Unit 3: Lesson 17 - Creating and Using a Budget This lesson focuses on using budgeting to maximize consumer satisfaction. It describes a flexible view of budgets, linking them to markets and market information, and demonstrates how and why budgets should be reviewed and modified often. Concepts: - Budget
- Choice
- Income
- Price
- Marginal Analysis
- Diminishing Marginal Utility
- Substitute
- Utility
Standards: - Standard #1: Scarcity
- Standard #2: Decision Making
- Standard #8: Role of Prices
 Unit 3: Lesson 18 - Credit Management This lesson is designed to help students make good consumer-credit decisions. Although using credit is beneficial at times, it often carries higher costs than many people realize. This lesson discusses the costs of credit in a manner that helps students calculate those costs and integrate them in short- and long-term decisions. Concepts: - Choice
- Economic Wants
- Income
- Interest
- Debt
- Secured Debt
- Unsecured Debt
Standards: - Standard #2: Decision Making
- Standard #4: Incentives
- Standard #8: Role of Prices
- Standard #11: Money and Inflation
Unit 3: Lesson 19 - Earning an Income Students examine the concept of income. They identify factors that generate in come, including entrepreneurial traits and changing conditions in labor markets. In learning how income is generated, students plan and make choices to enhance their own income-generating capacity. Concepts: - Entrepreneurship
- Income
- Entrepreneur
- Human Capital
- Labor
- Profit
- Capital
Standards: - Standard #4: Incentives
- Standard #9: Competition and Market Structure
- Standard #13: Income
- Standard #14: Entrepreneurship
Unit 5: Lesson 30 - Poverty and Income Inequality Students take part in an activity that simulates the unequal distribution of income in the United States, based on U.S. Census data. They discuss how equal distribution of income would affect incentives to work hard, especially for high-income earners. They discuss measures of poverty, who is most likely to be poor in the United States, and causes of income inequality and poverty. Concepts: - Income
- Income Inequality
- Poverty
Standards:
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