of different forms of business organization.
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Describe how costs and revenues affect profit and supply.
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Describe how increased productivity affects costs of production and standard of living.
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Examine how investment in human capital, physical capital, and technology can improve productivity.
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Describe the effects of competition on producers, sellers, and consumers.
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Explain why monopolies or collusion among sellers reduces competition and raises prices.
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Describe the circular flow of economic activity.
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Exploring the Price System
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Examine the laws of supply and demand and the determinants of each.
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Explain how the interaction of supply and demand determines equilibrium price.
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Describe the elasticity of supply and demand.
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Examine the purposes and implications of price ceilings and price floors.
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Exploring the Many Factors That Affect Income
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Examine the market value of a worker’s skills and knowledge.
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Describe how changes in supply and demand for goods and services affect a worker’s income.
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Demonstrating Knowledge of a Nation's Economic Goals
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Describe economic indicators, such as gross domestic product (GDP), consumer price index (CPI), and unemployment rate.
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Describe the causes and effects of unemployment and inflation.
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Describe the fluctuations of the business cycle.
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Describe strategies for achieving national economic goals.
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Demonstrate knowledge of the nation’s financial system.
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Demonstrate knowledge of how monetary and fiscal policy influence employment, output, and prices.
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Demonstrate knowledge of the role of government in a market economy.
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Demonstrate knowledge of the global economy.
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Developing Consumer Skills
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Examine basic economic concepts and their relation to product prices and consumer spending.
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Examine the effect of supply and demand on wages and prices.
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Describe the steps for making a purchase decision.
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Describe common types of contracts and the implications of each.
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Demonstrate comparison-shopping skills.
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Maintain a filing system for personal financial records.
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Examine the impact of advertising and marketing on consumer demand and decision making in the global marketplace.
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Access reliable financial information from a variety of sources.
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Explain consumer rights, responsibilities, remedies, and the importance of consumer vigilance.
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Examine precautions for protecting identity and other personal information.
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Interact effectively with salespersons and merchants.
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Describe consumer protection regulations.
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Describe the role of consumer assistance agencies.
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Demonstrating Knowledge of Planning for Living and Leisure Expenses
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Compare the costs and benefits of purchasing vs. leasing a vehicle.
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Compare the advantages and disadvantages of renting vs. purchasing a home.
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Describe the process of renting housing.
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Describe the process of purchasing a home.
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Calculate the cost of utilities, services, maintenance, and other housing expenses involved in independent living.
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Evaluate discretionary spending decisions.
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Demonstrating Knowledge of Banking Transactions
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Describe the types of financial institutions.
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Examine how financial institutions affect personal financial planning.
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Evaluate services and related costs associated with personal banking.
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Differentiate among types and regulations of electronic monetary transactions.
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Prepare all forms necessary for opening and maintaining a checking and a savings account.
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Reconcile bank statements.
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Compare costs and benefits of online, mobile, and traditional banking.
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Explain how certain historical events have influenced the banking system and other financial institutions.
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Compare the U.S. monetary system with the international monetary system.
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Demonstrating Knowledge of Credit and Loan Functions
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Evaluate the various methods of financing a purchase.
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Analyze credit card features and their impact on personal financial planning.
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Identify qualifications needed to obtain credit.
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Identify basic provisions of credit and loan laws.
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Compare terms and conditions of various sources of consumer credit.
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Identify strategies for effective debt management, including sources of assistance.
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Explain credit rating and credit report.
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Compare the costs and conditions of secured and unsecured loans.
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Compare the types of voluntary/ involuntary bankruptcy & the implications of each.
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Demonstrating Knowledge of the Role of Insurance in Risk Management
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Evaluate insurance as a risk-management strategy.
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Distinguish among the types, costs, and benefits of automobile insurance coverage.
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Distinguish among the types, costs, and benefits of life insurance.
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Distinguish among the types, costs, and benefits of property insurance.
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Distinguish among the types, costs, and benefits of health insurance.
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Explain the roles of insurance in financial planning.
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Distinguish among the types of professional liability insurance.
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Demonstrating Knowledge of Income Earning and Reporting
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Examine how personal choices about education, training, skill development, and careers impact earnings.
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Differentiate among sources of income.
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Calculate net pay.
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Investigate employee benefits and incentives.
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Complete standard federal employment tax forms.
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Demonstrating Knowledge of Taxes
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Describe the types and purposes of local, state, and federal taxes and the way each is levied and used.
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Explore how tax structures affect consumers, producers, and business owners differently.
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Compute local taxes on products and services.
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118
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Examine potential tax deductions and credits on a tax return.
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119
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Explain the content and purpose of a standard W-2 and 1099 form.
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Explain the similarities and differences between state and federal taxation of inheritances.
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Complete a state income tax form, including electronic formats.
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Complete short and itemized federal income tax forms, including electronic formats.
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Demonstrating Knowledge of Personal Financial Planning
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Identify short-term and long-term personal financial goals.
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Identify anticipated and unanticipated income and expenses.
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128
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Examine components and purposes of a personal net worth statement.
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129
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Develop a personal budget.
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130
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Investigate the effects of government actions and economic conditions on personal financial planning.
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131
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Explain how economics influences a personal financial plan.
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Demonstrating Knowledge of Investment and Savings Planning
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Compare the impact of simple interest vs. compound interest on savings.
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133
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Compare investment and savings options.
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134
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Explain costs and income sources for investments.
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135
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Examine the fundamental workings of the Social Security System and the system’s effects on retirement planning.
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Contrast alternative retirement plans.
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137
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Explore how the stock and bond markets work.
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Financing Education after High School
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Identify sources of financial aid.
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139
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Examine types of student loans.
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Explain the repayment process for student loans.
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Describe types of student grants.
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142
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Describe types of scholarships.
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143
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Describe investment options to pay for college costs.
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144
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Identify ways to make the cost of postsecondary education affordable.
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