Hmm… should I spend my paycheck on a new suit for the DECA conference,

or should I save up for a new MacBook Pro?

Define the How will I spend my money to get the most

1 satisfaction?
problem.

Identify I can buy a new suit or I can put my money into

2 savings.
choices.

I like shopping, I want to present a professional

image, and my appearance will help me qualify for
Evaluate pros / the national conference. But, I don’t have any
money in the bank and I need to find time to do the
cons & shopping.
3
opportunity On the other hand, saving will get me a new laptop
costs. sooner, which I would use every single day. But, I
may not present a professional image and I may lose
the competition.

Choose the Which alternative is the best fit for you and your
4 situation at this point in time?
best option.

5 Take action. Shop Online! Or, head to the bank!

Review the Rate your decision on a scale of 1-10. Was your

6 decision a good one? Learn from it so that you can
decision. make better decisions in the future.
Directions: Now that you are familiar with the decision-making process, read the
following scenarios and use what you know to make a decision.

Stacey’s birthday is coming up, but her family has limited resources as a result of the “tough
economy”. Her dad told her that she will have to choose between the new iPhone or tickets to a
concert by her favorite musical artist. Since the concert is all the way in Baltimore, she would
have to stay in a hotel and have very little spending money left over. Alternatively, she could
just take the cash (no present) and save it for another day.

Define Stacey’s problem:

Stacy problem is her opportunity coast. She has 3 options that her dad gave her the first on is a
new iPhone or get tickets to her favorite musical artist or she can just take the cash and not get
a present and buy whatever she wants. An example of opportunity coast is that Stacy can get
her iPhone but she will miss out on being able to see her favorite musician.

Identify and evaluate Stacey’s choices:

Choice #1 - Iphone

Advantages Disadvantages

She will be able to get the phone and text She will miss out on seeing her favorite
her friends if she has any musician

She will be able to get someone both sides She might break her phone and get in
of the concert by maybe watching it live on trouble by her dad and will have to earn her
her phone dads trust to buy her a new phone or fix it

She will be able to have this phone for a She might get grounded and have it taken
while but the concert is only once away and she won’t be able to get it back
compared to the concert were there is a less
chance in getting in trouble for something

Choice #2 - Going to concert

Advantages Disadvantages

She will be able to see her favorite musician It could get canceled because the musician
have the fun of her life gets sick

She will able stay in Baltimore and go You are risking getting covid 19 because
around the city and enjoy her time there youSo think about it what would you do?
 are going to a concert with a lot people at
this concert

She will be able to meet new people at the If there is a big crowd she might get lost
concert that like the same musician as her from her family

Choice #3 - Getting money

Advantages Disadvantages

She can spend it on whatever she wants She might spend it on something and then
regret buying it

She can save her money and make more She can lose the money

She can do good causes with this money like If she is carrying a large amount of cash at
donate to charity one time it could cause her to get robbed

If you were Stacey, which choice would you go with? Why?

If I was Stacey I would choose to take the phone because with a phone you can do many
things with the phone. One thing being that you can watch the concert live on her phone and
get that 2 in 1 combo. I would also pick the phone because the phone stays with you for a
long period of time compared to a concert which after a while in reality you will end up
forgetting about it. So think about it what would you do?