Unit 1: Economics and Personal Financial Litearcy
Embedded Files
Impact Chapter: 6
ReadyGen Alignment: Module 1A
Text Alignment: Location, Location, Location
Unit Overview: How do people in the community meet their needs and wants?
In this unit, students will delve into the world of economics and personal financial literacy. They will develop an understanding of the roles and interdependence of producers and consumers, explore the exchange of goods and services between businesses and consumers, and analyze how trade benefits individuals, businesses, and communities. Students will also learn about the importance of setting short-term financial goals, creating plans to achieve them, and making informed decisions regarding spending and saving. Throughout the unit, they will encounter key concepts such as producers, consumers, currency, trade, short-term spending, saving, financial goals, goods, services, benefits, economy, scarcity, and more.
Prepared Graduates:
Evaluate how scarce resources are allocated in societies through the analysis of individual choice, market interaction, and public policy.
Apply economic reasoning skills to make informed personal financial decisions (PFL).
Grade Level Expectation(s):
3. Economics and 5. PFL
Explain how producers and consumers exchange goods and services in different ways. (3.1)
Create a plan to meet a financial goal. (5.1)
The highlighted evidence outcomes are the priority for all students, serving as the essential concepts and skills. It is recommended that the remaining evidence outcomes listed be addressed as time allows, representing the full breadth of the curriculum.
Students Can (Evidence Outcomes):
Describe the difference between producers and consumers and explain how they need each other. (3.1.a)
Describe and give examples of forms of exchange. For example: Monetary exchange and barter. (3.1.b)
Describe how the exchange of goods and services between businesses and consumers affects all parties. (3.1.c)
Recognize that different currencies exist and explain the functions of money. For example: Medium of exchange, store of value, and measure of value. (3.1.d)
Cite evidence to show how trade benefits individuals, businesses, and communities and increases interdependency. (3.1.e)
Give examples of short-term spending and savings goals. (5.1.a)
Identify activities that individuals can do to earn money to reach personal financial goals. (3.2.b)
Differentiate the role of income and expenses when creating a budget. (5.1.c)
Create a plan with specific steps to reach a short-term financial goal. (5.1.d)
Model strategies to achieve a personal financial goal using arithmetic operations. (3.2.e)
Colorado Essential and Nature of Skills
Recognize how members of a community rely on each other through exchanging goods and services, considering personal exchange behaviors (Civic Engagement).
Identify and explain the perspectives of all parties participating in an exchange (Global and Cultural Awareness).
Use a variety of strategies to achieve a financial goal, such as buying a new toy (Critical Thinking and Analysis).
Demonstrate flexibility, imagination, and inventiveness in taking on tasks and activities that will help reach a financial goal (Creativity and Innovation).
Set goals and develop strategies to remain focused on learning and reaching financial goals (Perseverance and Resilience).
Recognize how members of a community rely on each other, considering personal contributions as applicable, when creating and completing a plan to reach a financial goal (Collaboration and Teamwork).
Financially capable individuals create goals and work toward meeting them.
Financially capable individuals understand the cost and the accountability associated with borrowing.
Financially capable individuals understand that personal financial goal setting is a lifelong activity and short-term goal setting is essential to that process. For example: Saving for a fish aquarium or skateboard.
Financially capable individuals understand that an analysis of various options for borrowing and creating short- and long-term goals is a lifelong skill.
Economic thinkers analyze trade and the use of money.
Economic thinkers describe and study the importance of exchange in a community.
Economic thinkers understand that goods and services are exchanged in multiple ways and are a part of everyday life such as purchasing or trading items.
Economic thinkers realize that production, consumption, and the exchange of goods and services are interconnected in the world. For example: Vegetables from California are sold at Colorado markets, and an ice storm in Florida affects orange juice supplies for the world.
Economic thinkers can explain why people voluntarily exchange goods and services when both parties expect to gain as a result of the trade.
Inquiry Questions
Why do people exchange goods and services?
What would happen if consumers did not want what a producer made?
What would the world look like if there was no transportation that could move goods more than 50 miles?
What would happen if an individual spent all earnings on entertainment?
Why do individuals give away money?
Why is personal financial goal setting important?
How does an individual know when a good short-term goal is well-written?
Disciplinary, Informational, and Media Literacies
Explain the role of money in making exchange easier.
Identify examples of the variety of resources that are used to produce goods and services. For example: Human capital, physical capital, and natural resources.
Compare the benefits and costs of individual choices.
Identify positive and negative incentives that influence the decisions people make.
Analyze different texts (including experiments, simulations, video, or multimedia texts) to compare competing theories, points of view, and arguments in the discipline.
Academic Vocabulary and Language Expectations
producers, consumers, currency, trade, short-term spending, saving, earn, jobs, financial goals, expenses, goods, services, benefits, capital resources, economy, entrepreneur, export, human capital, human resources, import, scarcity
Possible Assessments:
Inquiry Project from Chapter 6
Lesson Tests (1-5) and Chapter Overview Assessment Chapter 6
Stop and Check, Check For Success, Report Your Findings, and Talk About It is throughout the lessons
More to Explore (Research Companion)
Connections In Action (Research Companion)
Instructional Resources & Notes:
Chapter 6 from Impact
Research Companion
Inquiry Journal
Explorer Magazine
Lesson Videos
Impact News
Supplemental Resources
Junior Achievement: : Lessons
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