Price and Value
What question should you ask before buying an expensive item?
Can I afford it?
What does it mean to buy something using credit?
You buy it now and repay the money later.
What is the main purpose of advertising?
To show/persuade consumers to buy a product or service.
What does convenience mean when making a purchase?
How quick, easy or accessible the purchase is.
What does an environmentally friendly product try to reduce?
Harm to the environment.
A laptop costs $900 at one store and $750 at another. What should you do before buying it?
Compare the prices and features.
What is debt?
Money that is owed to another person or business.
An influencer is paid to recommend a product. What is influencing the consumer?
Advertising or influencer marketing.
Why might someone pay more for food delivery?
It saves them time and effort.
Why might someone choose a reusable water bottle instead of buying plastic bottles?
It reduces waste and may save money over time.
A cheaper pair of shoes will only last six months, while a more expensive pair should last three years. What could influence a person's decision in choosing which shoes to buy?
The quality or value for money.
A phone costs $1,000, but if someone chooses to buy it with credit, their repayments and fees make the total cost $1,250. Why would they need to pay the extra $250?
They would need to pay the interest/fees for using credit.
Why should consumers research a product instead of relying only on an advertisement?
Advertisements focus on the positives and may leave out important information.
A nearby store charges $30 more than an online store. Why might someone still choose the nearby store?
They can get the item immediately and avoid delivery or waiting.
An ethical product costs more than a similar product. Why might a consumer still choose it?
It may protect workers, animals or the environment.
Explain why the cheapest option is not always the best financial decision.
It may be lower quality, need replacing sooner or have fewer useful features.
Why can “buy now, pay later” encourage people to overspend?
They are being encouraged to spend money they may not have.
An advertisement says a new phone will make you popular. Why would it do this?
It wants to encourage people to purchase the product by appealing to them.
Give one advantage and one disadvantage of shopping online.
Advantage: convenient or more choice. Disadvantage: delivery costs, waiting or inability to inspect the item.
A cheap shirt was made using unsafe working conditions and creates significant pollution. Identify two factors a responsible shopper should consider.
Treatment of workers and environmental impact.