Making Wise Decisions (Financially)

Choice that is made about things that affect a person's life.

• values
• decision
• trade-off
• well-being

Guides individuals to think through all components of making a good decision for amajor decision

• decision-making process
• opportunity cost
• major decision
• well-being

Impacts an individual’s or family’s well‐being

• financial decision
• routine decision
• values
• decision

Fundamental beliefs or practices about what is desirable, worthwhile, and important

• values
• financial decision
• opportunity cost
• decision

As humans, we have _______________ wants.

• Limited

• Few

• Unlimited

• An average amount

TRUE or FALSE: Because we have unlimited wants and scarcity, we have to make difficult choices.

(a)  

What are the TWO examples of goods? Check both.

• Cheeseburger

• Doctor

• Veterinarian

• Pencil

What are the TWO examples of services? Check both.

• Hand sanitizer

• Hairdresser

• Notebook

• Teacher

If I decide to open up my own ice cream shop, I would be considered an...

• Consumer

• Good

• Service

• Entrepreneur

If you combine resources to make goods or provide a service, you are considered a...

• Producer

• Business owner

• Consumer

• Human resource