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BLENDED TEACHING MANUALFor the Virtual Virginia Online EPF Coursewww.VCE E.o rg

About Truist FoundationThe Truist Foundation is committed to Truist Financial Corporation’s (NYSE: TFC) purpose to inspire and build better lives and communities. Established in 2020, the foundation makes strategic investments in nonprofit organizations to help ensure the communities it serves have more opportunities for a better quality of life. The Truist Foundation’s grants and activities focus on leadership development, economic mobility, thriving communities and educational equity. Learn more at www.truist.com/truist-foundationThe Virginia Council on Economic Education (VCEE) received a grant from Truist Foundation to support the revised Economics and Personal Finance Online Course and to better lives and drive meaningful change in communities.About Virginia Council on Economic EducationOur mission is simple: to provide Virginia’s K-12 students with the economic knowledge and financial skills needed to thrive in our dynamic economy. VCEE provides quality pro-fessional development opportunities for K-12 teachers to assist them in teaching econom-ics and personal finance. With the support of donors and partners, VCEE institutes and workshops are provided at no cost to teachers or school divisions. Learn more at https://vcee.org

INTRODUCTION The Virginia Council on Economic Education (VCEE) has worked with Virginia’s K-12 educators for over 50 years to support their work on economic and personal finance education. VCEE is part of the Council for Economic Education (CEE), a national, non-profit organization that promotes knowledge of personal finance and economics so that students can make better decisions for themselves, their families, and their communities. For over 70 years, CEE has carried out its mission by providing resources and training to K-12 educators through its network of state councils. VCEE was instrumental in the 2020 revision of the Virginia online EPF course and continues to provide resources to support learning in both the online and face-to-face environment. A Guided Notebook for students using the online EPF course was previously made available by VCEE. This manual is an additional resource for teachers to support their use of the Virginia online EPF course in blended course formats. The Virginia Department of Education/Virtual Virginia online EPF course can be used to teach either a virtual-only or a blended course format. This manual is a guide for teaching the EPF course in a blended format that delivers the course content using both the online course resources and face-to-face classes. This can be done either by teaching face-to-face and integrating online resources or by augmenting a mostly online student experience with face-to-face lessons. After highlighting some general resources, this manual provides information and suggested lessons and resources, many of which were created by CEE, for each of the 7 economics and 7 personal finance modules in the EPF courses. The final two sections of this manual provide information and resources for using personal finance case studies and the Stock Market Game™ to teach a blended EPF course.

Virginia Council on Economic Education 2021TABLE OF CONTENTS General Resources 2 Economics: Module Overviews and Recommended Resources 3 Module 1 4 Module 2 6 Module 3 8 Module 4 10 Module 5 12 Module 6 14 Module 7 16 Personal Finance: Module Overviews and Recommended Resources 18 Module 8 19 Module 9 21 Module 10 23 Module 11 25 Module 12 27 Module 13 29 Module 14 31 Personal Finance Case Studies 33 Stock Market Game™ 34 Appendices 35 1

General Resources

Virginia Council on Economic Education 2021GENERAL RESOURCES •VCEE’s online Virginia EPF Course Guided Notebook Guided notes for students completing the Virtual Virginia online EPF course. The Guided Notes contains a vocabulary list and assessment, homework and “Think About it” questions, and end-of-course practice exams. Available for download from VCEE. •EconEd Link https://www.econedlink.org/ A source of classroom-tested, Internet-based economic and personal finance materials for K-12 teachers and their students provided by CEE. The site provides hundreds of free, online lessons and classroom interactives that are easily searchable by concept, standard, grade level, and subject. Selected EconEd Link lessons and resources are identified for each online EPF course Module. •Virtual Economics Version 5.0 USB Flash Drive (VE5.0) https://store.councilforeconed.org/search.asp?searchString=VE+5.0 The CEE VE5.0 flash drive contains videos, lessons, resources, and other tools to create engaging economic and personal finance lessons including a hands-on approach to teaching that is relevant to how students learn in today's classroom. Videos from VE5.0 are used in the online EPF course and many of the lessons referenced in this guide are provided on VE5.0. While the flash drive can be purchased from the CEE online store, Virginia teachers receive a copy of VE5.0 after completing many of the no cost VCEE professional development opportunities. •Financial Fitness for Life Grades 9 – 12 (FFFL) FFFL is a resource from CEE, available separately from the CEE store, but also available on the VE5.0 flash drive. Many of the recommended face-to-face lessons identified in this manual come from FFFL. standard, grade level, and subject. Selected EconEd Link lessons and resources are identified for each online EPF course Module. 2

Virginia Council on Economic Education 2021•Next Gen Personal Finance https://www.ngpf.org/ Next Gen is a non-profit organization created to revolutionize the teaching of personal finance in all schools to improve the financial lives of the next generation of Americans. Next Gen provides resources and curriculum for teaching personal finance. Some Next Gen resources are referenced in this manual. •Online Course Videos The Virtual Virginia online EPF course uses videos from several video series, listed below. The specific videos and their location in the online EPF course are listed in the individual module content sections. CEE Videos (available on Econ Ed Link and VE5.0) https://www.econedlink.org/ Marginal Revolution University https://marginalrevolution.com/ MJM Foodie https://www.youtube.com/channel/UC_xHLAJ_zqPHkmC2aY2MdcA FRB St.Louis, Economic Lowdown https://www.stlouisfed.org/education/economic-lowdown-video-series FRB St. Louis, No Frills Money Skills https://www.stlouisfed.org/education/no-frills-money-skills-video-series FRB Philadelphia The Federal Reserve and You https://www.philadelphiafed.org/education/the-federal-reserve-and-you Federal Trade Commission https://www.ftc.gov/news-events/audio-video/featured-videos We The Economy https://wetheeconomy.com/ Money Coach https://www.youtube.com/channel/UCiJvQr0sSfC4bX-H1NGyTFg/videos 3

Economics: Module Overviews and Recommended Resources

Virginia Council on Economic Education 2021ECONOMICS Module Overviews and Recommended Resources A description of each module in the online Economics course and its lessons and a listing of the videos included in each module is provided below, along with recommended face-to-face lessons and online simulations for teaching them. ECONOMICS The Economics portion of the EPF course is made up of Modules 1 – 7. 1. Basic Economic Concepts 2. The Role of Producers and Consumers 3. The Price System 4. The Role of Government in the Market 5. National Economic Indicators and Goals 6. Fiscal and Monetary Policy 7. The Global Economy 4

Virginia Council on Economic Education 2021Module 1: Basic Economic Concepts Overview The first module in the economics course introduces the economics discipline and its focus on decision making. Economics is the study of choices and uses marginal analysis – e.g. the comparison of marginal costs and marginal benefits. This module introduces marginal analysis and how incentives can affect costs and benefits and therefore influence the choices of consumers and producers in the economy. Finally, this module introduces different economic systems and the role of markets and trade in the economy. Lessons/videos 1a Scarcity, Trade Offs, Opportunity Cost MJM Foodie – Scarcity and Choice CEE – Scarcity CEE – Opportunity Cost FRB St. Louis – Production Possibilities Curve 1b Factors of Production, Introduction to Marginal Cost and Marginal Benefit MJM Foodie - Resources 2a Choices Have Unintended Consequences 2b Using Marginal Cost and Marginal Benefit to Improve Decision Making 3a Incentives and How They Influence Behavior CEE – Incentives 3b Consumers, Producers, Workers, Savers, and Citizens Respond to Incentives 4a The Three Basic Economic Questions and How Each Type of Economy Answers Those Questions MJM Foodie – Economic Systems MRU - The Great Economic Problem 4b Entrepreneurship CEE – The Entrepreneur Kaufman Foundation – Entrepreneurs 5a Voluntary Trade Increases Wealth 5

Virginia Council on Economic Education 2021 CEE – Specialization and Division of Labor MRU – Everyday Economics – Benefits of Voluntary Trade 5b Market Economy, Consumer Sovereignty, Profit Motive, and Limited Government We the Economy – Cave-o-nomics In-person Lessons/Activities •The Economic Way of Thinking – FFFL (CEE, VE5.0): Grades 9-12; Lesson 2 •Economic Decision Making – Economics in Action (CEE, VE5.0); Lesson 2 •Jolly Rancher Activity – Appendix A Online Simulation The Mint Scarcity, Choice, and Decisions http://www.themint.org/teachers/scarcity-choice-and-decisions.html A simulation activity in which students make choices while planning their prom. 6

Virginia Council on Economic Education 2021Module 2: The Role of Producers and Consumers This module expands the discussion of the role of producers and consumers in the economy, with an emphasis on human capital and its effect on income and production. Module 2 focuses on competition and how it influences the decisions of consumers and producers. Finally, the relationship between producers and consumers in the economy, through product and factor markets, is illustrated using the circular flow model. Lessons/videos 1a Consumers CEE – Consumers MJM Foodie – Diminishing Marginal Utility 1b Consumer Sovereignty MRU - Introduction to Consumer Choice MRU - Budget Constraints 2a Human Capital CEE – Human Capital 2b The Role of Human Capital in the Economy MRU – Human Capital CEE - Productivity 3a Producers CEE – Producers CEE – Profit MJM Foodie - Accounting Profit Versus Economic Profit 3b The Role of Producers in the Economy CEE - The Entrepreneur 4a Competition CEE – Demand MRU – Demand Shifters 4b The Effects of Competition in the Economy MJM Foodie – Market Structures MJM Foodie – Collusion 7

Virginia Council on Economic Education 20215a The Basic Circular Flow Model FRB St. Louis – Circular Flow Model 5b Expanded Circular Flow CEE – Circular Flow In-person Lessons/Activities •Distribution of Income and Human Capital – Focus on Institutions and Markets (CEE, VE5.0); Lesson 9 Online Simulation Invest in What’s Next - Life After High School Lesson 1 Exploring My Options https://www.investinwhatsnext.org/ This simulation, provided by the Federal Reserve Bank of Richmond, helps students explore their career interests. 8

Virginia Council on Economic Education 2021Module 3: The Price System Overview This module presents the supply and demand model by first developing each side of the market including the determinants of demand and supply. The use of the model to determine market equilibrium price and quantity is presented along with the way in which changes in determinants of demand or supply affect the equilibrium price and quantity. Finally, the supply and demand model and the concept of elasticity are used to analyze markets. Lessons 1a Demand MJM Foodie – Demand MRU – The Demand Curve 1b Determinants of Demand FRB St. Louis – Demand 2a Supply MJM Foodie – Supply MRU – The Supply Curve 2b Determinants of Supply FRB St. Louis – Supply 3a Equilibrium MRU – The Equilibrium Price MJM Foodie – Equilibrium 3b How Markets Move to Equilibrium FRB St. Louis – Equilibrium CEE – Price Ceilings and Floors 4a Changes in Demand CEE – Demand MRU – Demand Shifters 4b Changes in Supply CEE – Supply MRU – Supply Shifters 9

Virginia Council on Economic Education 20215a Using Demand and Supply to Analyze Markets MJM Foodie – Price Ceilings and Price Floors MRU – Price Ceilings MRU – Minimum Wage 5b Elasticity CEE – Income Distribution In-person Lessons/Activities •A Market for Wheat – Economics in Action; Lesson 7 •Price Controls – Too High Or Too Low? – Focus: High School Economics (CEE, VE5.0): Lesson 6 •Auction activity – Appendix B •Graphing Activities – Appendix C Online Simulations Lumen Learning; Demand for Food Trucks, Supply of Food Trucks, Food Trucks and Changes in Equilibrium: https://courses.lumenlearning.com/suny-microeconomics/chapter/simulation-demand-for-food-trucks/ https://courses.lumenlearning.com/suny-microeconomics/chapter/simulation-supply-of-food-trucks/ https://courses.lumenlearning.com/suny-microeconomics/chapter/simulation-food-trucks-and-changes-in-equilibrium/ Interactive activities for learning the supply and demand model. 10

Virginia Council on Economic Education 2021Module 4: The Role of Government in the Market Overview Module 4 focuses on government intervention in the economy to promote competition and correct market failures including public goods, and externalities. This module presents important government services and agencies as well as the sources of government revenues and their effect on income distribution in the economy. Lessons 1a The Role of Government CEE – Market Failures 1b Property Rights and Contracts CEE – Property Rights 2a The Sources of Market Failure CEE – Market Failures MJM Foodie – Market Failures 2b Public Goods MJM Foodie – Public Goods MRU – Public Goods 3a External Costs and Benefits MJM Foodie – Externalities 3b Government Response to Pubic Goods and Externalities FRB St.Louis – Externalities MRU – External Costs and Benefits MRU – External Benefits 4a Market Power and Imperfect Competition MJM Foodie – Antitrust MJM Foodie – Mergers 4b Regulatory Agencies and Government Failure MRU – Private Solutions to Externalities 5a Government Services and Revenues 11

Virginia Council on Economic Education 2021 MJM Foodie – Taxes and Budget 5b Inequity and Income Distribution CEE – Income Distribution We the Economy – Taxes In-person Lessons/Activities •How Should Government Structure the Tax System? – Focus: Understanding Economics in Civics and Government (CEE, VE5.0), Lesson 11 •Government: Who Needs it? – Personal Decision Making: Focus on Economics (CEE, VE5.0), Lesson 8 Simulation https://commonsenseeconomics.com/wp-content/uploads/PropertyRights.pdf https://www.fraserinstitute.org/sites/default/files/property-rights-and-the-tragedy-of-the-commons.pdf Tragedy of the Commons classroom fishing Simulation. 12

Virginia Council on Economic Education 2021Module 5: National Economic Indicators and Goals Overview This module focuses on the three major economic indicators in the economy; gross domestic product (GDP), unemployment, and inflation. It also discusses changes in these indicators over the business cycle the associated costs. Finally, the module describes the goals for each indicator in the United States and introduces policies to achieve those goals. Lessons 1a Gross Domestic Product Bureau of Labor Statistics – Productivity CEE – Productivity MRU – What is GDP? MRU – GDP 1b Nominal Versus Real GDP FRB St. Louis – GDP 2a Introduction to Unemployment MRU – Unemployment MRU – Unemployment Rates 2b Causes and Consequences of Unemployment FRB St. Louis – Unemployment Rate 3a Inflation and Its Indicators FRB Philadelphia – Inflation MJM Foodie – Inflation MRU – Who Wants to be a Trillionaire? 3b The Costs of Inflation MRU – Quantity Theory of Money MRU – Causes of Inflation MRU – Why Governments Create Inflation MRU – Price Confusion and Money Illusion MRU – Financial Intermediation 4a Business Cycles CEE – Fiscal Policy 13

Virginia Council on Economic Education 20214b Impacts of the Business Cycle FRB Atlanta – GDP – An Economist’s Perspective MRU – Business Cycle Theories – Monetarists 5a National Economic Goals FRB Philadelphia – Maximum Economic Growth FRB Philadelphia – Business Cycle FRB Philadelphia – Unemployment FRB Philadelphia – Price Stability 5b Introduction to Economic Policy MRU – Fiscal Policy FRB Philadelphia – Monetary Policy In-person Lessons/Activities •Economic Indicators for Informed Citizens – Focus: Understanding Economics in Civics and Government – (CEE, VE5.0), Lesson 18 •GDP and How to Measure it – Capstone (CEE, VE5.0), Unit 6, Lesson 33 •Unemployment activity – Appendix D Online Simulations Federal Balancing Act 2022: An Interactive Budget Simulation https://us.abalancingact.com/2022-federal-budget Online student budgeting simulation from the Bi Partisan Policy Center. 14

Virginia Council on Economic Education 2021Module 6: Fiscal and Monetary Policy Overview The use of federal government spending and taxing (i.e. fiscal policy) and the use of Federal Reserve (i.e. monetary) policy to achieve national economic goals is considered in Module 6. The module provides an overview of each of the two policies, how they are conducted, and their limitations and effectiveness. Lessons 1a What is Fiscal Policy? CEE – Fiscal Policy 1b Fiscal Policy in Action MJM Foodie – Fiscal Policy 2a Limitations of Fiscal Policy MRU – The Limits of Fiscal Policy MJM Foodie – Crowding Out and Lags 2b Fiscal Policy in the Long Run CEE – Budget Deficits and Public Debt MRU – Fiscal Policy and Crowding Out 3a Money FRB Philadelphia – Money and Barter FRB Philadelphia - What is Money? MJM Foodie – What is Money? FRB Philadelphia – The Money Supply 3b Banking FRB Philadelphia – How Banks Make Money MRU – Saving and Borrowing FRB Philadelphia – Fractional Reserve Banking MJM Foodie – Creating Money FRB Philadelphia – How Money is Created 4a The Federal Reserve Structure FRB Philadelphia – Central Banking FRB Philadelphia – The Federal Reserve 15

Virginia Council on Economic Education 2021 FRB Philadelphia – Structure of the Federal Reserve 4b The Federal Reserve System Functions FRB Philadelphia - Purpose of the Federal Reserve FRB Philadelphia - Reserve Requirements FRB Philadelphia - Discount Rate FRB Philadelphia - Monetary Policy Tools FRB Philadelphia – Monetary Policy 5a What is Monetary Policy? FRB Philadelphia – Federal Reserve Goals FRB Philadelphia – Money Supply FRB Philadelphia – Monetary Policy 5b Monetary Policy in Action MRU – How the Fed Worked Before the Great Recession MRU – How the Fed Worked After the Great Recession FRB Philadelphia – Interest on Reserves In-person Lessons/Activities •What Can the Government do About Unemployment? – Civics and Economics (CEE, VE5.0), Lesson 11 •Macroeconomic Stabilization Policies and Institutions – Focus: Institutions and Markets (CEE, VE5.0), Lesson 10 16

Virginia Council on Economic Education 2021Module 7: The Global Economy Overview Module 7 considers the relationship between the domestic economy and the economies of other countries. The lessons present the concept of comparative advantage and the benefits of international trade. The lessons discuss the trade of goods (i.e. imports and exports) and financial flows (e.g. exchange rates and financial capital flows). Finally, barriers to trade and trade agreements are considered in the last two lessons. Lessons 1a What is Voluntary Trade MRU – Trade 1b Benefits of Trade CEE – International Trade Gains from Trade 2a Absolute Versus Comparative Advantage MRU – Trade 2b Specialization is Promoted by Trade MJM Foodie – Terms of Trade MRU – Comparative Advantage 3a Define Imports and Exports 3b Trade Deficit and Surplus 4a Exchange Rates MJM Foodie – Exchange Rates 4b Strong Versus Weak Dollar CEE – Foreign Exchange Markets 5a Forms of Trade Barriers MJM Foodie – Trade Restrictions CEE – Barriers to Trade 5b Trade Agreements 17

Virginia Council on Economic Education 2021World Trade Organization MJM Foodie – Trade Blocs In-person Lessons/Activities •Comparative and Absolute Advantage – Economics in Action (CEE, VE5.0), Lesson 13 •Exchange Rates: Money Around the World – Economics in Action (CEE, VE5.0), Lesson 14 •Comparative Advantage/Foreign Exchange Activity – Appendix E •Tic-Tac-Toe Tariffs – Foundation for Teaching Economics https://www.fte.org/wp-content/uploads/Tic-Tac-Toe-Tariff-.pdf Online Simulations National Geographic Trading Game https://www.nationalgeographic.org/activity/the-trading-game/ Students simulate the trading of goods between countries. Big Mac Index Video: https://www.youtube.com/watch?v=5XdYbmova_s The Economist Burgernomics: https://www.economist.com/big-mac-index EconEdLink lesson: https://www.econedlink.org/resources/the-big-mac-index/ A video, article, and lesson using the Big Mac Index, an approach to exchange rates using the price of a Big Mac across different countries. 18

Personal Finance: Module Overviews and Recommended Resources

Virginia Council on Economic Education 2021PERSONAL FINANCE Module Overviews and Recommended Resources A description of each module in the online Personal Finance course and its lessons and a listing of the videos included in each module is provided below, along with recommended face-to-face lessons and online simulations for teaching them. PERSONAL FINANCE The Personal Finance portion of the course is made up of Modules 8 – 14. 8. Human Capital and Earnings 9. Consumer Skills 10. Living Expenses and Budgeting 11. Saving and Investing 12. Banking and Financial Transactions 13. Insurance 14. Financial Planning 19

Virginia Council on Economic Education 2021Module 8: Human Capital and Earnings Overview Module 8 focuses on earnings and the effect of human capital on income and productivity. It also presents the various employment forms and paycheck deductions (e.g. taxes). Lessons 1a Individuals’ Investment in Human Capital CEE – Human Capital 1b The Effect of Human Capital on Income MRU – What Career? 2a Sources of Income 2b Calculating Net Pay Money Coach – Taxes 3a Employee Benefits and Incentives 3b Personal Income Taxes and Employment Forms FRB St. Louis – Personal Finance 101 (2) 4a Types of Goods Provided by Government 4b Types of Taxes CEE – Taxes 5a Calculating Sales Taxes 5b Calculating Income Taxes Money Coach – Filing a Tax Return 20

Virginia Council on Economic Education 2021In-person Lessons/Activities •How to Really Be a Millionaire – FFFL (CEE, VE5.0), Grades 9-12, Lesson 1 •Uncle Sam Takes a Bite – FFFL(CEE, VE5.0), Grades 9-12, Lesson 7 Online Simulations Next Gen Can You Make it as an Uber Driver? https://docs.google.com/document/d/1oj3rM1iEyKfB1uRP5jdIq2s9OIQ6XBEV79vxEGZADHg/edit Students participate in a simulation that has them make decisions as an Uber driver. Next Gen Turbo Tax Interactive https://docs.google.com/document/d/1Ry4g-VlywrdsBO28VE5g_5Hi2-GRix5UZr3SCFEQi24/edit Students practice filing a tax return using Turbo Tax Econ Ed Link NOT Your Grandma’s Lemonade Stand https://www.econedlink.org/resources/not-your-grandmas-lemonade-stand/ An economic education lesson using the Cool Math Games Lemonade Stand game. https://www.coolmathgames.com/0-lemonade-stand 21

Virginia Council on Economic Education 2021Module 9: Consumer Skills Overview The PACED decision-making model is used in this module to evaluate purchases. The effect of advertising and marketing on purchase decisions are also considered along with consumer contracts, rights, responsibilities, and remedies. The importance of maintaining financial records and the danger of identity theft are also presented. Lessons 1a Comparing Costs and Benefits FRB St. Louis – Financing Higher Education 1b PACED Decision Making FRB St. Louis – No Such Thing as a Free Lunch CEE – Cost/Benefit Analysis 2a Marketing and Demand FTC – Advertising 2b How Prices and Advertising Affect Consumer Decisions 3a Types of Consumer Contracts FTC – Contracts FTC – Title Loans 3b Implications of Contracts: Rental Agreements FTC – Rental Agreements 4a Sources of Consumer Information FTC – Internet Information 4b Consumer Rights, Responsibilities, and Remedies FTC – Car Buying (3) FTC – Credit and Debit Cards FTC – Complaints and Reports (3) 5a Maintaining Personal Financial Records FRB St. Louis – Cyber Security FTC – Information Security (3) 22

Virginia Council on Economic Education 20215b Precautions for Protecting Identity FTC – Identity Theft (3) In-person Lessons/Activities •Comparison Shopping – FFFL (CEE, VE5.0), Grades 9-12, Lesson 17 •Advertising – Is Consumer Sovereignty Dead? – Focus on Economics: Personal Decision Making, # 12 •FTC Advertising Awareness Lessons – https://www.consumer.ftc.gov/Admongo/lesson-plans.html Online Simulations Next Gen Dollar Auction Game https://docs.google.com/document/d/1_joQ6M-xHpUtrNAFwzGoWULNcklW9N5JIr53Jv-pnlI/edit Next Gen The Bean Game https://docs.google.com/document/d/1MRzOVjYtctMlYpLogKbdc5ZCgBO1b8Rc-FlbGfE5IA4/edit 23

Virginia Council on Economic Education 2021Module 10: Living Expenses and Budgeting Overview Module 10 provides information on purchasing (or leasing) and maintaining a vehicle and a residence. Budgeting for bills and discretionary spending are also considered in this module. Lessons 1a The Cost of Operating a Vehicle FTC – Car Buying 1b Buying Versus Leasing a Car Money Coach – Leasing a Car 2a Renting Versus Buying a Residence Money Coach – Leasing versus Buying a Home MRU – Rent or Buy a Home 2b The Process of Renting a Residence Money Coach – Renting an Apartment 3a The Costs and Benefits of Purchasing a Residence 3b The Process of Buying a Home Money Coach – Buying a Home 4a Utilities 4b Maintenance Money Coach – Homeowner’s Insurance 5a Types of Discretionary Spending Money Coach – Spending Plans 5b Deciding on Discretionary Spending FTC – Online Shopping 24

Virginia Council on Economic Education 2021In-person Lessons/Activities •Creating and Using a Budget – Capstone (CEE, VE5.0), Unit 3, Lesson 17 •Managing Your Money – FFFL (CEE, VE5.0), Grade 9-12, Lesson 8 Online Simulations The Mint Budgeting your Financial Resources http://www.themint.org/teachers/budgeting-your-financial-resources.html This simulation has students determine their earnings and create a budget. Next Gen Budgeting – Living Paycheck to Paycheck https://docs.google.com/document/d/1phvcH9Ln_UOPjX_W32gU6dfKxFfJVCxzvdsT_f7C_U0/edit 25

Virginia Council on Economic Education 2021Module 11: Saving and Investing Overview The importance and benefits of saving and investing are considered in Module 11. Alternative investment options are presented, including retirement plans and stock market investment. Lessons/Videos 1a Simple and Compound Interest FRB St. Louis – Growing Money 1b The Time Value of Money MRU – Rule of 70 2a Savings and Investment Options FRB St. Louis – Understanding Bonds 2b Investment Options, Income Sources, and Costs of Investments MRU – Investment 3a The Social Security Program Money Coach – Social Security 3b Social Security as Retirement Savings, Medicare, and Disability 4a Types of Retirement Plans (Part 1) 4b Types of Retirement Plans (Part 2) FRB St. Louis – Ways to Save 5a Stock Market Basics FRB St. Louis – Stocks 5b The Stock Market as an Investment FRB St. Louis – Investment Companies 26

Virginia Council on Economic Education 2021In-person Lessons/Activities •Who Pays and Who Receives (compound Interest) – FFFL (CEE, VE5.0), Grade 9-12, Lesson 8 •Financial Investing – FFFL(CEE, VE5.0), Grade 9-12, Lesson 22\ Online Simulations The Mint The Stock Market™; Risks and Reward themint.org/teachers/risks-and-rewards.html This simulation helps students find and understand stock market information. Next Gen Investing Interactives (3) https://www.ngpf.org/curriculum/investing/ 27

Virginia Council on Economic Education 2021Module 12: Banking and Financial Transactions Overview This module presents financial institutions and banking services. It discusses alternative sources of credit and their use to finance purchases. The final lesson describes debt accumulation and bankruptcy options. Lessons/Videos 1a Types of Financial Institutions FTC – Banks FRB St. Louis – Financial Services FTC – Payday Lenders 1b Services Provided by Financial Institutions 2a Benefits and Costs of Banking Services 2b Online Banking, Checking and Savings Accounts 3a Methods for Financing a Purchase Money Coach – Debt and Credit Purchases 3b Credit Cards 4a The 5 C’s of Credit FTC – Credit Scores 4b Credit and Loan Laws, Credit Ratings FTC – Credit Reports 5a Cost of Credit Money Coach - Loans 5b Debt and Bankruptcy Money Coach – Loan Applications 28

Virginia Council on Economic Education 2021In-person Lessons/Activities •Applying for Credit – FFFL (CEE, VE5.0), Grades 9-12, Lesson 13 •Credit: Your Best Friend or Your Worst Enemy – Learning, Earning, and Investing (CEE, VE5.0) #12 •Making Credit Choices – FFFL(CEE, VE5.0), Grade 9-12, Lesson 12 Online Simulations The Mint Buy Now and Pay Later http://www.themint.org/teachers/buy-now-and-pay-later.html This simulation has students calculate the cost of making purchases with credit cards. Next Gen Managing Credit Credit Crash https://docs.google.com/document/d/1GlzvzHmU6fH1cAK472rM1i2O1SRwu-YOKzg5-YnDHYw/edit Shady Sam https://docs.google.com/document/d/1cCXKAknpZCXNYWOv64WF4ZTAOFFV9KdE8OTBy84e1bw/edit 29

Virginia Council on Economic Education 2021Module 13: Insurance Overview The general concept of insurance for risk management and financial planning provides the context for the discussion of auto, property, health, and life insurance in this module. Lessons/Videos 1a Types of Insurance and Risk Management CEE – Insurance 1b The Role of Insurance in Financial Planning FRB St. Louis – Insurance 2a Basics of Auto Insurance FRB St. Louis – Car Insurance FRB St. Louis – Car Insurance Questions FRB St. Louis – Car insurance Cost 2b Weighing the Costs and Benefits of Auto Insurance FRB St. Louis – Personal Finance 101, Car Insurance 1 FRB St. Louis – Personal Finance 101, Car Insurance 2 3a Basics of Property and Liability Insurance 3b Weighing Costs and Benefits of Property Insurance 4a Basics of Health Insurance MRU – Health Insurance Money Coach – Health Insurance Money Coach - Long-term Disability Insurance 4b Weighing Costs and Benefits of Health Insurance Money Coach – Health Insurance Costs 5a Basics of Life Insurance Money Coach – Life Insurance 5b Weighing Costs and Benefits of Life Insurance Money Coach – Getting Life Insurance 30

Virginia Council on Economic Education 2021In-person Lessons/Activities Virtual Economics Insurance Lessons •Why Insurance and How Does it Work? – The Basics of Life Insurance, Lesson 2 •Everything You Ever Wanted to Know About Automobile Insurance – Lesson 3 •Why Renter’s Insurance? – Lesson 4 Online Simulations Next Gen Insurance Bummer https://docs.google.com/document/d/11amakwYMM_CAFZCuznHWJn0p2aJiXjJ2kMRhVMKWUA/edit 31

Virginia Council on Economic Education 2021Module 14: Financial Planning Overview Budgeting and financial planning are presented in Module 14, with an emphasis on financing post-secondary education (e.g. options for financial aid). Lessons/Videos 1a Personal Financial Goals FRB St. Louis – Financing Education “Thinking Money” 1b Effects of Economic Conditions and Government Policies on Financial Planning FRB Philadelphia – Inflation and Deflation FRB Philadelphia – Money Supply FRB Philadelphia – Price Stability 2a Anticipated and Unanticipated Income 2b Anticipated and Unanticipated Expenses 3a Net Worth Statements – Assets and Liabilities 3b Using a Net Worth Statement 4a Parts of a Personal Budget FRB Richmond – Planning for the Future CEE – Budgeting 4b Creating a Personal Budget 5a FAFSA FRB St. Louis - College Choice 101 FRB St. Louis - FAFSA 101 5b Sources of Funding for Post-Secondary Education Money Coach – Financing Higher Education FTC – Student Loans 32

Virginia Council on Economic Education 2021In-person Lessons/Activities •Virtual Economics Savings and Personal Investment: If You’re So Smart, Why Aren’t You Rich? – Lesson 14 •Earning an Income – Capstone (CEE, VE5.0), Unit 3, Lesson 19 •Paying for Post-Secondary Education – FFFL (CEE, VE5.0), Grade 9-12, Lesson 16 Online Simulations Next Gen Paying for College – Payback https://docs.google.com/document/d/16QmPb12BEeV8VrfDLwMMPsuJSehcpOqbcHj5PUaR9wc/edit Invest in What’s Next – Life After High School Lesson 2 Budgeting for my Future In this simulation, provided by the Federal Reserve Bank of Richmond, helps students identify options for financing their post-secondary. Lesson 3 Evaluating My Plan This lesson lets students evaluate their plan and see how it stands up against different scenarios. https://www.investinwhatsnext.org/ 33

Personal Finance Case Studies

Virginia Council on Economic Education 2021PERSONAL FINANCE CASE STUDIES (Problem-based learning) CEE Personal Finance Challenge – https://www.councilforeconed.org/npfc-2/ The National Personal Finance Challenge (NPFC)is a nationwide competitionthat provides high school students the opportunity to build and demonstrate their knowledge of money management. Teams showcase their expertise in the concepts of earning income, buying goods and services, saving, using credit, investing, and protecting. Thisfun andmotivating team experiencebegins with competitions at the state level. The winning team from each state moves on to the National Semi-Finals from which the top-scoring teams advance to compete for the National Title. The Semi-Finals and Finals competitions are held each year in the spring. HOW IT WORKS Teachers register teamsof three-to-four high school students. State-level competitions are run by the Council for Economic Education affiliates that organize them. VCEE Governor’s Challenge – Personal Finance Division https://vcee.org/high-school/governors-challenge/personal-finance-case-study/ Coach Q and A – https://www.econedlink.org/resources/2021-national-personal-finance-challenge-preparation-live-coach-qa-session-2/ Standards 1 and 2 – https://www.econedlink.org/resources/2021-national-personal-finance-challenge-preparation-standards-1-and-2-overview/ Standards 3 and 4 – https://www.econedlink.org/resources/2021-national-personal-finance-challenge-preparation-standards-3-and-4-overview/ Standards 5 and 6 – https://www.econedlink.org/resources/2021-national-personal-finance-challenge-preparation-standards-5-and-6-overview/ CEE Economics Challenge https://www.councilforeconed.org/national-economics-challenge/ The National Economics Challenge (NEC) is the country’s only economics competition of its kind for high school students. It tests micro and macroeconomic principles as well as knowledge of the world economy. This motivating and fun team learning experience begins with competitions at the state level. VCEE Governor’s Challenge – Economics Division – https://vcee.org/high-school/governors-challenge/ 34

Stock Market Game™

Virginia Council on Economic Education 2021THE STOCK MARKET GAME™ https://vcee.org/stock-market-game-program/current-stock-market-game/ The Stock Market Game™ is a comprehensive economics and personal finance education program for Grades 4 to 12. Small student teams, made up of 2 -4 students, compete for awards by investing $100,000 in an online, virtual portfolio. The adult advisor/teacher registers the student teams. Student teams are provided online access to their own online investment portfolio. Students research and apply their investment ideas in a real-world market environment. The SMG competition and curriculum complements EPF courses using any method of delivery, face-to-face, online, or blended. SMG Supporting Curriculum CEE Learning, Earning and Investing Curriculum (LEI) https://lei.councilforeconed.org/ VCEE Stock Market Game Curriculum https://vcee.org/smg-classroom-resources/ 35

Appendices

Virginia Council on Economic Education 2021APPENDIX A Jolly Rancher Introductory Activity For this activity you will need one Jolly Rancher candy per student. Note: other types of candy or other items may be substituted. 1) Provide students with a large notecard or ½ page of scrap paper. Ask student to list the flavors on their card/paper in order of their preference (their favorite on top). If you are using original Jolly Rancher flavors, the flavors are Grape, Cherry, Apple, Raspberry, and Watermelon. When they are finished, they should write their favorite flavor, as large as possible, on the back of their card/sheet. 2) When students finish writing out their preferred flavors, have the students all stand up and tell them they should not sit down until you specifically tell them they may. Give appropriate instructions (e.g. students should not touch their candy until you tell them and when, where, and how students may eventually eat their candy). 3) Randomly choose one candy to set next to each student. Ask the students to look at the flavor they received and raise their hand if they received their favorite flavor. Count the number of students who received their favorite flavor and write the number on the board. Tell those students they may sit. 4) For the remaining students, tell them that when you give the OK, they will be allowed to pick up their candy and move around the room to see if they can find another student and make a trade that allows both students to move up their list of preferred flavors. Students can use the back of their card/paper to “advertise” what flavor they are seeking. Allow them to trade until it becomes clear that trading has slowed and tell them they have one minute to finish trading and return to their seats (but remind them they are not to sit until you tell them!). 5) After students return to their seats, ask them to raise their hand if they now have their favorite flavor. Count the number of students who now have their favorite flavor and write the number on the board. Tell those students they may sit. 6) Now ask the remaining students who made a trade to move up their list to a more preferred flavor. Write that number on the board and allow those students to sit. 7) For the remaining students, ask them what favor they have and what flavors they would prefer - to see if any additional trades are possible. Once all possible trades have been made, write the number of remaining students on the board and allow the remaining students to sit. DEBRIEF This activity can be used to introduce/reinforce a variety of concepts, including; •Scarcity •Trade •Opportunity cost 36

Virginia Council on Economic Education 2021•Preferences •Supply/Demand •Markets Ask student what economic concept(s) they think the activity demonstrated. They will likely come up with a variety of answers! For example, one particular flavor may be scarce because of the supply and demand in the class. However, this activity is designed especially to illustrate market systems. Your random distribution is similar to a command economy because a central authority (you) decided the “what” and “who” in the economy. When you allowed trade, you moved to a market system and allowed the Jolly Ranchers to be distributed based on preferences. Generally, the numbers from the activity will show that some students did get their preferred flavor with the command system and not all students got their preferred flavor with the market system. However, with the market system, trade allows more students to receive their preferred flavor (or at least a more preferred flavor). APPENDIX B Auction Activity For this activity you will need a candy bar or some other item of value that students may like to buy. Demand-related auction Write a list of prices on the board, starting from a ridiculously low price – such as 10c, and ending with a very high price, such as $4. (include 8 different price options) Hold up the candy bar (or other item) and ask the class ‘Who is willing and able to buy this for ____ (the lowest price). Impress upon students that they are indicating their willingness and their ability to purchase the chocolate at that price. Write the quantity demanded next to the price, and proceed to do this for each of the possible prices listed. Explain that what the class has created together is called a ‘demand schedule’. Work with the students to unpack the ideas behind demand for a product including: •That demand indicates a willingness and an ability to purchase •That the demand schedule represents all the quantities demanded at all possible prices •That this demand schedule can be used to create a demand curve/graph Ask students to plot the demand curve on a graph after drawing a graph with price on the y (vertical) axis and quantity demanded on the x (horizontal) axis. Use the results to discuss how and why the demand curve is downward sloping and how the determinants of demand might shift the demand curve ‐ e.g. income, the price and availability of substitutes – such as the option to buy other snacks – and student preferences. 37

Virginia Council on Economic Education 2021Supply‐related auction Similar to the demand –related auction, this activity asks students to think about their role as the (potential) suppliers of labor, by asking students to offer their labor to clean the classroom. The teacher writes a list of prices on the board ranging from very low prices (around $1) to very high prices (around $50). Explain that the classroom needs to be cleaned ask students to indicate their willingness and ability to clean the classroom at the price offered. As with the demand activity, record the results in a supply schedule, and then debrief the activity: •Supply indicates a willingness and an ability to supply •The supply schedule represents all the quantities supplied at all possible prices •The supply schedule can be used to create a supply curve/graph Ask students to plot the graph after reiterating that price is plotted on the y (vertical) axis and quantity demanded on the x (horizontal) axis. Use the results to discuss how and why the supply curve is upward sloping, and the determinants of supply. APPENDIX C Practicing Graphing To help make graphing practice more engaging, use a variety of different graphing mediums and locations. Being able to move around and be creative can make graphing more fun. It’s harder to be worried about whether your graph is exactly correct when you draw it with sidewalk chalk or fun-colored crayons! Here are some common creative mediums to use for graphing practice; •Classroom white boards, chalkboards, or smartboards •Personal white boards (make sure they have multi-colored markers and erasers) •Bulletin board paper, on bulletin boards or covering classroom or hallway walls •Chalk used on sidewalks, parking lots, and walls (where approved) •Window markers on windows in classrooms or elsewhere in the school •Tape (e.g. painter’s tape) on floors or walls •Crayons, colored pencils, markers, paint, or any other art supplies! •Pipe cleaners, pool noodles, or other manipulatives 38

Virginia Council on Economic Education 2021Use of Technology There are also ways that technology can help students understand and correctly draw graphs. However, keep in mind that it is important for students to draw the important graphs by hand. Hand drawing is important both because of the way research has shown that students learn and because expectations on exams require students to draw graphs. But technology can still be an effective way to help students learn to graph. Various technology platforms provide additional ways for students to engage with and practice graphing. Several examples are provided below. The basic version of each of the apps below is free. •Twiddla https://www.twiddla.com/ | Twiddla is an online, interactive whiteboard. The free version allows groups of up to 9 students to work together drawing and graphing for up to 20 minutes. •Classkick https://classkick.com/ | Classkick allows teachers to create lessons and assignments for students to work through at their own pace. Students can request help or receive formative feedback (and they can do it anonymously) from you or their peers. •Nearpod https://nearpod.com/ | Nearpod has customizable lessons that include graphing models that can be used for remediation and review of basic graphing skills. APPENDIX D Unemployment Assign one of the descriptions below to each student. Have the students consider the appropriate labor market category for a person with the description they received (not in the labor force, employed, unemployed). Ask each student to read their description and determine the appropriate category for each. Mark the number of people in each category on the board. After all student roles have been categorized, determine the labor force participation rate (LF/population) and the unemployment rate (U/LF). Note when employed workers experience underemployment or reduced pay/hours (*) and discouraged workers who are not in the labor force (**). Tell students that the economy has gone into a recession. Ask them to predict how the worker in their role might be affected and what will happen to the unemployment rate. Student Roles (E) A college graduate continuing to work as a barista after graduation* (E) A teacher with a contract taking the summer off between school years (E) A retail store clerk (E) A restaurant worker earning minimum wage* (E) A child-care worker employed 4 hours/day in an after-school program* (E) A primary care physician in a private practice (E) A construction worker on a bridge project (E) A computer technician at a manufacturing plant 39

Virginia Council on Economic Education 2021(E) A building custodian at a fortune 500 company (E) A government worker at the Bureau of Labor Statistics (E) A high school senior with an after-school job (E) A Marine Corps Private (N) A worker who lost their job due to Covid and has decided not to look for a new job** (N) A 14 year-old who mows lawns for $25 each (N) A retired engineer (N) A stay-at-home parent (N) A full-time college student (U) A coal miner looking for work because the local coal mine shut down (U) A high school dropout searching for work (U) A full-time volunteer museum docent who has applied for a paid position (U) A migrant agricultural worker during the harvest season (U) A farm worker lost a job due to reduced U.S. ag exports - seeking another (U) A manufacturing worker who was replaced by a robot (E) An 18-year-old office worker, the most recent hire in the company (E) A 64-year-old who has had a successful business for 30 years (N) A high school graduate taking the summer off before college (not in U.S. statistics) A Canadian journalist covering the U.S. economy APPENDIX E International Trade Activity Note that the resources provided and goods produced can be customized so long as the groups are not equally able to produce all of the goods. Teacher Directions: 1. Divide the class into 5 nations. 2. Pass out a list of goods (see below) to each nation and tell the students that they will have X minutes to produce the goods on the list. 3. Give each nation its packet of resources and start the time. 4. Give NO OTHER INSTRUCTIONS and answer no questions – let the students learn about trade and terms of trade on their own. 5. Debrief the activity by comparing the quantity and quality of output produced by each nation. Discuss why some nations were better able to produce than others. 40

Virginia Council on Economic Education 2021 Nation resource packets: Student Instructions: You have X minutes to produce: (a)(b)(c)(d)(e)10 blue paper 5 white paper 2 white paper 3 white paper 5 green paper 1 green pen 3 pink paper 3 pink paper 4 pink paper orange paper 1 glue stick 2 orange paper5 green paper 3 orange paper 1 blue pen 1 yellow pen 1 black pen 1 black pen1 yellow pen 1 yellow pen paper clips glue stick scissors ruler tape FOOD 4 strips of pink paper 3” x 1” CLOTHING An orange “T”, 4” high SHELTER A 2” white square and a red-colored triangle CAPITALA 5 link paper chain - each link a different color EDUCATION A four page book with at least 2 colors 41