1. Financial Literacy - Consumer
-Wants vs. Needs
-Impulse Buying
-Credit & Debit -Income & Expenses -Budget
-Unit Pricing

2. What is a consumer? Consumer
A person who uses goods or services to satisfy wants or needs
Person
A human being any age, gender, color, etc.
Goods
Products made for sale. Objects that you can touch.
Services
Labor done for a consumer, or work performed for others.
Ex: haircut, lawn mowed, car repair, etc.

3. Wants vs. Needs Want Need
You don’t need it, but you ask for it. You desire, but don’t require.
Cell phones, Nikes, etc.
Need
Required! Things that help you stay alive.
Food, water, shelter, etc.

4. Impulse Buying Making a sudden decision to buy something
You weren’t planning on buying it in advance, you didn’t do any research, read any reviews, or ask anyone about it, you just all of a sudden decided to buy it.

5. What is the difference between Credit & Debit???

6. Credit vs. Debit
Credit is a method of payment that you ‘buy now, pay later’
Credit Card
Charge Card
Using credit is borrowing money that you promise to pay back. You have to pay interest on this money. Think of interest as a “thank you” payment to the people who loaned you the money.
A Debit card is linked up to your money, so you buy now AND pay now. It is your money. You can only spend it if it is in your account.

7. Credit vs. Debit

8. Unit Pricing
Comparing products to find out which is the “better buy” by finding out how much it costs for ONE.
“Unit rate” in math.
Unit = one
Find out how much it costs for one ounce, one cookie, one pound, one stick of gum, etc and compare different size packages to see which is the least expensive per UNIT instead of just looking at the overall price.

9. Unit Pricing example
A package of 4 cookies cost $1, and a package of 6 cookies cost $ Which package is the “better buy.”
Cost divided by units
$1.00/4 = $0.25 per cookie
$1.25/6 = $0.21 per cookie

10. Unit Pricing Practice
Practice unit pricing on the pink worksheet. Do the word problems first for real life application, then do the other side for extra practice.
You can use a calculator.
Remember, to find out the unit price you take the cost and divide by the number of units ($ / oz, lb, items, etc.) and round to the nearest cent.
Turn in your pink sheets when you are finished and work on your consumer t-shirt if time.

11. Income Money coming in Money you earn or receive Paycheck Allowance
Gifts

12. Expense
Money spent
Shopping
Bills
Etc

13. Budget A plan for spending and saving money.
Used to track income and expenses.
Help people meet their financial goals.
Help people live within their income