VCEE Scope & Sequence EPF Introduction : simplebooklet.com

Scope and Sequence for Virginia Economics & Personal Finance Course -Introduction and OutlineCreated by the Virginia Council on Economic Education (VCEE)Below is an outline of a day by day approach for teaching Virginia’s high school Economics andPersonal Finance. Each “day” refers to a 45-60 minute class period. Units 1 through 10 mainlycover economic concepts and have 85 days; Units 11 through 18 mainly cover the personal financeconcepts and have 82 days for a total of 167 days. Thus, more time is available to spend on sometopics and involve students in projects that allow them to apply the concepts and skills.A document is available for each unit providing a brief summary of the content for the day, keyvocabulary, relevant portions of the Board of Education’s framework, as well as some teaching tipsand lessons and resources.All teaching resources in this document are free for teachers. Here is how to you access them:1. Many are hyperlinked in the document, so you can get started right away.2. Lessons that do not have a hyperlink can be found on the lesson plan resource called Virtual Economics 4.5 or 5.0 (VE). All teachers can and should get this resource for free by participating in a VCEE training session. Visit www.vcee.org or email vcee@vcu.edu.3. Lessons from Financial Fitness for Life are on VE. They also have educational technology tools that can be found here: https://www.econedlink.org/resources/collection/fffl-9-12/Footnotes in the unit documents reference the following sources:1 Virginia Board of Education’s Curriculum Framework for Economics and Personal FinanceStandards of Learninghttp://www.doe.virginia.gov/testing/sol/frameworks/economics_personal_finance/economics_personal_finance_curriculum_frmwrk.pdf2 Voluntary National Content Standards in Economicshttps://www.councilforeconed.org/resource/voluntary-national-content-standards-in-economics/#sthash.GKA2kPIJ.dpbs3 Virtual Economics 4.5 and 5.0, published by the Council on Economic Educationhttp://ve.councilforeconed.org/The definitions for vocabulary comes the Board of Education’s Framework or the EconEdLinkGlossary found at http://www.econedlink.org/economic-resources/glossary.phpLessons identified can be found on Virtual Economics unless a web link is provided. Checkwww.TeachingMoneyVA.org for additional lessons and resources.2Virginia Council on Economic Education

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UNIT 1 - ABOUT DECISIONS (10 DAYS)EPF.1 The student will demonstrate knowledge of basic economic concepts and structures bya) describing how consumers, businesses and government face scarcity of resources, maketrade-offs and incur opportunity costsDay 1 What is scarcity and why does it exist?Day 2 What’s the trade-off? What’s my opportunity cost?Day 3 Decision makingc) describing how effective decision-making requires comparing the additional costs (marginalcosts) and additional benefits (marginal benefits)Day 1 What’s in it for me? What is this going to cost me?Day 2 Applying marginal thinking in the real worldb) explaining that choices often have long-term unintended consequencesDay 1 "I didn’t mean for that to happen."EPF.1 The student will demonstrate knowledge of basic economic concepts and structures byd) identifying the factors of productionEPF.2 The student will demonstrate knowledge of the role of producers and consumers in amarket economy byc) identifying the role of entrepreneurs.Day 1 Resources for productionDay 2 What do entrepreneurs do?Day 3 What’s the difference between real capital and human capital?Evaluation dayUNIT 2 - ECONOMIC SYSTEMS (6 DAYS)EPF.1 The student will demonstrate knowledge of basic economic concepts and structures bye) comparing the characteristics of market, command, traditional, and mixed economiesDay 1 The three basic questionsDay 2 Command, traditional, and market economiesDay 3 The free market and the US economyf) identifying Adam Smith and describing the characteristics of a market economyDay 1 Competition and the invisible handDay 2 Property rightsEvaluation dayUNIT 3 – PRODUCERS AND CONSUMERS IN A MARKET ECONOMY (11 DAYS )EPF.2 The student will demonstrate knowledge of the role of producers and consumers in amarket economy bya) describing how consumers, producers, workers, savers, investors and citizens respond toincentivesDay 1 Understanding incentivesb) explaining how businesses respond to consumer sovereigntyDay 1 Consumers rulec) identifying the role of entrepreneursDay 1 Entrepreneurs as visionaries and risk-takerse) describing how costs and revenues affect profit and supply2Virginia Council on Economic Education

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Day 1 Cost vs. priceDay 2 Calculating profitg) examining how investment in human capital, capital goods, and technology can improveproductivityDay 1 Investing in human capitalDay 2 Improving productivityf) describing how increased productivity affects costs of production and standard of livingDay 1 Measuring productivity using GDPj) illustrating the circular flow of economic activityDay 1 and Day 2 Understanding circular flowEvaluation dayUNIT 4 - THE PRICE SYSTEM (11 DAYS)EPF.3 The student will demonstrate knowledge of the price system bya) examining the laws of supply and demand and the determinants of eachDays 1 and 2 The law of demandDay 3 The law of supplyb) explaining how the interaction of supply and demand determines equilibrium price.Day 1 Bringing supply and demand together for equilibrium pricea) examining the laws of supply and demand and the determinants of eachDay 1 What causes demand to change?Day 2 What causes supply to change?Day 3 Practicec) by describing the elasticity of supply and demand.Day 1 How responsive are consumers and producers to price changes? That’s elasticity!d) examining the purposes and implications of price ceilings and price floors.Day 1 Price ceilings and floors.Day 2 Review supply, demand, equilibrium price, determinants of supply & demand,elasticity, price ceilings and price floorsEvaluation dayUNIT 5 - HOW ARE BUSINESSES ORGANIZED? (6 DAYS)EPF.2 The student will demonstrate knowledge of the role of producers and consumers in amarket economy byd) comparing the costs and benefits of different forms of business organization including soleproprietorships, partnership, corporation, franchise and cooperativeDay 1 and 2 Proprietorship, partnership, franchise, cooperative, corporation—what are thecharacteristics as well as the advantages and disadvantages of each?EPF.18 The student will demonstrate knowledge of investment and savings planning byf) describing how the stock market worksDay 1 Some corporations go publicDay 2 How are stock prices determined?EPF.2 The student will demonstrate knowledge of the role of producers and consumers in amarket economy byh) describing the effects of competition on producers, sellers and consumers3Virginia Council on Economic Education

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Day 1 What are the characteristics of competitive and uncompetitive markets?Evaluation dayUNIT 6 - WHAT WILL DETERMINE MY INCOME? (7 DAYS)EPF.4 The student will demonstrate knowledge that many factors affect income bya) examining the market value of worker’s skills and knowledgeDay 1 Human capital-just another name for skills and knowledgeDay 2 What determines the market value of my skills and knowledge?b) identifying the impact of human capital on production costsDay 1 Why do businesses prefer to hire workers with more skills?c) explaining the relationship between a person’s own human capital and the resulting incomepotentialDays 1 and 2 What’s the connection between education and income?d) explaining how changes in supply and demand for goods and services affect incomeDay 1 How does demand for other things affect my job?Evaluation DayUNIT 7 – THE ROLE OF GOVERNMENT IN A MARKET ECONOMY (8 DAYS)EPF.8 The student will demonstrate knowledge of the role of government in a market economybya) identifying goods and services provided by government to benefit societyDay 1 Public goods and servicesDay 2 Expanding the definition of public goodsDay 3 Tragedy of the commonsb) identifying the role the government plays in providing a legal structure to protect property rightsand enforce contractsDay 1 Protecting private property and enforcing contractsc) providing examples of government regulation of the marketDay 1 Government regulation and market failured) explaining that governments redistribute wealthDay 1 Transfer programs and tax structurese) explaining that taxes and fees fund all government-provided goods and servicesDay 1 Where does the money come from and where does it go?Evaluation DayUNIT 8 – HOW DOES THE HEALTH OF THE ECONOMY AFFECT YOU? (6 DAYS)EPF.5 The student will demonstrate knowledge of a nation’s economic goals, including fullemployment, stable prices, and economic growth, bya) describing economic indicators, such as gross domestic product (GDP), consumer price index(CPI), and unemployment rate.Days 1 and 2 What are the nation’s economic goals and how do we measure them?b) describing the causes and effects of unemployment, inflation, and reduced economic growth.Days 1 and 2 How do unemployment, inflation and reduced economic growth affect us?4Virginia Council on Economic Education

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c) describing the fluctuations of the business cycle.Day 1 The business cycle: a picture of the economy over timeEvaluation DayUNIT 9 – MONETARY AND FISCAL POLICY (11 DAYS)EPF.6 The student will demonstrate knowledge of the nation’s financial system bya) defining the role of moneyDay 1 Characteristics and functions of moneyb) explaining the role of financial markets and financial institutionsDay 1 Financial intermediaries and how they workEPF.5 The student will demonstrate knowledge of a nation’s economic goals, including fullemployment, stable prices, and economic growth, byd) describing strategies for achieving national economic goals.Day 1 What can the government do to help the economy reach full employment, stable pricesand economic growth?EPF.7 The student will demonstrate knowledge of how monetary and fiscal policy influenceemployment, output and prices byb) describing government’s role in stabilizing the economyDay 1 and 2 What fiscal policy tools can government use to help stabilize the economy?EPF.7 The student will demonstrate knowledge of how monetary and fiscal policy influenceemployment, output and prices bya) describing the purpose, structure and function of the Federal Reserve SystemDay 1 What is the role and structure of the Federal Reserve System?Day 2 Tools of monetary policyDay 3 The role of interest ratesd) explaining balanced budget, deficit and national debtDay 1 Government budgets and their effect on the economyc) describing sources of government revenueDay 1: Sources of national, state and local revenueEvaluation DayUNIT 10 – WE ARE PART OF THE GLOBAL ECONOMY (9 DAYS)EPF.9 The student will demonstrate knowledge of the global economy bya) explaining that when parties trade voluntarily, all benefit.Day 1 Why do people trade?b) distinguishing between absolute advantage and comparative advantage.Day 1 Do you have an absolute or comparative advantage?c) distinguishing between trade deficit and trade surplus.Day 1 What’s the difference between a trade deficit and a trade surplus?d) explaining exchange rates, and the impact of a strong dollar and weak dollar on economicdecisions.Days 1 and 2 Changing exchange rates: who is helped and who is hurt when the dollarstrengthens or weakens?e) describing the costs and benefits of trade barriers.Day 1 Who is helped and who is hurt by trade barriers?5Virginia Council on Economic Education

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f) describing the effects of international trade agreements and the World Trade Organization.Day 1 How do trade agreements increase trade?g) explaining growing economic interdependence.Day 1 How does globalization make countries more interdependent?Evaluation DayUNIT 11 - GOALS, SAVING, INTEREST AND BANKING (13 DAYS)EPF.17 The student will demonstrate knowledge of personal financial planning bya) identifying short-term and long-term personal financial goalsf) explaining how economics influences a personal financial planDay 1 Saving requires foregoing spending; goals and why they’re so hard to achieveDay 2 Creating a plan to help achieve goalsEPF.10 The student will develop consumer skills byd) determining the consequences of conspicuous consumption.h) examining the impact of advertising and marketing on consumer demand and decision-makingin the global marketplaceDay 1 Stay on track toward meeting your goalsEPF.18 The student will demonstrate knowledge of investment and savings planning bya) comparing the impact of simple interest vs. compound interest on savings.Day 1 What is interest? Calculating simple interestDay 2 Compound interest, the rule of 72, and the time value of moneyEPF.12 The student will demonstrate knowledge of banking transactions by)a) comparing the types of financial institutions.b) comparing how financial institutions affect personal financial planningDay 1 Financial institutions, check cashing, and payday loansc) evaluating services and related costs associated with personal bankingd) differentiating among types of electronic money transactionsDay 1 Understanding how funds are transferred and calculating the costs and benefits ofbankinge) preparing all forms necessary for opening and maintaining a checking and saving accountDay 1 Completing application forms and examining a bank statementf) reconciling bank statementsDay 1 Finding the errorsg) comparing costs and benefits of online and traditional bankingDay 1 Traditional and online bankingh) explaining how certain historical events have influenced the banking system and otherfinancial institutionsDay 1 Panics, depressions, inflations and recessionsDay 2 September 11, the Great Recession, and the novel Coronavirus.Evaluation DayUNIT 12 - INVESTMENT & SAVINGS PLANNING (11 DAYS)EPF.18 The student will demonstrate knowledge of investment and savings planning byb) comparing and contrasting investment and savings optionsDay 1 Risk and reward6Virginia Council on Economic Education

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Day 2 Calculating outcomesc) comparing costs and income sources for investmentsDay 1 Where can the money come from?Day 2 What does it cost to save?d) examining the fundamental workings of Social Security and the system’s effects on retirementplanningDay 1 Examining Social Securitye) contrasting alternative retirement plansDay 1 IRAs, 401(k)s, pensions and annuitiesDay 2 Help from your employerf) describing how the stock market worksDay 1 What are stocks? The difference between speculating and investingDay 2 What makes a stock rise or fall?EPF.10 The student will develop consumer skills byi) accessing reliable financial information from a variety of sources.Day 1 Evaluating sources of informationEvaluation DayUNIT 13 – LABOR MARKETS, HUMAN CAPITAL AND INCOME (9 DAYS)EPF.10 The student will develop consumer skills byb) examining the effect of supply and demand on wages and pricesDays 1 and 2 Demand for laborDay 3 Supply of laborEPF.15 The student will demonstrate knowledge of income earning and reporting bya) examining how personal choices about education, training, skill development and careersimpact earningsDays 1 and 2 How and where can you develop your human capital?b) differentiating among sources of incomeDay 1 Wages, interest, profitsd) investigating employee benefits and incentivesDays 1 and 2 Benefits and incentivesEvaluation DayUNIT 14 – TAXES (7 DAYS)EPF.16 The student will demonstrate knowledge of taxes bya) describing the types and purposes of local, state, and federal taxes and the way each is leviedand used.Day 1 Why should citizens pay taxes – what’s in it for us?EPF.15 The student will demonstrate knowledge of income earning and reporting byc) calculating net paye)completing a standard W-4 formEPF.16 The student will demonstrate knowledge of taxes bye) explaining the content and purpose of a standard W-2 form.Day 1 Gross pay, withholding, and net pay7Virginia Council on Economic Education

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d) examining potential tax deductions and credits on a tax return.Day 1 Tax deductions and tax creditsDay 2 Completing a 1040 EZ and determining your tax bracket and average tax ratec) computing local taxes on products and services.Day 1 Computing local taxesf) explaining the similarities and differences between state and federal taxation of inheritances.Day 1 Inheritance and estate taxes - what’s the difference?Evaluation DayUNIT 15 – BUDGETING AND CONSUMER SKILLS (10 DAYS)EPF.17 The student will demonstrate knowledge of personal financial planning byd) developing a personal budgetDay 1 Constructing the budget – income firstDay 2 Constructing the budget – choosing expensesDay 3 Revisiting the budgetEPF.10 The student will develop consumer skills bya) examining basic economic concepts and their relation to product prices and consumer spendingDay 1 Prices and decisionsc) describing the steps in making a purchasing decision, including the roles of marginal benefitand marginal costf) demonstrating comparison-shopping skillsDay 1 Deciding whether and when to buye) describing common types of contracts and the implications of eachDay 1 Understanding contract basicsj) explaining consumer rights, responsibilities, remedies and the importance of consumer vigilanceDay 1 Consumer rights, responsibilities and remediesg) maintaining a filing system for personal financial recordsk) examining precautions for protecting identity and other personal informationDay 1 Protecting yourselfEvaluation DayUNIT 16 – PLANNING FOR LIVING AND LEISURE (7 DAYS)EPF.11 The student will demonstrate knowledge of planning for living and leisure expenses bya) comparing the costs and benefits purchasing vs. leasing a vehicleDay 1 Purchase or lease a vehicle?b) comparing the advantages and disadvantages of renting vs. purchasing a homeDay 1 Purchase or rent a home?c) describing the process of renting housingDay 1 Going through a standard rental/lease agreementd) describing the process of purchasing a homeDay 1 Main points of the purchase processe) calculating the costs of utilities, services, maintenance and other housing expensesDay 1 Household expenses beyond the rent or mortgagef) evaluating discretionary spending decisionsDay 1 Understanding discretionary spending8Virginia Council on Economic Education

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Evaluation DayUNIT 17 - CREDIT (14 DAYS)EPF.13 The student will demonstrate knowledge of credit and loan functions bya) evaluating the various methods of financing a purchaseDays 1 and 2 Credit: Is it free? Is it worth it?e) comparing terms and conditions of various sources of consumer creditDay 1 Where is credit obtained?c) identifying qualifications needed to obtain creditg) explaining the need for a good credit ratingDay 1 Creditworthiness and credit ratingsDays 2 and 3 Why credit ratings matter and what you can do to improve themb) analyzing credit card features and their impact on personal financial planningDay 1 Understanding your credit cardsd) identifying basic provisions of credit and loan lawsDays 1 and 2 Consumer loan lawsf) identifying strategies for effective debt management, including sources of assistanceDay 1 Managing your debth) comparing the costs and conditions of secured and unsecured loansDay 1 What is a secured loan and what does it cost? What is an unsecured loan and whatdoes it cost?i) comparing the types of voluntary and involuntary bankruptcy and the implications of eachDays 1 and 2 When and how to file for bankruptcyEvaluation DayUNIT 18 - EVENTS AFFECTING THE PLAN (11 DAYS)EPF.17 The student will demonstrate knowledge of personal financial planning byb) identifying anticipated and unanticipated income and expensesDay 1 Dealing with unanticipated eventsEPF.14 The student will demonstrate knowledge of the role of insurance in risk managementa) evaluating insurance as a risk management strategyDay 1 What is insurance?b) distinguishing among the types, costs, and benefits of insurance coverage including automobile,life, property, health, and professional liability insuranceDay 1 Auto insuranceDay 2 Property and professional liability insuranceDay 3 Life and health insurancec) explaining the role of insurance in financial planningDay 1 Protection or investmentEPF.17 The student will demonstrate knowledge of personal financial planning byc) examining components and purposes of a personal net worth statementDay 1 Calculating net worthe) investigating the effects of government actions and economic conditions on personal financialplanningf) explaining how economics influences a personal financial plan9Virginia Council on Economic Education

VCEE Scope & Sequence EPF Introduction

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