Transcript Chapter 20 PowerPoint

Chapter 20
Personal Decision Making
Making Better Decisions
Spending Habits
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Lesson 20.1
Making Better Decisions
GOALS
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The Decision-Making
Process
Step
Step
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1:
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6:
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Economic Wants
and Needs
Basic needs
Individual wants
Collective values
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Individual Wants
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Collective Values
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Lesson 20.2
Spending Habits
GOALS
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Factors that
Influence Spending
Personal Factors
Outside Factors
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Planning Major
Purchases
Questions to ask before making a purchase
 Why do I need or want this product?
 How long will this product last?
 What substitutes are available and at what cost?
 By postponing this purchase, is it likely that I will
choose not to buy it later?
 What types of additional costs are involved?
 For what other purposes might I use the money
spent on or committed for this purchase?
 What is the total cost of this product?
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Marketing Strategies
that Influence Spending
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Advertising
Product advertising
Company advertising
Industry advertising
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Promotional Techniques
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