Working Copy NEEDS vs WANTS NEEDS Essentialsthe basics

Working Copy NEEDS vs WANTS • NEEDS – Essentials…the basics of life – Food – Clothing – Shelter

Working Copy NEEDS vs WANTS • WANTS – Simply increase the quality of living

Working Copy Values • A belief or idea that you consider important or desirable. • • Family Friends Work Honesty Self Reliance Independence Religion

Working Copy Decision Making • Managing money involves decision making—wants, needs, values… • Decision making is the process of gathering and analyzing information in order to make a decision.

Working Copy Factors that Can Influence Your Goal Setting and Decision Making • • • What “things” (factors) come up in your life on a regular basis that influence your decisions?

Working Copy Factors that Influence Decisions • • • Family Values • Age Peers • Feelings (love, Habits anger, rejection) Consequences • Risks

Working Copy Emotional Factors Related to Peer Pressure • • • Gossip Acceptance Disapproval Insecurities Boyfriend/Girlfrien d • Sarcasm • • • Fear Clubs Athletics Cliques Rich/Poor

Working Copy Marketing, Advertising and Sales Strategies/Techniques People who sell products and services are fishing for customers. They lure them in with sales, coupons, and other enticements. Unlike fish, consumers can benefit in this situation – if they know how to take advantage of special purchasing opportunities.

Working Copy Opportunity Cost • The highest valued alternative given up when a decision is made. • This cost, often called a trade-off, may involve one or more of your resources: • Time • Money • Effort Click here to see what Bank High School says about opportunity cost.