Standard 7 Borrowing Money

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Instructional Resources:

Standard 7 challenges students to identify the procedures and analyze the responsibilities of borrowing money. The topics of study include credit, credit products, loan practices, terms of loans, credit history, and credit reports. Students will understand impact of borrowing and non-repayment on individuals and the broader economic system as a whole.

Suggested Unit Progression
Unit 7. Borrowing Money	Suggested Instructional Class Periods:
	Semester Course:	Embedded in a Course: (9 weeks)
	7-8	4
Oklahoma Academic Standard:
PFL.7 The student will identify the procedures and analyze the responsibilities of borrowing money.
Essential Questions:
How do people meet their needs and wants? How do financial decisions impact individuals and society? Why and how do people prepare and respond to challenges and change? What is government’s role and relationship to consumers? What makes a financially responsible citizen?
Supporting Questions:
Why do consumers borrow money? What are the costs and benefits of borrowing? How do various sources of credit affect decisions related to borrowing? To what extent do interest rates and loan practices impact consumers? What makes up a person’s credit history and how does it affect borrowing? How do government authorities attempt to protect the rights of consumers? What are potential consequences of failure to repay loans?