Day 43

Lesson Objectives

  • Evaluate the role opportunity cost plays in purchasing decisions
  • Describe the effect of inflation on buying power

Assignment 6.3.1

  1. Watch Video 3.1
  2. Record the missing words from pages 136-137 of the textbook as they pop up on the left side of the video screen by filling in this form.  (pages 136-137) .
  3. Discussion Questions:
    1. Why is it important to develop power over purchase?
    2. Explain how the following options can be used to develop power over purchase:
      • Wait overnight
      • Consider your buying motives
      • Don’t buy if you don’t understand it
      • Consider the opportunity cost
      • Seek wise counsel
    3. When considering you buying motives, you should be sure that you are not confusing happiness with fun. Explain what Dave means by this.

Assignment 6.3.2

  1. Make a copy of this document, rename it as Costs-(Your Initials), and move it into your Chapter 6 folder.
  2. Read the directions at the top of the document and complete the task as assigned.

Assignment 6.3.3

  1. In your Personal Finance Journal-C6 file in your Chapter 6 folder, complete the next row in the table by answering the question listed.