# CTE Resource Center - Verso - Economics and Personal Finance Task 1064065659

CTE Resource Center - Verso

Virginia’s CTE Resource Center

Investigate the effects of government actions and economic conditions on personal financial planning.

Definition

Investigation should include a description of the major roles of government:
  • To provide services for citizens
  • To protect consumers, businesses, and workers
  • To regulate utilities while promoting competition
  • To provide information and assistance to businesses
  • To purchase goods and services
  • To hire and manage public employees
  • To raise revenue
It should also include the direct or indirect impact that these roles have on business expansion, consumer affairs, and economic growth in our economy and on personal financial planning (e.g., market influence, income tax, FICA, insurance, Social Security).

Investigation should include the effects of supply and demand and other basic economic concepts on spending power, unemployment, and inflation/deflation and the potential impact of these economic factors on a personal financial plan.

Investigation should include that government tax policies, including which expenses are tax-deductible, influence financial planning and that policies may shift over time.

Related Standards of Learning

English

10.5

The student will read, interpret, analyze, and evaluate nonfiction texts.
  1. Analyze text features and organizational patterns to evaluate the meaning of texts.
  2. Recognize an author’s intended audience and purpose for writing.
  3. Skim materials to develop an overview and locate information.
  4. Compare and contrast informational texts for intent and content.
  5. Interpret and use data and information in maps, charts, graphs, timelines, tables, and diagrams.
  6. Draw conclusions and make inferences on explicit and implied information using textual support as evidence.
  7. Analyze and synthesize information in order to solve problems, answer questions, and generate new knowledge.
  8. Analyze ideas within and between selections providing textual evidence.
  9. Summarize, paraphrase, and synthesize ideas, while maintaining meaning and a logical sequence of events, within and between texts.
  10. Use reading strategies throughout the reading process to monitor comprehension.

11.5

The student will read, interpret, analyze, and evaluate a variety of nonfiction texts including employment documents and technical writing.
  1. Apply information from texts to clarify understanding of concepts.
  2. Read and correctly interpret an application for employment, workplace documents, or an application for college admission.
  3. Analyze technical writing for clarity.
  4. Paraphrase and synthesize ideas within and between texts.
  5. Draw conclusions and make inferences on explicit and implied information using textual support.
  6. Analyze multiple texts addressing the same topic to determine how authors reach similar or different conclusions.
  7. Analyze false premises, claims, counterclaims, and other evidence in persuasive writing.
  8. Recognize and analyze use of ambiguity, contradiction, paradox, irony, sarcasm, overstatement, and understatement in text.
  9. Generate and respond logically to literal, inferential, evaluative, synthesizing, and critical thinking questions about the text(s).

History and Social Science

GOVT.1

The student will demonstrate skills for historical thinking, geographical analysis, economic decision making, and responsible citizenship by

  1. planning inquiries by synthesizing information from diverse primary and secondary sources;
  2. analyzing how political and economic trends influence public policy, using demographic information and other data sources;
  3. comparing and contrasting historical, cultural, economic, and political perspectives;
  4. evaluating critically the quality, accuracy, and validity of information to determine misconceptions, fact and opinion, and bias;
  5. constructing informed, analytic arguments using evidence from multiple sources to introduce and support substantive and significant claims;
  6. explaining how cause-and-effect relationships impact political and economic events;
  7. taking knowledgeable, constructive action, individually and collaboratively, to address school, community, local, state, national, and global issues;
  8. using a decision-making model to analyze the costs and benefits of a specific choice, considering incentives and possible consequences;
  9. applying civic virtues and democratic principles to make collaborative decisions; and
  10. communicating conclusions orally and in writing to a wide range of audiences, using evidence from multiple sources and citing specific sources.

Other Related Standards

Economics and Personal Finance Standards of Learning

EPF.8

The student will demonstrate knowledge of the role of government in a market economy by
  1. identifying goods and services provided by government to benefit society;
  2. identifying the role the government plays in providing a legal structure to protect property rights and enforce contracts;
  3. providing examples of government regulation of the market;
  4. explaining that governments redistribute wealth; and
  5. explaining that taxes and fees fund all government-provided goods and services.

EPF.17

The student will demonstrate knowledge of personal financial planning by
  1. identifying short-term and long-term personal financial goals;
  2. identifying anticipated and unanticipated income and expenses;
  3. examining components and purposes of a personal net worth statement;
  4. developing a personal budget;
  5. investigating the effects of government actions and economic conditions on personal financial planning; and
  6. explaining how economics influences a personal financial plan.

FBLA Competitive Events and Activities Areas

Economics

 

Introduction to Business

 

Personal Finance