2.0 Scarcity Personal Finance in the Elementary Grades English English (auto-generated)

2.0 ScarcityYouTube↗ IA↗(long shot)
Education 883 views 2 likes 1 dislikes 09 Aug 2014

Personal Finance in the Elementary Grades 187 subscribers N/A YouTube↗

Go shopping sometime. Check out the goods and all the services available, and ask yourself,

go shopping sometime check out the goods

"Could I make this?" The answer is no. No one person has the knowledge and the skills

and and all the services available and and ask yourself could I make this the

and the components to make something like this. In fact, our world is so complex that

answer is no no one person has the knowledge and the skills and the components to make something like this

many items we use every day require specialized people working collaboratively from across

in fact our world is so complex that many items we use everyday require

the globe. So when we buy a device, like a robotic ball,

specialized people working collaboratively from across the globe so

we are interacting with miners who extract natural resources, designers, manufacturers,

when we buy a device like a robotic ball we are interacting with minors who extract Natural Resources designers

shippers, retailers, bankers, and so on - all part of the financial and economic systems.

manufacturers shippers retailers bankers and so on all part of the financial and

When we work we contribute in our own way to this massively complex system. Whether

economic systems when we work we contribute in our own way to this

we shovel snow, walk dogs, teach children, build smart devices, or start companies, we are all participating in this complex system. It seems strange that one could shovel snow

massively complex system whether we shovel snow walk dogs teach children build smart devices or start companies we are all participating in this complex

in your home town in exchange for a camera designed in Japan and manufactured in China

system it seems strange that one could shovel snow in your hometown in exchange

from German steel and Indian polymers. Nevertheless, this is exactly what happens. Through our

for a camera designed in Japan and manufactured in China from German steel and Indian polymers nevertheless this is

financial and economic systems we convert our labor, shoveling snow, into the goods

exactly what happens through our financial and economic systems we

and services we seek.

convert our labor shovelling snow into

Sound decision making is at the heart of personal

the goods and services we seek sound

financial literacy. We all make choices. Sometimes we make active choices and sometimes we're

decision-making is at the heart of personal financial literacy we all make

just carried along by the flow of the water. It simply makes sense that if we make better

choices sometimes we make active choices and sometimes we're just carried along

choices then the outcomes are likely to be better.

by the flow of the water it simply makes sense that if we make better choices

Floating on an inner tube involves many decisions. You've chosen a vessel without a rudder. You

then the outcomes are likely to be better voting on an inner-tube involved

don't have a paddle. You're not wearing a lifejacket. You're basically going wherever

with many decisions you've chosen a vessel without a rudder you don't have a paddle you're not

the river takes you. Now, on the one hand, this can be really fun and relaxing. And on

wearing a life jacket you're basically going wherever the river takes you now

the other hand, it can actually be quite dangerous. Natalie Anderson has also made many decisions.

on the one hand this to be really fun and relaxing and on the other hand it can actually be quite dangerous

She's worked hard to develop her skills and her knowledge of the river and its hazards.

naturally anderson has also made many decisions she's worked hard to develop

She's chosen the right equipment, helmet, and life jacket. She's practiced safety maneuvers

her skills and her knowledge of the river and its hazards she's chosen the

and worked with her partners to ensure each other's safety. The river is much more dangerous,

right equipment helmet and lifejacket she's practiced safety manoeuvres and worked with her partners to ensure each

but she is much more prepared. She chooses her risk, and she is prepared. Hey guys! Hi! What's for lunch? Got some fries... What made you decide to come out and order

other's safety the river is much more dangerous but she is much more prepared she chooses her risk and she is prepared

and eat, instead of just bringing something with you? It's such an opportunity here with

what made you decide to come out and

all these restaurants - we thought we'd treat ourselves. Oh yeah, great restaurants! What would guess the total is? I think it was like - 30 bucks, yeah? Yeah, mabye 30, a little under 30. So the sandwich from home is cheaper - Oh, definitely! - but this was a good call

order and eat and just bring something with you what would you guess the total is so the sandwich from home is cheaper

for today. Exactly. And we often bring sandwiches from home. A weekend treat! Oh yeah! We were

this was a good call for today exactly

just treating ourselves today. Looks like you packed your own lunch. I did pack my own lunch today. So there's restaurants all over down here...

weekend three looks like you packed your own lunch

Yeah! So what's the idea with packing your own lunch? I mean, it looks great, but...

so there's restaurants all over down here so what's what's the idea with

Well, you know, I'm just trying to save some money for a trip to Thailand - I don't want

packing your own lunch I mean it looks great but well you know I'm just trying to save

to eat out. Well, it makes sense. Probably a lunch down here is twenty bucks. Whaddya

some money for a trip to Thailand I don't want to eat out what makes sense

think? This was probably a $1.50. That's like $18.50 a meal you're saving for your

probably a lunch down here is 20 bucks what do you think that's like eighteen

trip to Thailand. Yeah, something like that. Nice! I was just getting ready to

fifty a meal you're saving for your trip

think about it. So, where have you been climbing... Many of our decisions have financial implications.

to Thailand many of our decisions have

Some are trivial, such as whether to buy lunch at a cafe or eat a sandwich from home. But

financial implications some are trivial such as whether to buy lunch at a cafe

some are not trivial, such as the decision to borrow money to attend university or forego

or eat a sandwich from home but some are not trivial such as the decision to

health insurance. These decisions can have profound implications for a long period of

borrow money to attend university or forego health insurance these decisions

time. All decisions, whether they seem trivial or

can have profound implications for a long period of time all decisions

not, involve tradeoffs. Okay, I have a dollar and forty-two cents. I could maybe

whether they seem trivial or not involve trade-offs okay I'm a dollar and forty two cents I could

buy two of these. Or, instead, I could buy five of these. But I think I know what I'm

maybe buy these or I could buy five

gonna get. Ok, I'm gonna get this one for me, and then these three for my brothers - yeah!

seats but I think I know and I'm gonna get okay I'm gonna get this one for me

There isn't a right or wrong answer to these questions. It depends on the individual's

three from my brothers there isn't a right or wrong answer to these questions

circumstances. We all make decisions and every decision involves tradeoffs.

it depends on the individual circumstances we all make decisions and

The fundamental reason we face tradeoffs in our decisions is because our resources are

every decision involves trade-offs the fundamental reason we face

scarce. Sandy Stokely is one of our PFL experts. For Sandy, time is scarce. Today she

trade-offs in our decisions is because our resources are scarce sandy Stokely is one of our pfl experts

is teaching PFL for our cameras. And she has to drive and shop and cook and clean and care

for sandy time is scarce today she's teaching pfl for her cameras she has to

for her family. Every decision involves scarcity. Every decision involves tradeoffs.

drive and shop and cook and claimed and care for her family every decision involves scarcity every

Scarcity is everywhere . Your time is scarce, you only have 24 hours in every single day.

decision involves trade-offs their city is everywhere your time is scarce you

Our money, we know is scarce - there's only a finite amount in each pay check. And, even

only have 24 hours in every single day our money we know is scarce there's only

things around us we take for granted - like clean air and clean water - are scarce.

a finite amount each paycheck and even

For example, there is not enough water in the Colorado River for cities and farms and

things around this we take for granted like clean air and clean water our care there is not enough water in the

communities downstream. And there is only so much pollution we can put into the atmosphere

Colorado River for cities and farms and communities downstream and there's only

before clean air becomes scarce.When resources are scarce, we have to make choices about

so much pollution we can put into the atmosphere before clean air becomes scarce

how to allocate the resource.

when resources are scarce we have to make choices about how to allocate the resource