Economics Unit 6

Big Idea:

People organize economic systems to produce, distribute and consume goods and services. Using goals and budgets is essential for financial success. Using and understanding credit cards.

Student Expectations:

Priority TEKS

ECON.12(C) examine the positive and negative aspects of barter, currency, credit cards, and debit cards

ECON.17(A) explain the functions of financial institutions and how they affect households and businesses

ECON.17(B) explain how the amount of savings in an economy is the basis of capital formation

ECON.18(D) demonstrate how to maintain a checking account, including reconciling a bank statement

ECON.18(F) explain the responsibilities and obligations of borrowing money

ECON.19(A) examine ways to avoid and eliminate credit card debt

ECON.20(A) evaluate the costs and benefits of renting a home

ECON.20(B) evaluate the costs and benefits of buying a home

ECON.21(A) understand how to complete the Free Application for Federal Student Aid (FAFSA) provided by the United States Department of Education

ECON.21(B) research and evaluate various scholarship opportunities such as those from state governments, schools, employers, individuals, private companies, nonprofits, and professional organizations

Focus TEKS

ECON.12(A) describe the functions of money

ECON.12(B) describe the characteristics of money, including commodity money, fiat money, and representative money

ECON.17(C) analyze the role of interest and risk in allocating savings to its most productive use

ECON.17(D) examine the types of accounts available to consumers from financial institutions and the risks, monetary costs, and benefits of maintaining these accounts

ECON.18(B) explain how to begin a savings program

ECON.18(C) examine investment options available in a personal retirement plan

ECON.18(E) identify the types of loans available to consumers

ECON.18(G) develop strategies to become a low-risk borrower by improving one's personal credit score

ECON.19(B) evaluate the costs and benefits of declaring personal bankruptcy

ECON.19(C) evaluate the costs and benefits of buying insurance

ECON.19(D) evaluate the costs and benefits of charitable giving

ECON.21(C) analyze and compare student grant options

ECON.21(D) analyze and compare student loan options, including private and federal loans

ECON.21(F) investigate nontraditional methods of paying for college or postsecondary education and training

Ongoing TEKS

ECON.1(B) describe how societies answer the basic economic questions

ECON.5(B) compare the free enterprise system, socialism, and communism using the basic characteristics of economic systems

ECON.5(C) examine current examples of free enterprise, socialist, and communist economic systems

ECON.6(B) explain the benefits of the U.S. free enterprise system, including individual freedom of consumers and producers, variety of goods, responsive prices, investment opportunities, and the creation of wealth

ECON.7(B) identify and evaluate examples of restrictions that the government places on the use of business and individual property

ECON.9(A) describe characteristics and give examples of pure competition, monopolistic competition, oligopoly, and monopoly

ECON.15(A) identify types of taxes at the local, state, and national levels and the economic importance of each

Student Learning Targets:

• I will discuss how informed decisions provide personal and business financial stability.
• I will identify the role that financial institutions play in saving, borrowing and investing.
• I will understand the importance of starting a savings program.
• I will understand that taking responsibility for one’s finances is the key to building wealth.
• I will explain why using goals and budgets is essential for financial success.

Essential Questions:

• How can I make wise personal and business financial decisions?
• How can I best prepare for my financial future?
• What role do credit cards play in being in debt?
• Why do I need to budget each month?
• How can a budget help me avoid the pitfalls of debt?

Extra Information:

Adopted Textbook:

District Grading Policy

Texas Gateway Online Resource Center