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Concept Taxonomy

Prompt

Please create a taxonomy to help us categorize each concept in our 04-concept-list.csv file in the Project knowledge area. I would like you to create a 10 to 12 element taxonomy to classify each of the concepts in this course. Each concept will only have a single taxonomy as the primary classifier.

The first category will be Foundational Concepts which are not dependant on any other concepts.

Consider using these other categories you have also discovered:

Banking concepts Credit and debt concepts Tax concepts Insurance concepts Investment concepts Market concepts Life stage financial planning

Consider using "Capstone Projects" as one category as projects students can work on in teams for the last two weeks of the course where they become "Financial Planners".

Feel free to add "Miscellaneous Concepts" if you find concepts don't fit well into any of the other concepts.

Response

I'll create a taxonomy to help categorize the concepts in your personal finance course. Based on the course description, the Bloom's taxonomy version, and your suggested categories, here's a comprehensive taxonomy structure with 12 categories:

Personal Finance Concept Taxonomy

1. Foundational Concepts

  • Core financial principles not dependent on any other concepts
  • Fundamental terminology and definitions
  • Basic financial mathematics

2. Banking & Cash Management

  • Banking systems and institutions
  • Account types and services
  • Electronic banking and fintech
  • Cash flow management
  • Budgeting principles

3. Credit & Debt Management

  • Credit building and reporting
  • Types of consumer debt
  • Strategic borrowing
  • Debt reduction strategies
  • Identity protection

4. Loans & Financing

  • Consumer loans (auto, student, personal)
  • Mortgage and housing finance
  • Business and entrepreneurial finance
  • Loan evaluation and comparison

5. Taxation Fundamentals

  • Tax system structure
  • Types of taxes
  • Tax planning strategies
  • Tax-advantaged accounts
  • Filing processes

6. Risk Management

  • Risk assessment principles
  • Insurance terminology
  • Policy evaluation
  • Self-insurance concepts

7. Insurance Products

  • Health insurance
  • Property and casualty insurance
  • Life and disability insurance
  • Specialized insurance products

8. Investment Fundamentals

  • Investment principles
  • Asset classes
  • Risk-return relationships
  • Portfolio construction basics
  • Time value of money

9. Investment Vehicles & Markets

  • Specific investment products
  • Market structures and participants
  • Economic indicators
  • Market cycles
  • Alternative investments

10. Retirement & Estate Planning

  • Retirement accounts and strategies
  • Social Security
  • Estate planning basics
  • Wealth transfer concepts
  • Long-term care planning

11. Life Stage Financial Planning

  • Early career finance
  • Family financial planning
  • College funding
  • Financial independence
  • Changing needs across life stages

12. Capstone Projects

  • Comprehensive financial plan development
  • Case studies and scenarios
  • Financial coaching
  • Simulation exercises
  • Real-world applications

This taxonomy provides a clear structure for categorizing each of the concepts in your course file. The categories flow logically from foundational knowledge through specific financial domains and culminate in practical applications via capstone projects. Each category represents a distinct area of financial knowledge while collectively covering the entire spectrum of personal finance topics in your curriculum.