Consumer Decision-Making and Ethics

The video tutorial focuses on financial decision making, specifically on comparison shopping as a consumer skill. It highlights the importance of evaluating various criteria beyond price, such as quality, quantity, and sustainability. The tutorial introduces resources and activities from NGPF and CFPB for teaching these skills across different grade levels. It also covers ethical purchasing, providing scenarios for students to explore social and moral values in their spending. Practical exercises include budgeting, buying plans, and understanding hidden costs, aiming to enhance students' strategic thinking and real-world application of financial concepts.

What is the primary focus of comparison shopping?

• Finding the cheapest price

• Evaluating alternatives based on personal criteria

• Shopping at the nearest store

• Purchasing the most popular item

Which organization provides lessons on comparison shopping and budgeting?

• Consumer Finance Protection Bureau

• Federal Trade Commission

• National Education Association

• Department of Education

What is a key benefit of using a buying plan?

• It guarantees the lowest price

• It helps outline criteria for purchasing decisions

• It eliminates the need for budgeting

• It ensures the highest quality product

What is a growing trend among younger generations regarding shopping?

• Buying only new items

• Ignoring sustainability

• Avoiding online shopping

• Preferring second-hand purchases

What is ethical purchasing primarily concerned with?

• Avoiding all online transactions

• Finding the cheapest products

• Buying only from local stores

• Aligning purchases with personal values and social causes

Which activity helps students understand ethical purchasing?

• Listing favorite brands

• Comparing store locations

• Calculating discounts

• Analyzing different scenarios

What is a practical application of financial decision making discussed in the video?

• Choosing a vacation destination

• Selecting a college major

• Customizing a vehicle

• Planning a wedding

Why is it important to consider energy-efficient appliances?

• They can save money in the long run

• They are more stylish

• They have a longer warranty

• They are always cheaper

What is a hidden cost of vehicle purchasing?

• The brand of the car

• The color of the car

• Insurance and additional options

• The type of fuel used

What is a common misconception about utilities?

• They are included in rent

• They are fixed monthly costs

• They are calculated per kilowatt-hour

• They are only for electricity