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