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  Government service Decision number Cost or benefit to welfare Running total (starting score: 15) Cost or benefit (revenue or expenditure) Running total (starting score: 25…

Follow these instructions to play the game. Each group is the government of a nation and must decide on how to spend taxpayers’ money. For each budget category, there are 4 options to choose from. Each option indicates how satisfied citizens will be and the economic or financial cost of this option. You must weigh up the costs and benefits of each decision. You can only choose one option for each budget category. Before you make your…

  Linked activities: How to choose what to buy

Part 1: Making a purchasing decision Scenario You need a new mobile phone plan that includes a phone. Search the internet for different plans that are available. Which one would you choose and why? OR Choose something you would like to buy. Search the internet to find different options. Which one would you choose and why?     Part 2: Making an informed consumer decision   Decision making tool…

Eileen’s spending is out of control! Can you help her? Eileen’s situation Eileen works at the local supermarket on Saturdays and earns $100 each week. She is responsible for paying all her bus fares, sporting fees, phone credit and things she wants. She needs to save for the school camp but never seems to have money left over at the end of each week. In fact, each week she borrows money to pay for her bus fares. She’s desperate to find a…

Use the relevant workbooks in the Interactive budget templates to complete either option 1 or 2 below (you can do both if time permits).   Option 1 Create your own budget by completing the first column of the budget workbook in the interactive budget template. You may need to substitute some categories or find the ‘best’ category to describe an expense. Track your income and spending over the next month. How well did you stay within your…

Go to the Interactive

One of the first things you do when you start a business is decide on how it will be structured. Businesses are set up with differing structures. What are the advantages and disadvantages of each structure? Why does it matter? Explore some of the activities associated with starting up a business.Different business structuresThere are different ways to set up a business, each with its benefits and drawbacks. The business structure chosen will…