Title: Explain the effects of the economy on personal income and individual and family security.
Course: Life Planning (19257-18) > Section: Developing a Plan for Financial Sustainability

Explanation should include

- the definition of economy
- discussion of current, local, and global economic conditions and their impact on personal consumer decisions
- exploration of the relationship between educational level and income
- discussion of types of compensation (e.g., hourly, salary, commission) demonstration of a basic knowledge of paychecks (e.g., gross pay, net pay, deductions, taxes).

Process/Skill Questions:

Thinking

- How does the national or global economy affect personal finances?
- How does the current economy affect consumer decisions?

Communication

- What resources are available for helping a person adjust to a reduction in income?
- Why is it important to keep family members informed about financial matters?
- How can differing values about money create family conflicts?

Leadership

- Why is it important for family members to work together in making wise financial decisions?
- How could you influence others in making wise financial decisions?

Management

- What are some consequences of poor financial management?