Unit 3: Lesson 17 - Creating and Using a Budget

This lesson focuses on using budgeting to maximize consumer satisfaction. It describes a flexible view of budgets, linking them to markets and market information, and demonstrates how and why budgets should be reviewed and modified often.

Concepts:

• Budget
• Choice
• Income
• Price
• Marginal Analysis
• Diminishing Marginal Utility
• Substitute
• Utility

• Standard #1: Scarcity
• Standard #2: Decision Making
• Standard #8: Role of Prices