© South-Western Educational Publishing Chapter 20 Personal Decision Making  Making Better Decisions  Spending Habits

GOALS © South-Western Educational Publishing Lesson 20.1 Making Better Decisions    

© South-Western Educational Publishing The Decision-Making Process  Step 1:  Step 2:  Step 3:  Step 4:  Step 5:  Step 6:

© South-Western Educational Publishing Economic Wants and Needs  Basic needs  Individual wants  Collective values

© South-Western Educational Publishing Individual Wants    

© South-Western Educational Publishing Collective Values     

GOALS © South-Western Educational Publishing Lesson 20.2 Spending Habits    

© South-Western Educational Publishing Factors that Influence Spending Personal Factors     Outside Factors    

© South-Western Educational Publishing Planning Major Purchases Questions to ask before making a purchase  Why do I need or want this product?  How long will this product last?  What substitutes are available and at what cost?  By postponing this purchase, is it likely that I will choose not to buy it later?  What types of additional costs are involved?  For what other purposes might I use the money spent on or committed for this purchase?  What is the total cost of this product?

© South-Western Educational Publishing Marketing Strategies that Influence Spending    

© South-Western Educational Publishing Advertising  Product advertising  Company advertising  Industry advertising

© South-Western Educational Publishing Promotional Techniques       