Quiz LibraryFinancial Literacy—Needs and Wants | Learn about needs, wants, and opportunity costs
Created from Youtube video: https://www.youtube.com/watch?v=aRcXutXvfmMvideo
Concepts covered:Financial literacy, Needs, Wants, Opportunity cost, Decision-making
Understanding the difference between needs and wants is crucial for practicing financial literacy, as most decisions involve choosing between them. Opportunity cost, the cost of missing out on the option not chosen, plays a significant role in decision-making.
Table of Contents1.Understanding Needs and Wants in Financial Literacy for Kids2.Making Financial Decisions: Rollerblades vs. Movie Night
Understanding Needs and Wants in Financial Literacy for Kids
Concepts covered:Financial Literacy, Needs vs Wants, Children, Survival, Decision Making
Learn the distinction between needs and wants in financial literacy for children. Needs are essential for survival like food and shelter, while wants are non-essential items like toys or expensive sneakers.
Question 1
Why prioritize needs over wants?
Question 2
What is a need?
Question 3
Choose between food and a video game.
Question 4
Which is a want: water or toys?
Making Financial Decisions: Rollerblades vs. Movie Night
Concepts covered:opportunity cost, financial decisions, rollerblades, movie night, pros and cons
When faced with the choice between buying rollerblades on sale or going to the movies with friends, Frankie must consider her opportunity cost. This chapter explores the concept of opportunity cost through Frankie's dilemma and encourages readers to make financially responsible decisions.
Question 5
What skill helps in making decisions?
Question 6
What is opportunity cost?
Question 7
What influences Frankie's decision?
Question 8
How can Frankie make a decision?

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