Financial Fitness For Life

National Standards in Economics

Below are the National Standards in Economics that most closely relate to the following lesson. Switch to National Standards in Personal Finance

Theme 3: Lesson 8 - How Would You Like to Pay?

http://fffl.councilforeconed.org/lessons.php?lid=68171&gradeLevel=3-5

Grades: 3-5

Standard: 12

Grades: 4-12

Interest Rates
Students will understand that: Interest rates, adjusted for inflation, rise and fall to balance the amount saved with the amount borrowed, which affects the allocation of scarce resources between present and future uses.
Students will be able to use this knowledge to: Explain situations in which they pay or receive interest, and explain how they would react to changes in interest rates if they were making or receiving interest payments.

Standard: 1

Grades: 4-12

Scarcity
Students will understand that: Productive resources are limited. Therefore, people cannot have all the goods and services they want; as a result, they must choose some things and give up others.
Students will be able to use this knowledge to: Identify what they gain and what they give up when they make choices.