Vocabulary
A person who buys or uses goods or services.
Consumer
Food, water, and shelter are examples of this.
Needs
Something you are working toward.
Goal
When you choose one thing, you always give up this.
another option
When you give up one thing to get another, this is called a _____.
trade-off
A person who buys or uses goods or services.
Need
Video games, snacks, and new shoes are usually this.
Wants
A goal that can be reached soon.
Short Term Goal
Choosing to save money instead of going to the movies shows this concept.
opportunity cost
True or False: A decision can still be smart even if you give something up.
True
Something desired but not required.
Want
Is a phone always a want, or can it sometimes be a need? Explain.
It depends on the situation (job, safety, school).
Saving money for a car after graduation is this type of goal.
Long Term Goal
Give a real-life example of opportunity cost.
Examples vary (save vs spend, work vs fun)
Why should consumers think before spending money? Name one reason.
To meet needs, reach goals, avoid problems, etc.
Limited resources and unlimited wants.
Scarcity
Explain the difference between a want and a need using an example.
Needs are required; wants are optional (examples vary).
Name one choice that could help someone reach a savings goal.
Saving money, working more, spending less, etc.
What is the opportunity cost of buying a video game instead of saving money?
Not saving money or delaying a goal.
A student spends all their paycheck on clothes and snacks. Was this smart? Why?
No—no saving, poor choice, opportunity cost.
The next best option you give up when making a choice
Opportunity Cost
Name a situation where a want could become a need.
Job requirements, emergencies, school needs, etc.
Explain how choices can help or hurt a goal.
Good choices support goals; poor choices delay or prevent them.
Explain why opportunity cost is NOT just about money.
It can involve time, goals, energy, or future opportunities.
Explain a trade-off between a want and a need using a real-life example.
Examples vary (food vs entertainment, saving vs spending).