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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

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?