Podcast
Questions and Answers
What is one of the aims of the Financial Education program?
What is one of the aims of the Financial Education program?
- To increase debt among students
- To promote consumerism
- To encourage reckless spending
- To help students develop critical judgment in managing their personal finances (correct)
The Financial Education program does not consider the legal aspects of financial situations.
The Financial Education program does not consider the legal aspects of financial situations.
False (B)
What competency is focused on for evaluation purposes in the Financial Education program?
What competency is focused on for evaluation purposes in the Financial Education program?
Takes a position on a financial issue
Consumerism encourages the acquisition of goods and services in ever-increasing amounts, which can lead to __________.
Consumerism encourages the acquisition of goods and services in ever-increasing amounts, which can lead to __________.
Which of the following techniques is required for the Financial Education program?
Which of the following techniques is required for the Financial Education program?
Match the financial issues with their related concepts:
Match the financial issues with their related concepts:
Students learn about consumer rights as part of the Financial Education program.
Students learn about consumer rights as part of the Financial Education program.
List two concepts associated with consuming goods and services.
List two concepts associated with consuming goods and services.
Which practice did manufacturers turn to when faced with overproduction?
Which practice did manufacturers turn to when faced with overproduction?
In a consumer society, materialism and individualism are discouraged.
In a consumer society, materialism and individualism are discouraged.
Explain the role of advertising in consumer society.
Explain the role of advertising in consumer society.
Goods are items that are usually __________.
Goods are items that are usually __________.
Match the following characteristics of consumer society to their descriptions:
Match the following characteristics of consumer society to their descriptions:
What is an example of a time-consuming activity related to consumption?
What is an example of a time-consuming activity related to consumption?
Consumption is solely about purchasing goods and services.
Consumption is solely about purchasing goods and services.
What is the impact of consumption on personal happiness according to consumer society?
What is the impact of consumption on personal happiness according to consumer society?
What is the primary effect of lowering interest rates in monetary policy?
What is the primary effect of lowering interest rates in monetary policy?
Fiscal policy refers only to government spending, not taxation.
Fiscal policy refers only to government spending, not taxation.
What percentage of cash reserves do banks typically keep on hand?
What percentage of cash reserves do banks typically keep on hand?
In fiscal policy, higher taxes tend to ______ economic activity.
In fiscal policy, higher taxes tend to ______ economic activity.
Match the following economic terms with their definitions:
Match the following economic terms with their definitions:
What is the primary objective of monetary policy?
What is the primary objective of monetary policy?
The inflation-control target set by Canada is three percent.
The inflation-control target set by Canada is three percent.
What action does the Bank of Canada take if inflation is above the target?
What action does the Bank of Canada take if inflation is above the target?
If inflation is below the target, the Bank may __________ the policy rate.
If inflation is below the target, the Bank may __________ the policy rate.
Match the following components of Canada's monetary policy framework with their descriptions:
Match the following components of Canada's monetary policy framework with their descriptions:
Which policy is designed to encourage people to save by increasing interest rates?
Which policy is designed to encourage people to save by increasing interest rates?
Selling bonds and treasury bills is a method to increase banks' reserve deposits.
Selling bonds and treasury bills is a method to increase banks' reserve deposits.
Name one positive effect of adjustments to monetary policy in Canada.
Name one positive effect of adjustments to monetary policy in Canada.
Which age group is likely to spend more on cars and fun items?
Which age group is likely to spend more on cars and fun items?
Older people generally have more consumer needs than younger individuals.
Older people generally have more consumer needs than younger individuals.
What main factor influences teens' consumption?
What main factor influences teens' consumption?
The ambiance of retail stores is designed to enhance our sense of ______________.
The ambiance of retail stores is designed to enhance our sense of ______________.
Match the term to its description:
Match the term to its description:
What is a primary influence on consumption within social groups?
What is a primary influence on consumption within social groups?
Highly trained sales professionals have no significant impact on consumer buying behavior.
Highly trained sales professionals have no significant impact on consumer buying behavior.
Identify a key environmental factor related to consumer purchases in retail settings.
Identify a key environmental factor related to consumer purchases in retail settings.
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Study Notes
Introduction to Financial Education Program
- Students will learn to evaluate financial situations by assessing options, considering influences, and understanding legal implications
- The program aims to develop critical judgment in personal finance and boost self-knowledge for financial well-being.
- The program only has one competency to be evaluated: taking a position on a financial issue
Techniques used
- This course utilizes a variety of techniques including:
- written documents
- illustrated documents
- audio-visual documents
- creating and using graphs
- creating and using tables
- search engine usage
Financial Issues and Concepts
- Consuming goods and services: consumption, advertising, credit/debt, purchasing power, savings/budgets, consumer rights
- Entering the workforce: employment, remuneration, taxation
- Pursuing an education: financing, qualifications, training
Consumption
- Consumerism: is a social and economic order that encourages the acquisition of goods and services in increasing amounts
- Factors Affecting Consumption: internal factors (age, lifestyle, income) and external factors (social groups, commercial environment)
- Role of Consumption: a substantial amount of time and money is spent on consumption, including working to pay for needs and wants; comparing goods and services; repairing and maintaining previous purchases; contemplating satisfaction levels; and exercising consumer rights
Consumer Society
- Characterized by:
- pursuit of pleasure, materialism and individualism
- increased access to goods and services
- low cost production
- advanced marketing and communication techniques
- advanced transportation
- many consumers have high purchasing power
Controlling Inflation
- Monetary Policy: the use of interest rates and government bond buying/selling to control the money supply, thereby impacting inflation.
- If inflation is above target, the Bank of Canada raises interest rates to discourage borrowing and spending.
- If inflation is below target, the Bank of Canada lowers interest rates to encourage borrowing and spending.
- Fiscal Policy: the use of government revenue collection (taxes) and expenditure to influence the economy.
- A balancing act between taxes (reducing economic activity) and spending (increasing economic activity).
- Government Intervention: regulatory actions taken by a government to affect decisions made by individuals, groups or organizations regarding social and economic matters.
External Factors Influencing Consumers
- Social Groups: Similar views on consumption are often transmitted within social groups, influencing buying decisions.
- Commercial Environment: Ambiance (music, scents, wall color, product placement) in retail stores is designed to enhance consumer experience and increase spending.
- Marketing Techniques: Highly trained sales professionals utilize proven techniques to increase the likelihood of purchases. Product placement in media further influences consumption decisions.
- Planned Obsolescence: Design and production strategies intended to make products become obsolete faster, leading to the need for replacements.
- Types of planned obsolescence include: technological, functional, style, and perceived obsolescence.
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