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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

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
Pre-Assess Chapter 1

  • Turn to page 45

  • Answer 1-16

Let s analyze
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?

Today s objectives
Today’s Objectives

  • Describe

    • Values

    • Goals

    • Opportunity costs

  • Explain

    • Need vs. Want

You ve got the power
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


  • 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

Different types of values
Different types of values

In your notebook…

  • Life values

  • Work values

  • Cultural values

  • Social values

  • Demographic values

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!

Examples of values
Examples of Values

  • Family

  • Friendship

  • Education

  • Financial Success


  • 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

Your life span
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?

Opportunity costs
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

  • 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

Closure alternative whenever you make a choice

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?