- Evaluate the role opportunity cost plays in purchasing decisions
- Describe the effect of inflation on buying power
- Watch Video 3.1
- 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) .
- Discussion Questions:
- Why is it important to develop power over purchase?
- 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
- When considering you buying motives, you should be sure that you are not confusing happiness with fun. Explain what Dave means by this.
- Make a copy of this document, rename it as Costs-(Your Initials), and move it into your Chapter 6 folder.
- Read the directions at the top of the document and complete the task as assigned.
- In your Personal Finance Journal-C6 file in your Chapter 6 folder, complete the next row in the table by answering the question listed.