Read each scenario below and find two “opportunity costs” for each situation. …
Read each scenario below and find two “opportunity costs” for each situation. What was given up, financially, time spent doing something else, other lost experiences, etc.?
FL10.8 Analyze credit options and the importance of responsible borrowing. Title: “Is …
FL10.8 Analyze credit options and the importance of responsible borrowing. Title: “Is There Such a Thing as Good Debt?” Listening Guide and Video. Some say that debt is the gateway to your goals, others say it's a ball and chain that will drag you down... So who's right?
Welcome to the "Keep Your Balance" activity. You are moving out on …
Welcome to the "Keep Your Balance" activity. You are moving out on your own! You will receive no help from home! In this scenario you are old enough to drive a car if you choose to include the expenses of a car in your monthly expenses. You may share accommodation but each person must have his or her own bedroom.
Ever wondered why we act the way we do and make the …
Ever wondered why we act the way we do and make the choices we make? Abraham Maslow, an American psychologist believed that our actions and hidden desires are driven by a series of needs, which he organized into a pyramid. According to Maslow, our most basic needs, like food, air, and water, are the ones we need for our basic survival. So, our primary motivation is to meet these survival needs first. It does not matter how much money you have or how fancy your house is if your hungry and homeless. Once we have these fundamental needs covered, that’s when we can start focusing on our “higher order” needs.
This activity contains a presentation, notes, activity, and assignment to help teach …
This activity contains a presentation, notes, activity, and assignment to help teach Supply and Demand within the Micro-economics Module Outcome 32e. Demand and Supply are perhaps sone of the most fundamental concepts of economics and the backbone of a market economy. The relationship between demand and supply underlies the forces behind the allocation of resources. In market economy theories, demand and supply theory will allocate resources in the most efficient way possible. How? Let us take a closer look at the law of demand and the law of supply.
The objective of this activity is to illustrate the power of diversification …
The objective of this activity is to illustrate the power of diversification when it comes to stocks. Each student receives a card representing one publicly traded company and its returns over the past year. In various rounds, students compare their performance and simulate forming small and large mutual funds. WHY IT’S FUN: Simulation with lots of opportunities to move and collaborate
This activity supports Module 32: Microeconomics- Explore economic factors that impact personal …
This activity supports Module 32: Microeconomics- Explore economic factors that impact personal or community financial decisions. The attached presentation and handout outlines videos and questions to guide the student's learning about marginal cost, marginal benefit, scarcity, and opportunity cost. This content is meant to teach the student to explore these concepts about decision making, especially financial decisions. Considering what we "give up" to get something is very important when spending money. Giving up something is not just the amount of money you gave up; it includes time or the "next best thing" you could have done with that time and money.
Mind Your Money: An Introduction to the Psychology of Spending. Nov 2023 https://youtu.be/BSulTNHwlL8?si=ZhaKcDXDi6guxeQoA …
Mind Your Money: An Introduction to the Psychology of Spending. Nov 2023 https://youtu.be/BSulTNHwlL8?si=ZhaKcDXDi6guxeQoA one hour presentation from Mark at the Credit Counselling Society discussing mindful spending techniques and the marketing behind retailers who try to encourage you to spend your money.
Humour can be a great teaching tool. This vignette, although humorous in …
Humour can be a great teaching tool. This vignette, although humorous in nature, carries a serious message and, hopefully, teaches us the importance of protecting our personal information. There is no humour in having your personal information stolen and then used by the person who stole it. Imagine – it’s just like having your wallet or purse stolen!!! With the great number of passwords and PINs that most people have these days it is possible to have some of this information stolen if we do not take care to ensure that it is safeguarded. How do we do this? The activities suggested below will give some answers but each of us has to make certain that we do not share or reveal this information to anyone but those we trust. Failure to do so could result in great difficulties and loss of money and personal identity.
Money StoriesGrounding Indigenous Youth in the Lessons of their EldersWhat is it?Money Stories …
Money StoriesGrounding Indigenous Youth in the Lessons of their EldersWhat is it?Money Stories is a customized money management training program for Indigenous youth. The program combines Indigenous Elders speaking about their experiences with money, with facilitator-led activities about money that are relevant to youth. “We (Elders) need to help the next generation out of poverty. Young people have gifts and talents that should be used. I believe that preparing them for the future, one day they’ll go out into society with the experience and confidence to know they can make it.” Elder Lucy Guiboche.Money stories is delivered in eight chapters. Topics covered include Money, My Community & Me, Building Assets, Goal Setting & Problem Solving, Gathering Information, Budgeting, Banking, and Credit.
In this vignette the girl is influenced by her peers to make …
In this vignette the girl is influenced by her peers to make a poor choice. Don’t let others decide what you need and what you want. Every day people are exposed to advertising trying to convince them to buy their product. If you think that what you want is actually something you need, you are more likely to buy it. Money must be spent on needs, but wants are a choice you make. You should be in control of your spending.
Students will explore the concepts of needs and wants and how they …
Students will explore the concepts of needs and wants and how they impact financial decisions. Discuss how budgeting decisions vary at different stages of life to reflect shifting personal goals. Students can work through some activites to discover reasons for budgeting, the difference between needs and wants and do their own self-evaluation for their financial choices.
This resource contains a full lesson with suggested sequences, timing, activities, context …
This resource contains a full lesson with suggested sequences, timing, activities, context for learning, assignment and rubric. In this lesson, students will learn ways to avoid financial scams and schemes designed to defraud customers. At the end of this lesson, students will: identify ways to avoid financial scams and schemes designed to defraud customersSuggested Timing: 60 minutes depending on whether optional topics are done and how much class time is given for assignment.
Listen to M.B.A. student Kevin Liang as he shares his experience as …
Listen to M.B.A. student Kevin Liang as he shares his experience as a money novice while in college. Listen for his call to action, and think about how you can put his advice into practice. Topics include: Why do you think people often feel uncomfortable discussing their financial situation? What impact does financial literacy have on an individual’s future opportunities and societal inequality? What are the risks and benefits of not discussing financial matters openly? What does the narrator's story tell us about the social stigma associated with discussing money? How can being open about financial struggles and successes benefit individuals and communities? Discuss how early financial education could have changed the narrator’s family situation. What role does early financial education play in preparing for unforeseen financial challenges? Reflecting on the video, why might someone's financial literacy be linked to their family background or upbringing?
This activity involves four scenarios where the students will uncover the opportunity …
This activity involves four scenarios where the students will uncover the opportunity costs for each scenario (every decision involves a trade-off). The opportunity cost is the profit lost (or total cost- financial and non-financial costs) when one alternative is chosen over another. A trade-off is understanding that you are going to lose something, in relation to time, money, or energy, when the decision to choose something else is made. When you buy or do one thing with your money, you must give up the chance to buy or do something else. This is a trade-off: what you give up to get what you want. When you spend part of your income on certain things, you give up spending it on other things.
Creating and managing strong, secure passwords is an essential part of life …
Creating and managing strong, secure passwords is an essential part of life in the 21st century. How can we help our students to develop the skills to create and manage their own online accounts? In this resource, there are two sequential classroom activities that you can teach your students about password security (adjust the complexity of the task to suit your class). Activity 1: How secure is this password? Aim: To learn which password combinations are the hardest to guess or crack. Activity 2: Design the strongest passphrase Aim: To learn how to design a strong password that is easy to remember
Information from Financial Consumer Agency of Canada about payday loans: What is …
Information from Financial Consumer Agency of Canada about payday loans: What is a payday loan, What options to consider before getting a payday loan, Where to get a payday loan, How much a payday loan costs, What to expect when you take out a payday loan, What happens if you can’t pay back a payday loan on time, What you can do if you’re stuck in a debt cycle
Students will be able to: Explain what a payday loan is and how …
Students will be able to: Explain what a payday loan is and how it can cause users to fall into a cycle of debt, Identify what financial need payday lenders are meeting and why consumers use payday loans, Compare the price of borrowing money using various loan and credit products, Review alternatives to payday loans, Interact with a game to see the impact and cost of payday loans at high interest rates (and the profit motivation behind these companies) https://shadysam.com/
FL10.1 Explore how value systems, social factors, personal experiences and cultural backgrounds …
FL10.1 Explore how value systems, social factors, personal experiences and cultural backgrounds can influence financial decision making. Whether we realize it or not, we use money everyday! However, we’re not always aware of how we use our money or why we make the financial decisions we do. People decide how to use their money based on their personal values, or what they judge to be important in their lives. Take some time now to identify what your students value! Students can discuss their personal financial decision-making process, identify their money personality based on personal behavior and choices and analyze financial decisions and the influence of personal/external factors.
This resource provides articles, videos and discussion questions on the topic of …
This resource provides articles, videos and discussion questions on the topic of debt and the idea of "responsible borrowing". This is a problem with Canada having the highest household debt level among G7 countries. While it’s clearly normal to have debt, it’s also natural to wonder how your financial situation compares to others. Let’s explore the average debt levels of Canadians, learn about how credit card companies make record profits off of this debt and provide students with tips on what to do if their debt is higher than average. The goal of this lesson is to teach responsibly borrowing so that our students do not get themselves into debt "quick sand" in the future.
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