Needs vs Wants
This is something you must have to live (like food or shelter).
Answer: What is a need?
A plan for how you will spend and save your money.
Answer: What is a budget?
Comparing prices between stores is called ________.
Answer: Price comparison
A temporary lower price meant to attract shoppers.
Answer: What is a sale?
Money owed to someone else.
Answer: Debt
This type of purchase is based on desire, not survival.
Answer: What is a want?
Money you earn from chores, jobs, or allowance.
Answer: What is income?
This tag shows cost per 100g, 1kg, etc. in a grocery store.
Answer: Unit price
If an item is $100 and is 20% off, how much is the discount?
Answer: $20
The amount of money something is worth.
Answer: Value
Identify whether “brand-name hoodie” is a need or a want.
Answer: What is a want?
Money left over after paying expenses.
Answer: What is savings?
Why is reading reviews important?
Answer: To avoid low-quality or scam products.
Why are Black Friday deals sometimes misleading?
Answer: Prices are sometimes raised before being “discounted.” SPEND TIME REVIEWING
The total amount you pay including tax.
Answer: Final price / total cost
Explain why a “phone” might be both a need AND a want.
Answer: A phone is needed for communication/school, but extra features are wants.
Buying something without thinking or planning.
Answer: What is impulse buying?
Name one way to avoid impulse buying.
Answer: Wait 24 hours / make a list / set a budget.
Buying something just because it’s on sale is called ________.
Answer: False-savings / impulse sale buying
A guarantee from the manufacturer that a product will work. The sometimes ask for extra money after purchase!
Answer: Warranty
Give an example of a purchase people think is a need but is actually a want.
Answer: What is eating out at restaurants / buying Starbucks / buying the newest phone?
Explain the 50/30/20 rule for SAVING
Answer: 50% needs, 30% wants, 20% savings/debt.
Explain how buying the cheapest item isn’t always smart shopping.
Answer: Low quality → breaks faster → costs more long-term.
Explain “opportunity cost” when choosing between two items on sale.
Answer: What you give up when choosing one option over another.
Define “consumer.”
Answer: A person who buys goods and services.