EPF.1.1: Describing how consumers, businesses, and government decision makers face scarcity of resources and must make trade-offs and incur opportunity costs.

EPF.1.2: Explaining that choices often have long-term, unintended consequences.

EPF.1.3: Describing how effective decision making requires a comparison of the additional costs (marginal costs) and additional benefits (marginal benefits), using a cost-benefit analysis chart and PACED decision-making grid (i.e., state the problem; list alternatives; identify the criteria; evaluate the alternatives based on the criteria; make a decision) for economic and personal finance decisions.

EPF.1.4: Describing the factors of production.

EPF.1.5: Comparing the characteristics and applications of market, command, traditional, and mixed economies.

EPF.1.6: Identifying Adam Smith and describing the characteristics of a market economy.

EPF.2.1: Describing how consumers, producers, workers, savers, investors, and citizens respond to incentives.

EPF.2.2: Explaining how businesses respond to consumer sovereignty.

EPF.2.3: Identifying the role of entrepreneurs.

EPF.2.4: Comparing the costs and benefits of different forms of business organization, including sole proprietorship, partnership, corporation, franchise, and cooperative.

EPF.2.5: Describing how costs and revenues affect profit and supply.

EPF.2.6: Describing how increased productivity affects costs of production and standards of living.

EPF.2.7: Examining how investment in human capital, capital goods, and technology can improve productivity.

EPF.2.8: Describing the effects of competition on producers, sellers, and consumers.

EPF.2.9: Explaining why monopolies or collusion among sellers reduces competition and raises prices.

EPF.2.10: Illustrating the circular flow of economic activity.

EPF.3.1: Analyzing the laws of supply and demand and the determinants of each.

EPF.3.2: Explaining how the interaction of supply and demand determines equilibrium price and wages.

EPF.3.3: Describing the elasticity of supply and demand.

EPF.3.4: Examining the purposes and implications of price ceilings and price floors.

EPF.4.1: Examining the market value of a worker's education, skills, training, knowledge, and credentials.

EPF.4.2: Identifying the impact of human capital on production costs.

EPF.4.3: Explaining the relationship between a person's own human capital and the resulting income potential.

EPF.4.4: Performing an analysis of expenses and financial aid required for continuing education to expand human capital.

EPF.4.5: Describing how changes in supply and demand for goods and services affect income.

EPF.5.1: Distinguishing among economic indicators, for example, gross domestic product (GDP), consumer price index (CPI), and unemployment rate.

EPF.5.2: Analyzing the causes and effects of unemployment, inflation, and reduced economic growth.

EPF.5.3: Describing the fluctuations of the business cycle and how economic indicators change throughout the business cycle.

EPF.5.4: Describing strategies for achieving national economic goals.

EPF.6.1: Comparing the role of money and currency.

EPF.6.2: Explaining the roles and types of financial markets and financial institutions.

EPF.6.3: Describing the purpose, structure, and function of the Federal Reserve System, including the role of monetary policy.

EPF.6.4: Identifying the tools of monetary policy (e.g., Fed funds rate).

EPF.6.5: Comparing the U.S. monetary system with the international monetary system.

EPF.6.6: Explaining how certain historical events have influenced the banking system and other financial institutions.

EPF.7.1: Describing government's role in stabilizing the economy through congressional spending and tax policy.

EPF.7.2: Describing sources of government revenue.

EPF.7.3: Explaining balanced budget, deficit, and national debt.

EPF.8.1: Identifying goods and services provided by government to benefit society.

EPF.8.2: Identifying the role government plays in providing a legal structure to protect property rights and enforce contracts.

EPF.8.3: Providing examples of government regulation of the market.

EPF.8.4: Explaining that governments redistribute wealth.

EPF.9.1: Explaining that when parties trade voluntarily, all benefit.

EPF.9.2: Distinguishing between absolute and comparative advantage.

EPF.9.3: Distinguishing between trade deficit and trade surplus.

EPF.9.4: Explaining exchange rates and the impact of the strength of the dollar on economic decisions.

EPF.9.5: Describing the costs and benefits of trade barriers.

EPF.9.6: Describing the effects of international trade agreements and the World Trade Organization.

EPF.9.7: Explaining growing economic interdependence.

EPF.10.1: Examining basic economic concepts (such as scarcity and opportunity cost) and their relation to product prices and consumer spending.

EPF.10.2: Describing common types of contracts and the implications of each.

EPF.10.3: Demonstrating comparison-shopping skills.

EPF.10.4: Examining the importance of maintaining a system for personal financial records.

EPF.10.5: Examining the impact of advertising and marketing on consumer demand and decision making in the global marketplace.

EPF.10.6: Accessing reliable financial information from a variety of sources.

EPF.10.7: Explaining consumer rights, responsibilities, remedies, and the importance of consumer vigilance.

EPF.10.8: Examining precautions for protecting identity and other personal information.

EPF.11.1: Comparing the costs and benefits of purchasing vs. leasing a vehicle.

EPF.11.2: Calculating the total costs of owning and operating a vehicle.

EPF.11.3: Comparing the costs and benefits of renting vs. purchasing a residence.

EPF.11.4: Describing the process of renting a residence.

EPF.11.5: Describing the process of purchasing a residence.

EPF.11.6: Calculating the cost of utilities, services, maintenance, and other residential expenses.

EPF.11.7: Evaluating discretionary spending decisions.

EPF.12.1: Evaluating services and related costs associated with personal banking.

EPF.12.2: Differentiating among types of electronic monetary transactions.

EPF.12.3: Preparing all forms necessary for opening and maintaining a checking and a savings account.

EPF.12.4: Reconciling bank statements.

EPF.12.5: Comparing costs and benefits of online and traditional banking.

EPF.12.6: Examining how financial institutions affect personal financial planning.

EPF.13.1: Evaluating the various methods of financing a purchase.

EPF.13.2: Analyzing credit card features and their impact on personal financial planning.

EPF.13.3: Identifying qualifications needed to obtain credit and the information needed to complete a credit application.

EPF.13.4: Examining basic provisions of credit and loan laws.

EPF.13.5: Comparing terms and conditions of various sources of consumer credit.

EPF.13.6: Identifying strategies for effective debt management, including sources of assistance.

EPF.13.7: Explaining the ways to build and maintain a good credit rating and the ramifications of an individual's credit score.

EPF.13.8: Comparing the costs and conditions of secured and unsecured loans.

EPF.13.9: Comparing the types of voluntary and involuntary bankruptcy and the implications of each.

EPF.13.10: Comparing amortization schedules for a loan based on principal, time, annual percentage rate (APR), and different credit ratings.

EPF.14.1: Identifying different ways to manage risk.

EPF.14.2: Evaluating insurance as a risk management strategy.

EPF.14.3: Distinguishing among the types, costs, and benefits of insurance coverage, including identity theft, automobile, life, property, and health.

EPF.14.4: Examining potential ramifications of lifestyle choices on premiums, insurability, and employability.

EPF.15.1: Differentiating among sources of income.

EPF.15.2: Calculating gross and net pay.

EPF.15.3: Investigating employee benefits and incentives (e.g., pretax savings opportunities).

EPF.15.4: Describing the types and purposes of local, state, and federal taxes and the way each is levied and used.

EPF.15.5: Exploring how tax structures affect individuals of different income levels.

EPF.15.6: Computing local taxes on products and services.

EPF.15.7: Explaining the content and purpose of a standard W-2 form.

EPF.15.8: Completing standard employment tax forms.

EPF.15.9: Describing information relevant to the completion of state and federal income tax forms.

EPF.16.1: Identifying short-term and long-term personal financial goals.

EPF.16.2: Identifying anticipated and unanticipated income and expenses.

EPF.16.3: Defining terminology associated with inheritance and estate planning.

EPF.16.4: Examining components and purposes of a personal net worth statement.

EPF.16.5: Developing a personal budget.

EPF.16.6: Investigating the effects of government actions and economic conditions on personal financial planning.

EPF.16.7: Explaining how economics influences a personal financial plan.

EPF.17.1: Comparing the impact of simple interest vs. compound interest on savings.

EPF.17.2: Comparing various options for investment and savings.

EPF.17.3: Examining the fundamental workings of Social Security and the system's effects on retirement planning.

EPF.18.1: Identifying costs and benefits of postsecondary education.

EPF.18.2: Identifying sources of postsecondary education funding.

EPF.18.3: Identifying the purpose of the Free Application for Federal Student Aid (FAFSA) in determining eligibility for grants, scholarships, and loans and the essential information needed to complete it.

EPF.18.4: Describing types of aid which do not require repayment, including federal, state, and institutional grants.

EPF.18.5: Describing types of scholarships and identifying scholarship scams.

EPF.18.6: Examining types of student loans, including federal and private, and understanding the associated risks.

EPF.18.7: Examining the requirements to remain eligible for financial aid.

EPF.18.8: Explaining repayment requirements and options for student loans, including income-appropriate repayment plans and options for loan forgiveness, cancellation, and discharge.

EPF.18.9: Describing the options for borrowers struggling to make payments and the consequences of failure to repay student loans.

EPF.18.10: Describing benefits, eligibility requirements, and tax implications of state-sponsored tax-advantage-qualified tuition plans as investment options for postsecondary education (e.g., Virginia529 Plan).

EPF.18.11: Identifying the multiple pathways to postsecondary education and career preparedness.

EPF.18.12: Identifying parts of a financial award letter.

EPF.18.13: Identifying the student loan default rates of postsecondary institutions in Virginia.

EPF.18.14: Describing appropriate income levels needed to support student loan borrowing.