SSPFL2 Describe how budgeting and actively reviewing finances can be used to allocate scarce income. a. Explain the importance of setting short-term, medium-term, and long-term savings goals. b. Differentiate between needs and wants. c. Analyze the basic components of a personal budget including income, expenses, and savings | Work Session:
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SSEF3 Explain how specialization and voluntary exchange influence buyers and sellers. a. Explain how and why individuals and businesses specialize, including division of labor. b. Explain that both parties gain as a result of voluntary, non-fraudulent exchange. Rational choice theory refers to a set of guidelines that help understand economic and social behavior. The theory originated in the eighteenth century and can be traced back to political economist and philosopher, Adam Smith. The theory postulates that an individual will perform a cost-benefit analysis to determine whether an option is right for them. It also suggests that an individual's self-driven rational actions will help better the overall economy. Rational choice theory looks at three concepts: rational actors, self interest and the invisible hand.
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AuthorMr. Holcey is a veteran teacher in the Savannah area. With over 20 years of teaching experience in subjects ranging from law to physical science. Archives
January 2023
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