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Understand that a basic principle of effective personal money management is to live within one’s income.
a. Understand that income is received from work and is limited.
b. Understand that a budget is a tool to plan the spending and saving of income.
c. Understand the reasons and benefits of saving.
d. Understand the uses and costs of credit.
Themes:
Themes:
Gain from Trade: The student will understand that parties trade voluntarily when they expect to gain. (Economics, Personal Finance)
Production, Distribution, Consumption: The student will understand that the production, distribution, and consumption of goods/services produced by the society are affected by the location, customs, beliefs, and laws of the society.
Scarcity: The student will understand that scarcity of all resources forces parties to make choices and that these choices always incur a cost.
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