Behavioral Economics - Unit 1

Life Values are . . .

• The tangible aspects of life, the external world, our physical health and well-being

• The principles in life that are important to you

• Our personal identity (how we see ourselves) and our social identity (how we believe others see us)

• Principles that are important to you because of the community in which you live

Financial Values are . . .

• Principles in life that are important to you

• Principles that are important to you because of the community in which you live

• The tangible aspects of life, the external world, our physical health and well-being

• Unrelated to how much money we have, these values reflect what we think or believe about money

Inner Values are . . .

• Principles that are important to you because of the community in which you live

• Unrelated to how much money we actually have, these values reflect what we think or believe about money

• Our personal identity (how we see ourselves) and our social identity (how we believe others see us)

• The tangible aspects of life, the external world, our physical health and well-being

Physical Values are . . . 

• Our personal identity (how we see ourselves) and our social identity (how we believe others see us)

• The tangible aspects of life, the external world, our physical health and well-being

• Principles that are important to you because of the community in which you live

• Unrelated to how much money we actually have, these values reflect what we think or believe about money

Social Values are . . .

• Our personal identity (how we see ourselves) and our social identity (how we believe others see us)

• Principles that are important to you because of the community in which you live

• A social media user who has earned credibility with specific groups and who can use their large platform to market a product and get paid

• Seeing pictures of social events that you were unable to attend

The Bean/Rock Game caused us to differentiate between

• needs and wants

• social and emotional needs

• research topics and experiences

• rocks and beans

Jed said, "I made a budget for myself in my personal finance class and used my values to decide how I want to use my money." What does Jed mean by this?

• Jed asked his friends and family for advice to decide how to use his money

• Jed identified what is important to him and used that knowledge to decide how to use his money

• Jed followed recommendations he saw on social media to decide how to use his money

• Jed used the value of his bank account balance to decide how to use his money

What are social values, as they pertain to money?

• How your family, friends, and community members impact your feelings about money

• How you, personally, care and think about finances

• How companies and advertisement make you feel about money

• How banks and other financial institutions treat you and your money

Financial values are . . .

• Principles in life that are important to you

• Principles that are important to you -- the community in which you live

• The tangible aspects, the external world, physical health and well-being

• These values reflect what we think or believe about money

What is one thing you would NOT do if you are trying to decrease social media influences in your life?

• Spend more time playing chess with friends

• Go to the gym

• Increase your time on SnapChat and TikTok

• Read a book