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Step 9.- Present Visual 3 , which have some guidelines to consider for how much of your take-home monthly income you might budget for various expenses.

Step 10.- Present Visual 4 , to decide whether a purchase is necessary.

Step 11.- Have students participate in a decision-making activity . Refer to Activity 3 . Students may participate in this activity either individually or in groups.

Explain to students that people usually can’t have everything they want and must make choices. To make a choice, they evaluate the benefits and costs of their options. The “opportunity cost” is what people give up in exchange for what they get.

Explain to students that we make choices every day. Ask them to consider their goals and then follow the steps in Activity 3 to make thoughtful decisions that will lead them to their goals.

Visual 3.

Here are some guidelines to consider for how much of your take-home monthly income you might budget for various expenses:

  • Housing (rent or mortgage) 20% to 35%
  • Utilities (electricity, water, telephone) 4% to 7%
  • Food (at home and away) 15% to 30%
  • Family necessities (laundry, toiletries, hair care) 2% to 4%
  • Medical (insurance, prescriptions, bills) 2% to 8%
  • Clothing 3% to 10%
  • Transportation (car payment, gasoline, insurance, repairs) 6% to 30%
  • Entertainment 2% to 6%
  • Savings 10% to 15%
  • Try to limit your installment debts (car loans, credit card bills, other loans) to 10-20% of your monthly budget.

Visual 4.

To decide whether a purchase is necessary, ask yourself these questions:

  • Do I really need it?
  • Do I really need it today? What would happen if I don’t buy it now?
  • Can I meet this need less expensively?

Activity 3: decision making

Define the problem . Offer students examples of problems with alternatives choices:

  1. What to do this Friday night?
  2. What next after graduation day?
  3. How to spend the coming summer?
  4. Whether to buy a car?

Consider the alternatives for each problem. For example:

Problem 1: Study, watch TV at home, get together with friends, go on a date.

Problem 2: go to graduate school, get a job.

Problem 3: Summer school, work, volunteer in the community, relax and do nothing.

Problem 4: New car, used car, continues to use public transportation, bike, or walk.

Identify the criteria (goals/values) that are important to you. Example: (good grades, fun, relaxation).

Evaluate each alternative in terms of your criteria.

Make a decision by choosing the best alternative.

To extend this activity, ask students to identify the “opportunity cost” of their decision. The opportunity cost is the value of the next best alternative, i.e., what they had to give up.

Assessment worksheet

NAME: _____________________________________________________________

  1. Match the following words with their definitions:
___ 1. Inflation
  • A. Anything of value owned by a person, for example, cash, a house, a car, and stocks.
___ 2. Asset
  • B. An increase in the general price level of goods and services; a decrease in the purchasing power of the dollar.
___ 3. Liability
  • C. The amount of money an individual or business owes to someone else: a debt.
___ 4. Fixed expense
  • D. An expense that you can control or adjust, for example, how much you spend on groceries, clothes, or long distance phone calls.
___ 5. Variable expense
  • E. An expense that stays the same each month, such as rent or a car payment.

Questions & Answers

what are the products of Nano chemistry?
Maira Reply
There are lots of products of nano chemistry... Like nano coatings.....carbon fiber.. And lots of others..
learn
Even nanotechnology is pretty much all about chemistry... Its the chemistry on quantum or atomic level
learn
Google
da
no nanotechnology is also a part of physics and maths it requires angle formulas and some pressure regarding concepts
Bhagvanji
Preparation and Applications of Nanomaterial for Drug Delivery
Hafiz Reply
revolt
da
Application of nanotechnology in medicine
what is variations in raman spectra for nanomaterials
Jyoti Reply
I only see partial conversation and what's the question here!
Crow Reply
what about nanotechnology for water purification
RAW Reply
please someone correct me if I'm wrong but I think one can use nanoparticles, specially silver nanoparticles for water treatment.
Damian
yes that's correct
Professor
I think
Professor
what is the stm
Brian Reply
is there industrial application of fullrenes. What is the method to prepare fullrene on large scale.?
Rafiq
industrial application...? mmm I think on the medical side as drug carrier, but you should go deeper on your research, I may be wrong
Damian
How we are making nano material?
LITNING Reply
what is a peer
LITNING Reply
What is meant by 'nano scale'?
LITNING Reply
What is STMs full form?
LITNING
scanning tunneling microscope
Sahil
how nano science is used for hydrophobicity
Santosh
Do u think that Graphene and Fullrene fiber can be used to make Air Plane body structure the lightest and strongest. Rafiq
Rafiq
what is differents between GO and RGO?
Mahi
what is simplest way to understand the applications of nano robots used to detect the cancer affected cell of human body.? How this robot is carried to required site of body cell.? what will be the carrier material and how can be detected that correct delivery of drug is done Rafiq
Rafiq
if virus is killing to make ARTIFICIAL DNA OF GRAPHENE FOR KILLED THE VIRUS .THIS IS OUR ASSUMPTION
Anam
analytical skills graphene is prepared to kill any type viruses .
Anam
Any one who tell me about Preparation and application of Nanomaterial for drug Delivery
Hafiz
what is Nano technology ?
Bob Reply
write examples of Nano molecule?
Bob
The nanotechnology is as new science, to scale nanometric
brayan
nanotechnology is the study, desing, synthesis, manipulation and application of materials and functional systems through control of matter at nanoscale
Damian
Is there any normative that regulates the use of silver nanoparticles?
Damian Reply
what king of growth are you checking .?
Renato
What fields keep nano created devices from performing or assimulating ? Magnetic fields ? Are do they assimilate ?
Stoney Reply
why we need to study biomolecules, molecular biology in nanotechnology?
Adin Reply
?
Kyle
yes I'm doing my masters in nanotechnology, we are being studying all these domains as well..
Adin
why?
Adin
what school?
Kyle
biomolecules are e building blocks of every organics and inorganic materials.
Joe
anyone know any internet site where one can find nanotechnology papers?
Damian Reply
research.net
kanaga
sciencedirect big data base
Ernesto
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Source:  OpenStax, Civis project - uprm. OpenStax CNX. Nov 20, 2013 Download for free at http://cnx.org/content/col11359/1.4
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