People cannot buy or make all the goods and services they want; as a result, people choose to buy some goods and services and not buy others. People can improve their economic well-being by making informed spending decisions, which entails collecting information, planning, and budgeting.

Related Lessons on Virtual Economics 4.0

• Managing Your Money (Financial Fitness for Life: Theme 3, Lesson 8);
• What’s the Cost of Spending and Saving? (Financial Fitness for Life: Theme 5, Lesson 20)
• Creating and Using a Budget (Capstone, Unit 3: Lesson 17)
• Financial Institutions (Capstone, Section 2)
• The Mathematics of Credit Card Interest and Fixed Payments (Mathematics and
  Economics, Lesson 15)
• Cash Flow and the Successful Entrepreneur (Entrepreneurship in the U.S. Economy, Lesson 22)
• Banking Basics (Financial Fitness for Life: Theme 3, Lesson 9)
• How to Really be a Millionaire (Financial Fitness for Life: Theme 1, Lesson 1)

Free Lessons Online

• How is Our Economy Doing? (econedlink)
• U.S. Senate Rejects Minimum Wage Bill (econedlink)
• Specialization and the Decathlon (econedlink)
• Should LeBron James Mow His Own Lawn? (econedlink)
• Opportunity Cost (econedlink)
• Buying vs. Renting (econedlink)
• Spending Plans (Yes You Can)
• Payment Methods (Yes You Can)
• Spending Smart (Hands on Banking)

Videos

• Money Management/Budgeting (Virtual Economics)
• Wallet Wars (Generation Money Videos)
• Budget Builder (NEFE)
• Fees, Fees, and More Fees (St. Louis Fed)
• Inflation Overview (Practical Money Skills and Khan Academy)

Online Interactives

• Personal Finance 101 – Chat — How to Open a Bank Account (St. Louis Fed)
• Personal Finance 101 – Chat — All About Debit Cards (St. Louis Fed)
• Personal Finance 101 – Chat — Rent to Own (St. Louis Fed)
• Personal Finance 101 – Chat — Buy Here Pay Here (St. Louis Fed)