SS.912.FL.6.2

Analyze how judgment regarding risky events is subject to errors because people tend to overestimate the probability of infrequent events, often because they’ve heard of or seen a recent example.

Clarifications

Discuss how an extended warranty on a consumer product is like insurance. Evaluate the cost-effectiveness of extended warranties on three consumer products: a new automobile, a smart phone, and a dishwasher, considering the likelihood that the product will fail, the cost of replacing the item, and the price of the warranty.
General Information
Subject Area: Social Studies
Grade: 912
Strand: Financial Literacy
Date Adopted or Revised: 04/15
Status: State Board Approved

Related Courses

This benchmark is part of these courses.
2102800: Florida’s Preinternational Baccalaureate Comparative Economics With Financial Literacy (Specifically in versions: 2014 - 2015, 2015 - 2022 (current), 2022 and beyond)
2102335: Economics with Financial Literacy (Specifically in versions: 2014 - 2015, 2015 - 2018, 2018 - 2022 (current), 2022 and beyond)
2102340: Economics with Financial Literacy for Credit Recovery (Specifically in versions: 2015 - 2018, 2018 - 2022 (current), 2022 and beyond)
2102345: Economics with Financial Literacy Honors (Specifically in versions: 2014 - 2015, 2015 - 2018, 2018 - 2022 (current), 2022 and beyond)
2102372: Personal Financial Literacy (Specifically in versions: 2015 - 2018, 2018 - 2019, 2019 - 2022 (current), 2022 and beyond)
2102374: Personal Financial Literacy Honors (Specifically in versions: 2015 - 2018, 2018 - 2019, 2019 - 2022 (current), 2022 and beyond)
7921021: Access Personal Financial Literacy (Specifically in versions: 2019 and beyond (current))

Related Access Points

Alternate version of this benchmark for students with significant cognitive disabilities.
SS.912.FL.6.In.b: Discuss how judgment regarding risky events is often influenced by information from others.
SS.912.FL.6.Su.b: Identify information that can affect judgment regarding risky events.
SS.912.FL.6.Pa.b: Recognize information can affect judgment regarding risky events.

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