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Standard 1 Consumer Economics Students will understand the interrelationship of individuals and families and the national economy. They will demonstrate content proficiency by: 1.1 Describing how consumers are influenced by mass media, society, and cultural and economic backgrounds; and 1.2 Examining ways in which individual and family consumer decisions affect and are affected by the national economy. Standard 2 Consumer Decisions Students will understand the process for making consumer decisions through the use of decision-making models. They will demonstrate content proficiency by: 2.1 Defining values, goals, needs, and wants; 2.2 Defining and applying personal values, long- and short-term goals, needs, and wants as they relate to consumer decisions; 2.3 Identifying the steps of a decision-making model and applying the process to a variety of consumer situations; 2.4 Describing how personal values, goals, and choices are influenced by mass media, society, and cultural and economic backgrounds; 2.5 Describing how personal values, goals, and choices are influenced by self-concept, family members, and peers; and 2.6 Identifying ways to use personal, family, and community resources to extend opportunities for achieving goals. Standard 3 Consumer Purchases Students will understand how to compare and evaluate goods and services. They will demonstrate content proficiency by: 3.1 Evaluating sources of information about goods and services to determine their reliability; 3.2 Identifying, comparing, and evaluating retail or wholesale sources or both for consumer goods and services; 3.3 Evaluating warranties, guarantees, and labels for consumer purchases; 3.4 Differentiating between reliable and deceptive advertising terminology and sales techniques; and 3.5 Listing factors that affect the availability, quality, and cost of products. Standard 4 Financial Management Students will understand how to manage financial resources to achieve goals. They will demonstrate content proficiency by: 4.1 Defining financial management terms; 4.2 Developing a budget for an individual or family based on estimated income, needs, wants, goals, and lifestyle; 4.3 Comparing guidelines that individuals and families can use in applying for and using credit; 4.4 Interpreting a wage statement and applying the information to develop a budget for an individual or a family; 4.5 Examining changing patterns of resources, spending, and savings during the family life cycle; 4.6 Evaluating different types of systems for keeping individual and family records; 4.7 Evaluating information about available financial services; 4.8 Relating the effective use of loans to the ability to achieve personal and career goals; 4.9 Comparing advantages and disadvantages of various methods of computing interest; 4.10 Computing the dollar cost of credit and comparing various sources of credit; 4.11 Determining a plan to achieve specific individual and family financial goals, using financial services as appropriate; 4.12 Examining investment plans to meet individual and family goals at various stages of the life cycle; 4.13 Identifying and evaluating individual and family insurance needs throughout the different stages of the life cycle; 4.14 Completing an income tax return form; and 4.15 Analyzing the impact of technology on financial management. Standard 5 Consumer Rights and Responsibilities Students will understand consumer resources, rights, and responsibilities. They will demonstrate content proficiency by: 5.1 Analyzing acceptable and ethical consumer practices and behaviors; 5.2 Identifying consumer protection laws, agencies, services, and procedures for solving consumer problems; 5.3 Explaining consumer rights and responsibilities; 5.4 Assessing the effect of consumer choices and behavior on small and large business owners, other consumers, and the environment; 5.5 Analyzing laws and regulations that protect the consumer; 5.6 Assessing legal responsibilities and obligations when a credit contract has been signed; 5.7 Examining ways in which consumer advocates and volunteer groups affect consumer choices and laws; 5.8 Examining the impact of laws that regulate advertising; 5.9 Exploring appropriate procedures, including the use of redress, to solve consumer problems; and 5.10 Listing examples of consumer laws that regulate individual, corporate, and business practices and behavior. Standard 6 Role of Government Students will understand the role of government in the economy at the local, state, and national levels. They will demonstrate content proficiency by: 6.1 Identifying the purposes for which taxes are collected at the local, state, and federal levels; 6.2 Analyzing the consequences of consumer legislation on consumers and the economy; 6.3 Describing the impact of fiscal and monetary policy on individuals, families, and the community; 6.4 Assessing key indicators of economic performance through the use of charts, graphs, and other tools of analysis; and 6.5 Analyzing government regulations and ways in which they affect local, state, and national economies. Standard 7 Marketplace Functions Students will understand the functions of the marketplace. They will demonstrate content proficiency by: 7.1 Describing ways in which competition affects the quantities and prices of goods and services available to consumers; 7.2 Analyzing economic relationships that exist between households and businesses in a market economy; 7.3 Identifying factors that determine supply and demand; 7.4 Analyzing the effects of increases and decreases in supply and demand on price and quantity; 7.5 Recognizing the characteristics of competitive and noncompetitive market structures and assessing their impact on consumer choices; and 7.6 Comparing the effects of inflation, recession, and unemployment on businesses, individuals, families, and communities. Standard 8 Economic Concepts Students will understand the basic economic concepts that affect consumers. They will demonstrate content proficiency by: 8.1 Defining the basic concepts and components of the U.S. economic system; 8.2 Relating the basic concepts and components of the U.S. economic system to the student's role within the economy, including the circular flow of the market economy; 8.3 Defining economic terms, such as scarcity, opportunity cost, tradeoffs, and resource allocation; and 8.4 Explaining the relationships of scarcity, choice, and opportunity costs. Standard 9 Economic Systems Students will understand different economic systems. They will demonstrate content proficiency by: 9.1 Comparing market, command, mixed, and traditional economies; 9.2 Recognizing the characteristics of different economic systems and assessing their impact on consumer choices; 9.3 Determining the advantages and disadvantages of bartering and negotiating to achieve goals; 9.4 Analyzing personal beliefs regarding the role of government regulation and the effect of regulations and policies on broad social goals; and 9.5 Analyzing the role of the Federal Reserve System and its effects on the consumer. Standard 10 Global Economy Students will understand the concept of a global economy. They will demonstrate content proficiency by: 10.1 Defining the economic concepts of absolute and comparative advantage; 10.2 Comparing work patterns in the U.S. with those in other countries; 10.3 Analyzing the relationships of specialization of labor and economic interdependency; 10.4 Debating the impact of free trade and protectionism and its effect on the consumer; 10.5 Identifying how international trade and immigration affect the U.S. economy and the cost of various goods and services; 10.6 Determining the value of the dollar based on foreign exchange rates; and 10.7 Explaining how current technological changes affect the global economy. Standard 11 Careers Related to Consumer Services Students will understand careers related to consumer services. They will demonstrate content proficiency by: 11.1 Identifying characteristics of effective consumer services professionals; 11.2 Comparing personal interests, aptitudes, and abilities with those required in consumer services careers; 11.3 Evaluating career options related to consumer services, including labor market projections, educational requirements, job responsibilities, salary, benefits, employers' expectations, and working environment; and 11.4 Developing a career plan in consumer services that reflects upward career mobility and opportunities for entrepreneurship.