Warm Up - Midlakes

Warm Up
1. Write the name of your favorite
cereal on the front board :
2. On a piece of paper, answer
a) Why is that cereal your favorite
b) 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
• 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
• Describe
– Values
– Goals
– Opportunity costs
• Explain
– Need vs. Want
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
In your notebook…
1. Life values
2. Work values
3. Cultural values
4. Social values
5. Demographic values
• 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
Financial Success
• The things you want to accomplish in your life
• 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
With a Partner
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
• Having a plan is a great way to reach your
• But…what about the things you have to give
• 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
• 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
• 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