Economics plays a role in personal finance. Describe the role that economics plays in your personal financial plan. Also, the use of credit plays an important role in a personal financial plan. Describe the advantages and disadvantages of credit and explain how you will use it as part of your financial plan. Specifically address the following required elements:
- Explain the role the government plays in personal finance (focus on regulations, laws, economic policy, etc.).
- Explain the role of government assistance in personal finance (describe what type of assistance is available).
- Explain the impact of the tax system on personal finance (how do various taxes impact you on a personal level, related to your financial plan).
- Discuss basic economic data, how to access it, and how it can be used to make decision and plan for the future.
- Discuss the use of credit.
- Explain the cost of credit.
- Determine the sources of credit available (where can you get credit, advantages and disadvantages of the types).
- Identify the types of credit that you will use as you develop your budget and financial plan (what types and why).