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lesson one

lesson one. making decisions. decision-making vocabulary. Making decisions means thinking about choices and predicting consequences. Sometimes it means taking risks and giving up things we want. alternatives consequences risk opportunity cost ?

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lesson one

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  1. Teens 2 lesson one making decisions

  2. decision-making vocabulary Making decisions means thinking about choices and predicting consequences. Sometimes it means taking risks and giving up things we want. • alternatives • consequences • risk • opportunity cost • ? You are trying to choose between two alternatives. Should you buy a CD or go out for pizza? You have enough money to do only one. The enjoyment you get from a CD might last longer than the enjoyment of eating pizza. You decide to give up going out for pizza. What is the cost of your decision called? Teens 2 – Lesson 1 - Slide 1-1

  3. What is the problem? What do I know about this problem? What are my alternative choices for solving this problem? What are the consequences of each of my choices? What is the best choice? Did I make a good choice? How do I know? the decision-making process Teens 2 – Lesson 1 - Slide 1-2

  4. We live in an information age. There are many places to find advice and information.Where would YOU go for help? people agencies magazines and books other publications Internet the facts of the matter Teens 2 – Lesson 1 - Slide 1-3

  5. There are many ways to make a decision. Some strategies work better than others. Which of these do you use? spontaneity compliance procrastination agonizing desire avoidance security synthesis ? Candy and magazines are often on display at the supermarket checkout. What decision-making strategy does the store hope you will use? common decision making strategies Teens 2 – Lesson 1 - Slide 1-4

  6. Before you make a decision about money, what do you need to know about our economy? consumer prices inflation consumer spending interest rates unemployment rate ? You don’t have enough money to buy a CD player you want. Should you cash the birthday check that your grandmother gave you? Your parents want you to put that check into a savings account. What economic conditions should you think about before you make this decision? economic influences on decision-making Teens 2 – Lesson 1 - Slide 1-5a

  7. decision-making risks BEWARE: making choices about money can be risky! What are some risks that you should think about before you make a final decision? • personal risks • inflation risk • interest-rate risk • income risk • ? You worked hard over the past year and earned about half of the money that you’ll need to buy a used car. • Should you put your money in a savings account? • Should you keep working until you’ve saved the full amount? • Should you take out a loan and buy the car now? • What risks might there be? Teens 2 – Lesson 1 - Slide 1-5b

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