economic activities personal finance rebecca dean reid ross classical high school
TRANSCRIPT
![Page 1: ECONOMIC ACTIVITIES PERSONAL FINANCE REBECCA DEAN REID ROSS CLASSICAL HIGH SCHOOL](https://reader035.vdocuments.net/reader035/viewer/2022081603/56649f295503460f94c42540/html5/thumbnails/1.jpg)
Rebecca Dean Reid Ross Classical High School
ECONOMIC A
CTIVIT
IES
PE
RS
ON
AL F
I NA
NC
E
![Page 2: ECONOMIC ACTIVITIES PERSONAL FINANCE REBECCA DEAN REID ROSS CLASSICAL HIGH SCHOOL](https://reader035.vdocuments.net/reader035/viewer/2022081603/56649f295503460f94c42540/html5/thumbnails/2.jpg)
Click icon to add picture
FOUR E
CONOMIC A
CTIVIT
IES
Achie
ve F
inan
cial
Sec
urity
and p
erso
nal s
atis
fact
ion b
y
being re
spon
sible
with
…
Earning
Spending
Saving
Investing
![Page 3: ECONOMIC ACTIVITIES PERSONAL FINANCE REBECCA DEAN REID ROSS CLASSICAL HIGH SCHOOL](https://reader035.vdocuments.net/reader035/viewer/2022081603/56649f295503460f94c42540/html5/thumbnails/3.jpg)
CareerChoices
Ability to Find
Employment
Ability to
Advance
Earnings
Standard of Living
Earning is gaining money by working, owning a business, or receiving investment returns. Money gained from earning is called earnings.
![Page 4: ECONOMIC ACTIVITIES PERSONAL FINANCE REBECCA DEAN REID ROSS CLASSICAL HIGH SCHOOL](https://reader035.vdocuments.net/reader035/viewer/2022081603/56649f295503460f94c42540/html5/thumbnails/4.jpg)
Career Choices • Type of career/job
• Place of employment
FACTORS AFFECTING EARNINGS
![Page 5: ECONOMIC ACTIVITIES PERSONAL FINANCE REBECCA DEAN REID ROSS CLASSICAL HIGH SCHOOL](https://reader035.vdocuments.net/reader035/viewer/2022081603/56649f295503460f94c42540/html5/thumbnails/5.jpg)
Ability to Find Employment
• Education level• Employability
skills• Prior job
performance• Economic
conditions• Workplace trends
and opportunities
FACTORS AFFECTING EARNINGS
![Page 6: ECONOMIC ACTIVITIES PERSONAL FINANCE REBECCA DEAN REID ROSS CLASSICAL HIGH SCHOOL](https://reader035.vdocuments.net/reader035/viewer/2022081603/56649f295503460f94c42540/html5/thumbnails/6.jpg)
• Type of career/job
• Education level• Job performance• Economic
conditions• Workplace
trends and opportunities
Ability to Advance
FACTORS INFLUENCING EARNINGS
![Page 7: ECONOMIC ACTIVITIES PERSONAL FINANCE REBECCA DEAN REID ROSS CLASSICAL HIGH SCHOOL](https://reader035.vdocuments.net/reader035/viewer/2022081603/56649f295503460f94c42540/html5/thumbnails/7.jpg)
EARNINGS AFFECT YOUR STANDARD OF LIVING!
![Page 8: ECONOMIC ACTIVITIES PERSONAL FINANCE REBECCA DEAN REID ROSS CLASSICAL HIGH SCHOOL](https://reader035.vdocuments.net/reader035/viewer/2022081603/56649f295503460f94c42540/html5/thumbnails/8.jpg)
Click icon to add picture
RESPO
NSIBLE
EARNIN
G
involves realizing that career choices greatly affect lifetime earnings and standard of living. Responsible earning considers these factors when making career choices.
![Page 9: ECONOMIC ACTIVITIES PERSONAL FINANCE REBECCA DEAN REID ROSS CLASSICAL HIGH SCHOOL](https://reader035.vdocuments.net/reader035/viewer/2022081603/56649f295503460f94c42540/html5/thumbnails/9.jpg)
SPENDING…
using money to purchase goods and services. The way a person spends money determines the value received and influences the economy.
Each purchase contributes to the demand for the product or service purchased.
![Page 10: ECONOMIC ACTIVITIES PERSONAL FINANCE REBECCA DEAN REID ROSS CLASSICAL HIGH SCHOOL](https://reader035.vdocuments.net/reader035/viewer/2022081603/56649f295503460f94c42540/html5/thumbnails/10.jpg)
LAW OF SCARCITY:
An economic system cannot produce all goods and services that consumers want, and most consumers do not have the resources to purchase everything they want. Choices must be made about how limited resources (time, money) are used.
![Page 11: ECONOMIC ACTIVITIES PERSONAL FINANCE REBECCA DEAN REID ROSS CLASSICAL HIGH SCHOOL](https://reader035.vdocuments.net/reader035/viewer/2022081603/56649f295503460f94c42540/html5/thumbnails/11.jpg)
TRADE-OFFS AND OPPORTUNITY COSTS
When making a choice, other alternatives must be sacrificed.
The highest-valued alternative that must be given up when a choice is made is the opportunity cost of the choice.
The choice of one item while giving up another is called a trade-off.
![Page 12: ECONOMIC ACTIVITIES PERSONAL FINANCE REBECCA DEAN REID ROSS CLASSICAL HIGH SCHOOL](https://reader035.vdocuments.net/reader035/viewer/2022081603/56649f295503460f94c42540/html5/thumbnails/12.jpg)
RESPONSIB
LE S
PENDIN
G
includes researching and planning purchases in advance and making wise choices in light of opportunity costs and trade-offs that apply.
![Page 13: ECONOMIC ACTIVITIES PERSONAL FINANCE REBECCA DEAN REID ROSS CLASSICAL HIGH SCHOOL](https://reader035.vdocuments.net/reader035/viewer/2022081603/56649f295503460f94c42540/html5/thumbnails/13.jpg)
SAVING…
putting aside money for later use.
Money may be “saved” in a bank account or in a wallet.
The form of savings used determines the financial return.
![Page 14: ECONOMIC ACTIVITIES PERSONAL FINANCE REBECCA DEAN REID ROSS CLASSICAL HIGH SCHOOL](https://reader035.vdocuments.net/reader035/viewer/2022081603/56649f295503460f94c42540/html5/thumbnails/14.jpg)
“LATER USES” FOR SAVINGS
Emergencies Recurring expenses Future purchases Financial goals Retirement
![Page 15: ECONOMIC ACTIVITIES PERSONAL FINANCE REBECCA DEAN REID ROSS CLASSICAL HIGH SCHOOL](https://reader035.vdocuments.net/reader035/viewer/2022081603/56649f295503460f94c42540/html5/thumbnails/15.jpg)
BENEFITS OF SAVING
Provide money for future purchases
Can be used to earn income
Produce a healthy economy
Increase personal financial security
Provide growth opportunities for business ventures
![Page 16: ECONOMIC ACTIVITIES PERSONAL FINANCE REBECCA DEAN REID ROSS CLASSICAL HIGH SCHOOL](https://reader035.vdocuments.net/reader035/viewer/2022081603/56649f295503460f94c42540/html5/thumbnails/16.jpg)
RESPONSIB
LE S
AVIN
G
means forming the habit of saving regularly and finding forms ofsaving that yield high returns.
![Page 17: ECONOMIC ACTIVITIES PERSONAL FINANCE REBECCA DEAN REID ROSS CLASSICAL HIGH SCHOOL](https://reader035.vdocuments.net/reader035/viewer/2022081603/56649f295503460f94c42540/html5/thumbnails/17.jpg)
BORROWING
obtaining money, goods, or services at present in exchange for the promise of future payment . . . “Buy now, pay later.”
![Page 18: ECONOMIC ACTIVITIES PERSONAL FINANCE REBECCA DEAN REID ROSS CLASSICAL HIGH SCHOOL](https://reader035.vdocuments.net/reader035/viewer/2022081603/56649f295503460f94c42540/html5/thumbnails/18.jpg)
BORROWING = “BUYING ON CREDIT”
Borrowing means spending future income and includes buying on credit.
Having “good credit” depends on one’s willingness and ability to pay back what is owed when it is due.
Credit purchases are more costly than cash purchases if not paid back quickly.
The wise use of credit can help some individuals raise their standard of living by extending their buying power.
![Page 19: ECONOMIC ACTIVITIES PERSONAL FINANCE REBECCA DEAN REID ROSS CLASSICAL HIGH SCHOOL](https://reader035.vdocuments.net/reader035/viewer/2022081603/56649f295503460f94c42540/html5/thumbnails/19.jpg)
EXAMPLES OF BORROWING
Buying with a credit card
Buying on installment
Payday loans
Cash advances
Layaway purchases
![Page 20: ECONOMIC ACTIVITIES PERSONAL FINANCE REBECCA DEAN REID ROSS CLASSICAL HIGH SCHOOL](https://reader035.vdocuments.net/reader035/viewer/2022081603/56649f295503460f94c42540/html5/thumbnails/20.jpg)
REASONS FOR BORROWING
Major purchases
Emergencies
Convenience
Prepare for future goals
Take advantage of good sales/offers
![Page 21: ECONOMIC ACTIVITIES PERSONAL FINANCE REBECCA DEAN REID ROSS CLASSICAL HIGH SCHOOL](https://reader035.vdocuments.net/reader035/viewer/2022081603/56649f295503460f94c42540/html5/thumbnails/21.jpg)
RESPO
NSIBLE
BORROW
ING
means borrowing only what can be paid back when due.