Part of micro-economics involves financial decision making at an individual level. Understanding "why" we do what we do, when it comes to decision making, will form an important foundation to making financial decisions. Cognitive Bias is a systematic error in thinking that occurs when people are processing and interpreting information in the world around them and affects the decisions and judgements they make. These two documents allow students and teachers to work through cases and situations where various types of cognitive bias exists and how it may impact decision making.

Smart money management requires building a foundation in strong, healthy financial habits. In this activity, we’ll learn about how habits work and then apply that knowledge to a financial habit that you’d like to change.Have students think about a financial habit they would like to change, and then answer the questions in the booklet. 

This activity supports Module 32e Economic Factors that impact personall financial decisions. We all know demand for goods and services can rise and fall, but what causes it to do those things? In this activity students will demonstrate how consumers’ income and preferences, prices of substitutes, and number of consumers in a market can affect demand. Students will reflect on their learning and how the actions may affect consumer demand for products and eventually the money we spend on purchases these products!

Marginal Cost/Benefit Decisions and the Investment Industry Watch video: DRUG SHORT ON NETFLIX in the Dirty Money Series (Series 1)This activity is meant to be used once Marginal Cost, Marginal Benefit and Diminishing Marginal Utility and Investing (short selling) are taught. The movie "Drug Short" is part of the Dirty Money Series 1 on Netflix. Underlying issues in this case are greed, ethics, corporate profit and efforts to maximize shareholder profit at all costs (even human life). This activity looks at the activites of pharmaceutical companies and their efforts to make money, yet disregarding the impact on people who rely on the medicine. Short seller investors "sold the stocks" of drug companies when the prices were high, predicting that there was unethical activities which would eventually bring the share price down. Short sellers make money by expecting share prices to fall, when they identify bad companies or unethical behavior (which is exactly what happened here).

FL10.1 Explore how value systems, social factors, personal experiences and cultural backgrounds can influence financial decision making.  How can we understand how to manage our money if we don’t first understand what it is that we want money to help us do? You may be surprised to know that “stuff” is not something that most people value and what you spend your money on may not matter as much as you first thought. 

There are a number of different influential factors in our lives that impact our financial decisions. . By understanding some of these factors (personality and emotions, past life experiences, physical and mental health, culture and society where you live, financial knowledge), you can learn a little bit more about yourself so that you are equipped to make better financial decisions. Students will answer the question: What are some of the ways these factors have influenced your financial decisions?

This activity includes a video explaining what "factors of production" are and how they contribute to costs of everything. In this example, Disney is described in terms of the items needed to operate the theme parks and business... and how these "factors" contribue to why Disney is SO EXPENSIVE!Activity includes watching a video and 3 discussions questions at the end. Lesson should take 1 hour to review with students. 

Students will review the potential effects on a person's investment value and overall mental impact of gambling versus investing. Using an investment scenario with a regular deposit to a lower risk investment, the students will compare potential returns to gambling activities, where the odds are close to 50/50 of making any money. 

From the computer chips in our smart phones to the clothes we wear, many things we use everyday are the result of international trade. You may be surprised to discover you are dependent on many countries for your  favourite items.Students will learn about international trade and how closely it impacts every Canadian. Activities include basic language and concepts of trade including terms such as "import" and "export", the purpose and function of international trade, Canada's major imports and exports, thinking about trade benefits and potential ethical concerns regarding international trade. 

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.?

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.

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 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.

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/

A shortage or surplus of the goods we buy can have a significant impact on the prices we pay. Since the goods we buy are often made up of other goods, it’s common for a shortage or surplus anywhere in the supply chain to have a significant impact on the market. In this activity you will demonstrate shortages and surpluses, analyze what happens when they occur, and discuss how they can impact our daily lives.

A product’s unit price can be helpful in comparison shopping, making sure you’re not paying more money for less of a product. But did you know that you should also be comparing the products you buy to...themselves?! Making products smaller while keeping the price the same is a sneaky way of raising prices. In this activity you’ll discuss how shrinkflation affects consumers and create your own plan to downsize a product in hopes that consumers won’t notice the difference.

10.2 Sports Betting Advertisements: Sports betting has become increasingly popular and advertisements promoting it are everywhere. Students will find a sports betting advertisement, analyze the target market and potential impact on the viewer. Students will discuss some of the aspects and questions about sports betting advertisements and use this information to create an awareness campaign to educate others about the impact of sports betting advertisements.

Economic cycles have risen and fallen over the past 100 years, in a somewhat predictable fashion behaving like a wave with periods of: peak, trough, recession, recovery. An economic expansion is a term sometimes used for the increasing growth period of the business cycle. The peak is when it is at its highest point. An economic contraction is a term sometimes used for the downturn (negative growth) of the business cycle. The trough is when it is at its lowest point. All of these points in an economic cycle have important impacts on financial decision making.Many individuals make emotional decisions based on where an economic cycle may be, instead of looking a rational evidence of where the economic cycle might be going. Attached with these handouts is a document titled "Reasons Why Investors Avoided The Stock Market" which shows many major negative events, followed by tremendous growth in the economy. If individuals understand these normal economic cycles, they can really benefit financially through investments and sound financial decision making. 

Students will answer the following multiple-choice questions regarding how microeconomic principles can really impact how individuals make financial decisions. A presentation is attached with some definitions and information that may assisst with completing this assignment. Answer key can be found in the Teacher Only Discussion section of the Resource Bank. https://resourcebank.ca/groups/financial-literacy-teachers/254/discussions/

Answer the following questions in complete sentences regarding how microeconomic principles can really impact how individuals make financial decisions.