Month 2: Economic Interdependence, Education, and Taxes
Day 1:
- Globalization/Interdependence: What is economic interdependence and how does it involve trade? Why is trade essential for the survival of a nation?
Day 2:
- Trade and Interdependence: What impact do developing nations play in the global economy? What responsibility do developed nations have in assisting weaker nations to grow economically?
Day 3:
- Economics and Isolation: How do countries depend on each other for economic prosperity? What happens when a country does not/will not trade with other nations?
Day 4:
- North Carolina in the US and World Economy (Day 1): How does NC benefit from global trade?
Day 5:
- North Carolina in the US and World Economy (Day 2): Is hemp the savior of the NC tobacco farmer?
Day 1:
- Education and Income: How can income impact an individual's financial plans and goals?
Day 2:
- Best option for you: The goal of this lesson is to expose students to different perspectives about post-secondary education options. Students will then take interest surveys to determine if college is a personal option.
Day 3:
- Hidden Cost of College: How does attending college have short term and long term effects on personal finances?
Day 4:
- College and debt: Do you have to go into deep debt to pursue a post-secondary education?
Day 5:
- Income day 1: What are the differences between active income, portfolio income, and passive income?
Day 1:
- Income day 2: What are the differences between active income, portfolio income, and passive income?
Day 2:
- Payroll Deductions: What are payroll deductions and how do they affect your disposable income?
Day 3:
- Payroll Deductions and Disposable Income: What are examples of mandatory and voluntary payroll deductions?
Day 4:
- Where do my taxes go?: How are citizens taxed at the local, state, and federal level?
Day 5:
- State and Local Taxes: What types of taxes are used to fund services at the state and local level?
Day 1:
- Filing a tax return (Day 1): What is involved in filing a federal and state tax return?
Day 2:
- Filing a tax return (Day 2): What is involved in filing a federal and state tax return?
Day 3-5:
- Review and Assessment: Comprehensive review of Units 4, 5, and 6
Materials Needed:
- Textbook or printed materials on global trade and economic interdependence
- Resources on North Carolina's economy and global trade
- College cost calculators and financial aid information
- Sample tax forms (W-2, 1099, 1040) and tax preparation software
- Handouts on different types of income and payroll deductions
- Calculators for financial calculations
Month Objectives:
- Understand the concept of economic interdependence and its impact on global trade
- Analyze the relationship between education, income, career, and desired lifestyle
- Evaluate the costs and benefits of post-secondary education
- Comprehend different types of income and their tax implications
- Understand the purpose and function of taxes and their impact on income
- Develop skills to prepare basic federal and state tax returns