Florida SS.7.E.1.2
The Standard
Discuss the importance of borrowing and lending in the United States, the government's role in controlling financial institutions, and list the advantages and disadvantages of using credit.
Florida Next Generation Sunshine State Standards for Social Studies
Teacher's field guide
What This Standard Means
What Students Need to Do
- Students explain why households and businesses borrow, and why banks and other lenders make loans. They identify ways government agencies supervise financial institutions, protect depositors and borrowers, and affect access to credit. They weigh the benefits and costs of credit in a specific purchase decision.
What Mastery Looks Like
- Given a loan or credit card scenario, students can identify the borrower, lender, principal, interest, repayment terms, and risk. They can recommend whether to use credit and support the choice with costs, benefits, and a relevant government protection.
Common Misconceptions
- Students may treat credit as free money, confuse credit with debit, or focus only on the monthly payment. They may think all loans have the same terms, or that government agencies approve every loan and prevent every bank failure.
How to Assess It
- Exit ticket: A student borrows $500 for a laptop and repays $560 over one year. Identify the lender’s gain, one benefit, one drawback, and one government protection for borrowers.
Lesson moves
Ways to Teach It
Give groups loan cards with different rates and fees, then have them calculate total repayment and rank the offers.
Ask students to write whether borrowing for college and borrowing for concert tickets should be judged differently, with reasons.
Play a credit decision game where teams choose cash, debit, or credit for purchases and earn points for explaining each choice.
Examine a sample credit card disclosure and highlight the interest rate, late fee, minimum payment, and consumer protections.
Keep exploring
Related Standards
- SS.8.FL.4
Identify and analyze the benefits, risks, associated fees, and laws that consumers should consider when choosing to buy on credit.
- SS.4.FL.4
Using Credit
- SS.4.FL.4.2
Identify instances when people use credit, that they receive something of value now and agree to repay the lender over time, or at some date in the future, with...
- SS.7.E.1.4
Discuss the function of financial institutions in the development of a market economy.
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