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Economics & Personal Finance Course #6120
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New required course for RCPS students Beginning with students entering ninth grade in fall 2011, one standard unit of credit in Economics and Personal Finance is required for graduation with a Standard, Standard Technical, Advanced Studies or Advanced Technical Diploma Students may earn this credit by successfully completing the course at any time during their high school career Students with disabilities seeking a Modified Standard Diploma may use the course to satisfy one of the three required mathematics credits.
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Why has it been added? Instruction in economics and personal finance prepares students to function effectively as consumers, savers, investors, entrepreneurs, and active citizens. Students learn how economies and markets operate and how the United States’ economy is interconnected with the global economy. On a personal level, students learn that their own human capital (knowledge and skills) is their most valuable resource http://www.doe.virginia.gov/instruction/economics_personal_finance/index.shtml
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What are the SOLs? There are 18 detailed SOLs for Economic and Personal Finance An abbreviated list is shown on the next two slides The full document can be downloaded from the D.O.E. website: http://www.doe.virginia.gov/testing/sol/standards_d ocs/economics_personal_finance/index.shtml http://www.doe.virginia.gov/testing/sol/standards_d ocs/economics_personal_finance/index.shtml
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What are the SOLs? EPF.1 The student will demonstrate knowledge of basic economic concepts and structures. EPF.2 The student will demonstrate knowledge of the role of producers and consumers in a market economy EPF.3 The student will demonstrate knowledge of the price system EPF. 4 The student will demonstrate knowledge that many factors affect income EPF.5 The student will demonstrate knowledge of a nation ’ s economic goals, including full employment, stable prices, and economic growth EPF.6 The student will demonstrate knowledge of the nation ’ s financial system EPF.7 The student will demonstrate knowledge of how monetary and fiscal policy influence employment, output, and prices EPF.8 The student will demonstrate knowledge of the role of government in a market economy EPF.9 The student will demonstrate knowledge of the global economy
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What are the SOLs? EPF.10 The student will develop consumer skills EPF.11 The student will demonstrate knowledge of planning for living and leisure expenses EPF.12 The student will demonstrate knowledge of banking transactions EPF.13 The student will demonstrate knowledge of credit and loan functions EPF.14 The student will demonstrate knowledge of the role of insurance in risk management EPF.15 The student will demonstrate knowledge of income earning and reporting EPF.16 The student will demonstrate knowledge of taxes EPF.17 The student will demonstrate knowledge of personal financial planning EPF.18 The student will demonstrate knowledge of investment and savings planning
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Who can teach it? Licensed teachers in the following areas have the endorsements to teach a course in Economics and Personal Finance: 1. Agricultural Education 2. Business and Information Technology 3. Family and Consumer Sciences 4. History and Social Science 5. Marketing 6. Mathematics
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When will students take the course? The course is designed for 10th, 11th, and 12th graders Teachers strongly believe that due to the nature of the curriculum, our older students (meaning 11th and 12th graders) may find the content more relevant to them personally.
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What about the Curriculum Framework? There are actually two frameworks available from the Department of Education – one designed for Career and Technical Education and one designed for History and Social Science. Both are available on the D.O.E. website: http://www.doe.virginia.gov/testing/sol/standards_d ocs/economics_personal_finance/index.shtml http://www.doe.virginia.gov/testing/sol/standards_d ocs/economics_personal_finance/index.shtml
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Will students take state assessments for EPF? No SOL test will be given for Economics and Personal Finance. Students can take the Financial Literacy industry certification test by Working in Support of Education (WISE) which is approved by the Virginia Board of Education for personal finance. Also optionally available is the US Treasury’s Financial Literacy Capability Challenge
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What has RCPS done in preparation? A EPF Curriculum Committee of teachers met August 2 - 4 to organize the curriculum and identify instructional resources Committee members included Letitia Morris (Business, BHS), Shirley Chenault (Social Studies, BHS), Bonnie Thompson (Math, DLC), Rebecca Lam (Social Studies, ERHS), Brandy Strickler (Business, SHS), and Johnnie Anderson (Business, Turner Ashby)
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Curriculum Committee reviewed the course competencies created a Teacher Instructional Guide that will be duplicated and given to each school. The guide includes a course syllabus, the state course competencies, benchmarks for each nine-week grading period, sample lesson plans, as well as student, teacher, and community resources to be used.
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Curriculum Resources Lynne Stover, Teacher Consultant from the JMU Center for Economic Education, met with the Curriculum Committee and provided many resources D.O.E. has many resources on its website including a series of instructional videos: http://www.doe.virginia.gov/instruction/economi cs_personal_finance/index.shtml http://www.doe.virginia.gov/instruction/economi cs_personal_finance/index.shtml
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Implementation Plans EPF will be offered as an elective at ERHS and SHS during 2010-11 All high schools (including DLC) will offer it during 2011-12 Full implementation of the course is not scheduled to occur until 2012-13 (when the Class of 2015 will be sophomores)
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