Course Description
This course is designed around the California State Standards for Economics and Career and Technical Education. Upon completion, students will be familiar with consumerism, their role as consumers in today’s economy, and fundamental principles of economics related to personal and household finances including budgeting, credit, shopping, and banking.
Credits: 5
Course Content
UNIT 1 — You: The Consumer
California Subject-Specific Content Standards:
Upon completion of this unit, students will meet the following California State Standards for the Principles of Economics:
- Students will examine the causal relationship between scarcity and the need for choices. (12.1.1)
- Students will explain opportunity cost and marginal benefit and marginal cost. (12.1.2)
Students will also meet the following California State Standards for Career and Technical Education:
- Students will understand the major types of business organizations and the risks and benefits of each. (A3.1)
Unit Objectives
Upon completion of this Unit, students will be able to:
- define key consumer and business terms.
- identify consumer roles.
- analyze the effect personal goals, standards, and values have on economic decision making.
- identify types of businesses.
- identify and answer the three questions of economics.
- analyze how a free market economy addresses the needs of its citizens.
- explain the forces of supply and demand.
- define opportunity cost and analyze its role in their own lives.
- explain the roots of the consumer movement.
- identify consumer rights and responsibilities.
- define warranties and contracts.
- identify sources of consumer information and protection.
- explain the roles of consumer protection agencies.
- analyze the importance of consumer information.
- identify and avoid consumer fraud.
- assess consumer complaint situations and the proper remedy.
- describe the impact of the Internet on consumer fraud.
- write a consumer complaint letter.
UNIT 2 — Goals of Consumer Skills
California Subject-Specific Content Standards:
Upon completion of this unit, students will meet the following California State Standards for the Principles of Economics:
- Students will examine the causal relationship between scarcity and the need for choices. (12.1.1)
- Students will explain opportunity cost and marginal benefit and marginal cost. (12.1.2)
- Understand the operations of the labor market, including the circumstances surrounding the establishment of principal American labor unions, procedures that unions use to gain benefits for their members, the effects of unionization, the minimum wage, and unemployment insurance. (12.4.1)
- Discuss wage differences among jobs and professions, using the laws of demand and supply and the concept of productivity. (12.4.3)
Students will also meet the following California State Standards for Career and Technical Education:
- Create a budget to calculate long-term projections. (C 1.0)
Unit Objectives
Upon completion of this Unit, students will be able to:
- identify economic goals and values and their role in budgeting.
- explain the benefits of keeping a budget.
- create a household budget.
- analyze reasons for saving money.
- evaluate different types of saving options.
- identify the steps to opening a checking account and evaluate different checking account options.
- write deposit slips and checks.
- analyze possible career options.
- explain the job search process and common employment practices.
UNIT 3 — Credit and Advertising
California Subject-Specific Content Standards:
Upon completion of this unit, students will meet the following California State Standards for the Principles of Economics:
- Students will examine the causal relationship between scarcity and the need for choices. (12.1.1)
- Students will explain opportunity cost and marginal benefit and marginal cost. (12.1.2)
- Understand how the role of government in a market economy often includes providing for national defense, addressing environmental concerns, defining and enforcing property rights, attempting to make markets more competitive, and protecting consumers' rights. (12.3.1)
Unit Objectives
Upon completion of this Unit, students will be able to:
- define and identify the functions of credit and evaluate its pros and cons.
- identify and compare different types of credit accounts.
- explain the importance of credit cards to consumers.
- explain the role of installment credit.
- compare the different types of installment credit.
- explain loan credit.
- describe how to establish credit.
- describe legislation designed to protect credit users.
- identify steps consumers can take to protect their credit ratings and to control the use of credit.
- describe the relationship between creditors and debtors.
- identify the factors that go into influencing consumer decision making.
- analyze buying decisions based on factors like durability, reliability, and quality.
- describe the role of advertising and the relationship between advertisers and consumers.
UNIT 4 — Getting the Most for Your Money
California Subject-Specific Content Standards:
Upon completion of this unit, students will meet the following California State Standards for the Principles of Economics:
- Students will examine the causal relationship between scarcity and the need for choices. (12.1.1)
- Students will explain opportunity cost and marginal benefit and marginal cost. (12.1.2)
- Students will identify the difference between monetary and non monetary incentives and how changes in incentives cause changes in behavior. (12.1.3)
- Students will understand the process by which competition among buyers and sellers determines a market price. (12.2.5)
- Students will understand how the role of government in a market economy often includes providing for national defense, addressing environmental concerns, defining and enforcing property rights, attempting to make markets more competitive, and protecting consumers' rights. (12.3.1)
Unit Objectives
Upon completion of this Unit, students will be able to:
- explain the difference between brand names and house brands.
- identify good bargains and sales.
- analyze their own spending habits.
- identify and evaluate the best places to shop for the goods needed.
- understand advertisements.
- explain basic nutritional needs.
- understand how to shop for food effectively.
UNIT 5 — Household Economics
California Subject-Specific Content Standards:
Upon completion of this unit, students will meet the following California State Standards for the Principles of Economics:
- Students will examine the causal relationship between scarcity and the need for choices. (12.1.1)
- Students will explain opportunity cost and marginal benefit and marginal cost. (12.1.2)
- Students will identify the difference between monetary and non monetary incentives and how changes in incentives cause changes in behavior. (12.1.3)
- Discuss the effects of changes in supply and/or demand on the relative scarcity, price, and quantity of particular products. (12.2.2)
- Students will understand how the role of government in a market economy often includes providing for national defense, addressing environmental concerns, defining and enforcing property rights, attempting to make markets more competitive, and protecting consumers' rights. (12.3.1)
Unit Objectives
Upon completion of this Unit, students will be able to:
- explain how to select and care for quality clothing.
- explain how to select and care for quality furnishings and appliances.
- explain how to save money on the energy used to run appliances.
- identify the fixed and variable costs of owning an automobile.
- explain the purpose of automobile insurance.
- identify ways to save money on automobile ownership.
- explain how to reduce medical expenses.
- explain how to locate a doctor or specialist.
- explain the role of medical drugs in healthcare.
- analyze the need for regulation in the cosmetics industry.
- explain renting vs. buying homes and home mortgages.
- identify the rights of tenants.
