I. Activating Prior Knowledge
When making a financial or economic decision, there are five steps that one should go through:
1. Identify the problem
2. Gather information and list possible alternatives
3. Consider consequences of each alternative - What are the personal and financial risks of each alternative?
4. Select the best course of action
5. Evaluate the results of the action - How effective will this action be in addressing the problem? What are the personal and financial effects of the action?
II. Reading the Case Study
Robert, Lucy, their three children and dog are planning to move from Kannapolis, North Carolina to San Antonio, Texas because it offers more job opportunities. They intend to sell their home in Kannapolis and have decided to purchase a home in San Antonio. Neither Robert nor Lucy, currently has a job in San Antonio and both are gainfully employed in North Carolina and make a combined income of $75,000.00.
III. Personal Reflection
1. Using the five-step process described above, identify one problem stemming from this scenario and analyze the personal and economic factors they might consider in this situation.
IV. Peer Reflection
1. Read and evaluate one student's response. Did they identify the problem? Are there any alternatives or additional information that they should have considered? Is the solution that they developed, in your opinion the best? Explain your reasoning.
When making a financial or economic decision, there are five steps that one should go through:
1. Identify the problem
2. Gather information and list possible alternatives
3. Consider consequences of each alternative - What are the personal and financial risks of each alternative?
4. Select the best course of action
5. Evaluate the results of the action - How effective will this action be in addressing the problem? What are the personal and financial effects of the action?
II. Reading the Case Study
Robert, Lucy, their three children and dog are planning to move from Kannapolis, North Carolina to San Antonio, Texas because it offers more job opportunities. They intend to sell their home in Kannapolis and have decided to purchase a home in San Antonio. Neither Robert nor Lucy, currently has a job in San Antonio and both are gainfully employed in North Carolina and make a combined income of $75,000.00.
III. Personal Reflection
1. Using the five-step process described above, identify one problem stemming from this scenario and analyze the personal and economic factors they might consider in this situation.
IV. Peer Reflection
1. Read and evaluate one student's response. Did they identify the problem? Are there any alternatives or additional information that they should have considered? Is the solution that they developed, in your opinion the best? Explain your reasoning.
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