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Warm Up

Warm Up. Write the name of your favorite cereal on the front board : On a piece of paper, answer Why is that cereal your favorite What is its advertisement. Pre-Assess Chapter 1. Turn to page 45 Answer 1-16. Let’s Analyze. Which factors most influence your choice in cereal?

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Warm Up

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  1. Warm Up Write the name of your favorite cereal on the front board : On a piece of paper, answer Why is that cereal your favorite What is its advertisement

  2. Pre-Assess Chapter 1 • Turn to page 45 • Answer 1-16

  3. Let’s Analyze • Which factors most influence your choice in cereal? • Profitable businesses go to great effort to research what consumers WANT and then provide it • Why do you think businesses do this?

  4. Today’s Objectives • Describe • Values • Goals • Opportunity costs • Explain • Need vs. Want

  5. You’ve got the Power! • Have you ever heard… “The customer is always right” • A business cannot success without them! • YOU have the power to CHOOSE • What to buy • Where to buy it • Knowing your values is a good place to start

  6. Values • Values are your principles (standards) by which you live • When you list your values you are judging • What is right or wrong • Good or bad • Important or unimportant to you • Example: wanting to spend time with your family and friends

  7. Different types of values In your notebook… • Life values • Work values • Cultural values • Social values • Demographic values

  8. Values CHANGE • As you learn and grow • As a society • In the 1950’s women stayed home, today families place a higher value on a mother’s contribution to the household income • DO NOW: What are some of your values? • Make a list • Prioritize • Need an example? Next slide!

  9. Examples of Values • Family • Friendship • Education • Financial Success

  10. Goals • The things you want to accomplish in your life are GOALS • They come from your values, needs, wants, hopes and dreams • NEEDS: things you cannot live without • WANTS: things you would like to have but could live without

  11. With a Partner

  12. Your life span • Why do you think a person’s wants and needs change as he or she ages? • Short term vs. long term goals • What do you want to do after you graduate • Long term career • Short term goals to reach that goal • How are short and long term goals different from needs and wants?

  13. Opportunity Costs • Having a plan is a great way to reach your goals • But…what about the things you have to give up? • If you are a full time student, you will not have as much time to have a job and make money • The income you give up while you’re in school is your OPPORTUNITY COST

  14. Opportunity cost is the value of your next best alternative whenever you make a choice • Because different people value different things, your opportunity cost may not be the same as a friend’s • The opportunity cost of buying a CD may be the baseball cap you also wanted but didn’t have enough money for both • Every decision you make has an opportunity cost

  15. Closure 1. You have just found $30! • How would you spend it? • What is your opportunity cost? 2. What is the opportunity cost of having a job after school? 3. What is the difference between a need and want?

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