Publication
Grade 9-12
,
Lesson
Decision Making
Objective
Students will be able to:
- Explain how scarcity affects economic choices.
- Describe the five-step decision-making model.
- Use a decision-making grid to make informed choices.
Standard
National Standards in Financial Literacy
Spending
Standard: 2
- Students will understand that: A budget is a plan for allocating a person’s spendable income to necessary and desired goods and services. When there is sufficient money in their budget, people may decide to give money to others, save, or invest to achieve future goals. People can often improve their financial wellbeing by making well-informed spending decisions, which includes critical evaluation of price, quality, product information, and method of payment. Individual spending decisions may be influenced by financial constraints, personal preferences, unique needs, peers, and advertising.
In this personal finance lesson, students will use a five-step model to learn about decision making.
Book Info
This lesson is part of Financial Fitness for Life 9-12, 3rd Edition and provides the slides and activities with educational technology tools. For full access to the book, shop the teacher guide and student workbook below.
Teacher Guide |
Student Workbook |
Available in eBook and hard copy |
Available in eBook and hard copy |
Description
This lesson introduces a process of reasoning that is often referred to as the economic way of thinking. The process is summarized in The Handy Dandy Guide, a six-point primer on economic reasoning. Using the Handy Dandy Guide, the students analyze two situations and apply the economic way of thinking.