WANTS/NEEDS
This serves only to satisfy a desire for things...
Personal opinions based on your own beliefs are called what?
Values!
Another word for limited Resources (Money and/or Time) for Unlimited Wants is....
SCARCITY!
Supply
A trade-off is made between what you really want and the best alternative.. what is this also known as...
Opportunity Costs
Something thought to be a necessity or essential items required for life
A NEED!
Saving money for two months to purchase a new video game would be considered what kind of goal?
GIVE 3 REAL LIFE EXAMPLES OF SCARCITY
EGGS
CAR ELECTRONIC CHIPS
TOILET PAPER
ETC.
If I have 3 kit kats and 5 hershey's bars and 20 people want kit kats and only 3 people want hershey's bars, which candy can I charge more for and why?
Kit kats-because the demand is higher and the supply is lower. In other words-we have less kit kats available and more people want the kit kats than are available.
This refers to the ability to put off something mildly fun or pleasurable now in order to wait
for something that is greatly fun, pleasurable, or rewarding later. For example, you
could watch TV the night before an exam, or you could exhibit __________________ and
study for the exam.
Delayed Gratification
Give me an example of a want that could be confused with a need...
Tap water vs. SmartWater
Newest Iphone vs. functioning phone
Mansion vs. basic house
Lambo vs. Honda Civic
A goal is best defined as....
The end result of something a person intends to acquire, achieve, do, reach, or accomplish in the near or distant future.
What does it mean to be frugal? Give an example.
Someone who is frugal is a person who is cautious about spending money especially when it comes to things that aren't needs but are wants.
Why is it important to always comparison shop? Give an example of when comparison shopping is especially important.
You can save lots of money and make the best choices for your finances. You never know if you could be saving hundreds or dollars just by doing your research and comparing prices!
A subset of Economics. The science that describes the management, creation and study
of money, banking, credit, investments, assets and liabilities
A. Economics
B. Finance
C. Opportunity Costs
D. Supply & Demand
B. Finance
What does the phrase "Keeping up with Jones'" mean?
You want to do everything you can to keep up with the people around you even when you don't have the money to do so.
Chuck wants to retire eventually, what type of goal does he have when he saves money for this goal?
A long-term goal!
What does it mean when someone says that there is an "abundance" of a certain resource? Give an example.
There is a lot of that resource. Ex: Brazil has an abundance of fruit.
When price increases, what happens to the demand for an item? Why?
It goes down because less people will want to buy an item that is higher in price.
What is accomplished by setting several short-term financial goals?
A. Debit Card
B. Social Security
C. Long-term Financial goal
D. Salary
WHAT DETERMINES OUR WANTS/NEEDS?
OUR VALUES!
Give 3 examples of short term goals.
Examples that are less than a year in time frame.
What is the general idea of supply & demand? Why is it important for us to understand this as regular consumers? Why are we learning this in financial lit?
A good, or, a service that is in high demand at a lower price will be less in demand at a
higher price-
We can make better choices to protect our money knowing how prices are affected by resources available and how many people want that resource.
If a store is doing a discount on an item, what happens to the demand for the item? Explain this.
The demand increases-more people are going to want the item if the price is lowered! Duh! This is too easy, Mrs. Monteiro!
What do the letters in S.M.A.R.T. goals stand for?
S-specific
M-measurable
A-achievable
R-relevant
T-time-bound