Financial Literacy Review - Careers, Goals, Budgeting, and Taxes

Why do we HAVE to make choices?

• Due to scarcity, we simply cannot have everything we want.

• It's fun to make choices.

• To express our Freedom as Americans.

• We don't have to make choices. We can have anything and everything we want, no matter what.

• What difference does it make? What's a choice anyway?

What is the definition of SCARCITY?

• A city where many people have scars due to high crime.

• It means that everything is plentiful and abundant.

• Limited supply. Higher demand than the resources available.

• Limited demand. Higher supply than what people want.

• The perfect balance of supply and demand.

What's are examples of scarcity? Select all that apply.

• Not having enough time to complete the math homework, study for the Financial Literacy Test, AND go to sports practice.

• Having to put items back at the grocery store because you don't have enough money.

• You go to an All You Can Eat Buffet and there is more food available than you could possible want or need.

• Having money for your bills, food, and gas, but then not being able to afford the movies.

• You don't have enough time to spend with your family AND friends, so you will need to choose.

What is the PACED model used for?

• Making Decisions

• Making Picante Sauce

• To set a good pace in order to finish certain tasks in a timely manner.

• Runners use this to stay in a good position while saving some energy to sprint at the end.

• It's just a made up acronym with no meaning whatsoever.

What does the "P" stand for in the "PACED" Decision-Making Model?

• Identify the PROBLEM

• Identify your PRIORITIES

• PROCRASTINATE

  (Always a great idea to take breaks and put things off until the next day)

• No PAIN, no gain

• Always strive for PERFECTION

What does the "A" stand for in the "PACED" Decision-Making Model?

• Always be AWESOME!

• ANALYZE

• List the ALTERNATIVES

• ACCURATE accounting

• ACHIEVE Greatness!

What does the "C" stand for in the "PACED" Decision-Making Model?

• CREATIVITY

• Identify the CRITERIA

• Always be CRITICAL of others

• CHOOSE your own path. No one else can do it for you.

• CONTROLLED Chaos

What does the "E" stand for in the "PACED" Decision-Making Model?

• EAT healthy

• EXERCISE

• Be ENGAGED and alert at all times

• EVALUATE the options

• ELEVATE yourself to your optimum potential

What does the "D" stand for in the "PACED" Decision-Making Model?

• Don't be DUMB

• Make a DECISION

• If in doubt, go to the DOCTOR

• Economic DOWNTURN

• Consumer DEMAND

What is Opportunity Cost?

• The loss of potential gain from other alternatives when something else is chosen

• The cost of a Post-Secondary Education.

• With inflation on the rise, it's hard to estimate the cost of opportunity

• A consequence for a poor decision.