1. CONSUMERS The Engine That Runs The Economy
Economic Education for Consumers
11/18/2018
CONSUMERS The Engine That Runs The Economy
Chapter 1

2. Objectives: By the end of class, students will be able to:
Chapter 1
Decisions, Decisions
Objectives: By the end of class, students will be able to:
Describe values, goals, and opportunity costs
Explain the difference between a need and a want
Explain how choice is related to Scarcity
Describe how competition determines the way rationing devices are distributed

3. You’ve Got the Power Values Values change
Life Values
Work Values
Cultural Values
Social Values
Demographic Values
Values change
Different people, different values

4. Chapter 1
Life Values
Life Values are the principles that are most important to you in life
Spending time with Family

5. Chapter 1
Work Values
Work values are the principles that are important to you at work
Wanting to earn a living by working with people you like is an example of work values

6. Chapter 1
Cultural Values
Cultural values are principles that are important to you because of your ethnic heritage or religion
Wanting to practice your religion or dress in clothing that shows your heritage are examples of cultural values

7. Chapter 1
Social Values
Social Values are principles that are important to you because of the community in which you live
Wanting to help your community have good government or working to keep it clean and safe are examples of Social values

8. Chapter 1
Demographic Values
Demographic values are principles that are important to you because of how and where people live.
People in New York have different demographic values than people who live in Alaska.

9. Goals Needs and wants Hopes and dreams A life-span plan
Chapter 1
Goals
Needs and wants
Hopes and dreams
A life-span plan
Short-term goals
Plan to reach your goals

10. Opportunity Cost Opportunity cost and decisions Is it worth is?
Chapter 1
Opportunity Cost
Opportunity cost and decisions
Is it worth is?
Consider other options