Thursday, September 10, 2020

 “Economics, the Enterprise System, and Finance” examines the principles of the United States free

market economy in a global context. Students will examine their individual responsibility for
managing their personal finances. Students will analyze the role of supply and demand in
determining the prices individuals and businesses face in the product and factor markets, and the
global nature of these markets. Students will study changes to the workforce in the United States,
and the role of entrepreneurs in our economy, as well as the effects of globalization. Students will
explore the challenges facing the United States free market economy in a global environment and
various policy-making opportunities available to government to address these challenges.
12.E1 INDIVIDUAL RESPONSIBILITY AND THE ECONOMY: Individuals should set personal
financial goals, recognize their income needs and debt obligations, and know how to utilize
effective budgeting, borrowing, and investment strategies to maximize well-being.
12.E1a In making economic decisions in any role, individuals should consider the set of
opportunities that they have, their resources (e.g., income and wealth), their preferences, and
their ethics.
12.E1b Sound personal financial (money management) practices take into account wealth and
income, the present and the future, and risk factors when setting goals and budgeting for
anticipated saving and spending. Cost-benefit analysis is an important tool for sound decision
making. All financial investments carry with them varying risks and rewards that must be fully
understood in order to make informed decisions. Greater rewards generally come with higher
risks.
12.E1c Managing personal finance effectively requires an understanding of the forms and
purposes of financial credit, the effects of personal debt, the role and impact of interest, and the
distinction between nominal and real returns. Predatory lending practices target and affect
those who are least informed and can least afford such practices. Interest rates reflect perceived
risk, so maintaining a healthy credit rating lowers the cost of borrowing.

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Images for Maslow's Hierarchy