North Carolina
9th-12th Grades
State Standards
North Carolina Economics and Personal Finance (EPF) Standards – 2021
E: Economics
EPF.E.1: Understand economies, markets, and the role economic factors play in making economic decisions.
EPF.E.1.1: Compare how individuals and governments utilize scarce resources in traditional, command, market, and mixed economies.
EPF.E.1.2: Distinguish market structures in terms of economic characteristics and the roles they play in decision-making and opportunity costs.
EPF.E.1.3: Explain how supply and demand determine equilibrium price and quantity produced.
EPF.E.1.4: Compare the ways in which incentives and profits influence what is produced and distributed in a market system.
EPF.E.2: Analyze the role of government and economic institutions in developing and implementing economic stabilization policies in the U.S.
EPF.E.2.1: Summarize basic macroeconomic indicators and how they vary over the course of a business cycle.
EPF.E.2.2: Summarize basic microeconomic indicators and how they vary over the course of a business cycle.
EPF.E.2.3: Explain how fiscal policy and monetary policy influence overall levels of employment, interest rates, production, price level, and economic growth.
EPF.E.2.4: Differentiate organizations in terms of their roles and functions in the United States economy.
EPF.E.3: Understand the role of government in a market economy.
EPF.E.3.1: Identify the role the government plays in providing a legal structure to protect property rights and enforce contracts.
EPF.E.3.2: Explain how government regulation impacts market activity.
EPF.E.3.3: Explain how taxes and fees fund government goods and services.
EPF.E.4: Understand factors of economic interdependence and their impact on nations.
EPF.E.4.1: Explain the impact of trade on the interdependence between nations.
EPF.E.4.2: Explain how North Carolina contributes to and benefits from the United States and world economies.
IE: Income and Education
EPF.IE.1: Analyze the relationship between education, income, career, and desired lifestyle.
EPF.IE.1.1: Explain how education, income, career, and life choices impact an individual's financial plan and goals.
EPF.IE.1.2: Differentiate career and education options after high school in terms of desired lifestyle.
EPF.IE.1.3: Identify the costs of postsecondary education and the potential increase in income from a career of choice.
EPF.IE.1.4: Compare strategies which can minimize the costs of postsecondary education.
EPF.IE.1.5: Summarize various types of income.
EPF.IE.2: Understand the purpose and function of taxes and the impact on income.
EPF.IE.2.1: Explain how payroll deductions modify an employee's disposable income.
EPF.IE.2.2: Identify the types and purposes of local, state, and federal taxes and the way each is levied and used.
EPF.IE.2.3: Implement appropriate computations and procedures to prepare a federal or state tax form.
MCM: Money and Credit Management
EPF.MCM.1: Understand money management skills and strategies.
EPF.MCM.1.1: Explain how fiscally responsible individuals create and manage a spending plan.
EPF.MCM.1.2: Critique income and spending plans in terms of age, individual needs, and available resources.
EPF.MCM.1.3: Compare the costs and benefits of renting, leasing, or owning.
EPF.MCM.1.4: Compare various types of mortgages.
EPF.MCM.2: Understand the purposes and services of financial institutions.
EPF.MCM.2.1: Design a plan that uses the services of various financial institutions to meet financial goals.
EPF.MCM.2.2: Explain how interest and fees impact spending, debt, and savings.
EPF.MCM.2.3: Compare costs and benefits of cash, debit, payment applications, and credit card transactions in terms of interest rates, fees, penalties, costs, and benefits.
EPF.MCM.3: Understand the concepts and factors that enable individuals to make informed financial decisions for effective resource planning and money management.
EPF.MCM.3.1: Compare credit sources and services.
EPF.MCM.3.2: Explain how debt management and creditworthiness impact an individual's ability to become a responsible consumer and borrower.
EPF.MCM.3.3: Summarize the advantages and disadvantages of debt.
EPF.MCM.3.4: Classify the various types of insurance and estate planning including the benefits and consequences.
FP: Financial Planning
EPF.FP.1: Understand the value and planning processes associated with saving and investing.
EPF.FP.1.1: Compare various investing strategies and tax implications for their potential to build wealth.
EPF.FP.1.2: Identify factors (i.e. income, budget, cost of living, experiences) that influence financial planning.
EPF.FP.1.3: Summarize the role of philanthropy, volunteer services, businesses, and nonprofits in community development and quality of life.
CC: Critical Consumerism
EPF.CC.1: Understand factors associated with consumer decision making.
EPF.CC.1.1: Explain how advertising, social media, and business practices impact consumer decisions.
EPF.CC.1.2: Identify information, reviews, and reports consumers use to make financial decisions.
EPF.CC.1.3: Explain how consumer-driven decisions impact the economy.
EPF.CC.2: Understand the rights and responsibilities of buyers and sellers under consumer protection laws.
EPF.CC.2.1: Explain how consumer protection laws contribute to the empowerment of the individual.
EPF.CC.2.2: Summarize various types of fraudulent solicitation and business practices.
EPF.CC.2.3: Summarize ways consumers can protect themselves from fraudulent and deceptive practices.