Lesson Details

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
  • Diminishing Marginal Utility
  • Income
  • Marginal Analysis
  • Price
  • Substitute
  • Utility
Standards:
  • Standard #1: Scarcity
  • Standard #2: Decision Making
  • Standard #8: Role of Prices

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