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Middle School

Presentation Title: I Need It; I Want It, What is the Difference?

Sponsored by: Financial Education Department, CP Federal Credit Union
Contact Information: syoung@cpfederal.com ; (517) 784-7101 x 4331

Age or Grade: Middle School through High School

• Interchangeable activities and elements can be added to address desired age group

Subject Matter: Personal Financial Decisions

• Understanding the differences between needs and wants
• Understanding that your financial decisions are influenced by your environment
• The students will understand the effect the ecosystem has on the economics of a region.
• The students will compare and contrast the different regions of the United States and their lifestyles and economics.

Lesson Plan and Presentation Notes

Length of Presentation: 20 minutes-30 minutes

• Can be expanded based on age group

Presentation 

Grade Level Michigan Educational Standards & Benchmarks Supported

Mathematics (Michigan Grade Level Content Expectations v.12.05)

Strand I Number & Operations

Grade 2 Record, Add and Subtract Money
M.UN.02.07 Read and write amounts of money using decimal notations
M.PS.02.08 Add and subtract money in mixed units.
Grade 4 Add and subtract whole numbers
N.FL.04.08 Add and subtract whole numbers fluently
Read, interpret and compare decimal fractions
N.ME.04.15 Read and interpret decimals up to two decimal places; relate to money
Add and subtract decimal fractions
N.FL.04.32 Add and subtract decimals through hundredths
Grade 6 Solve decimal, percentage and rational number problems
N.MR.06.13 Solve contextual problems involving percentages such as sales taxes and tips.
N.FL.06.15 Solve applied problems that use the four operations with appropriate decimal numbers.

Social Studies (Michigan GLCE v12/07)

Economics

Grade 2 Market Economy
2 – E1.0.1 Identify the opportunity cost involved in a consumer decision
Grade 4 Market Economy
4 – E1.0.03 Describe how positive and negative incentives influence behavior in a market economy.
4 – E1.0.07 Demonstrate the circular flow model by engaging in a market simulation, which includes households and businesses and depicts the interactions among them.
Grade 6 Market Economy E1
E.1.1 Individual, Business, and Government Choices
6 – E1.1.1 Explain how incentives vary in different economic systems (e.g. acquiring money, profit, goods, etc.)
Grade 7 Market Economy E1
E.1.1 Individual, business, and Government Choices
7 – E1.1.1 Explain the role of incentive in different economic systems (acquiring money, profit, goods, etc.)

High School Content Expectations (v. 10/07)

Social Studies

Economics E2 The National Economy of the United States Of America
2.1 Understanding National Markets
2.1.1 Income – Describe how individuals and businesses earn income by selling productive resources.
2.1.3 Financial Institutions and Money Supply – Analyze how decisions by the Federal Reserve and actions by financial institutions regarding
deposits and loans, impact the expansion and contraction of the money supply.
Economics E4 Personal Finance
4.1 Decision Making
4.1.2 Marginal Benefit and Cost – Use examples and case studies to explain and evaluate the impact of marginal benefit and marginal cost of an activity on choices and decisions.
4.1.3 Personal Finance Strategy – Develop a personal finance strategy for earning, spending, saving and investing resources.
4.1.4 Key components of Personal Finance – Evaluate key components of personal finance including money management, saving and investment, spending and credit, income, mortgages, retirement, investing, and insurance.
4.1.5 Personal Decisions – Use a decision-making model to evaluate the different aspects of personal finance including careers, savings and investing tools, and different forms of income generation.