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Lesson 2: Price vs. Value

About 30 minutes — Discussion-based lesson

What You Will Learn

This lesson covers:

Price is what you pay; value is what you get

This section covers the key ideas about price is what you pay; value is what you get. Discuss with your group or family and explore the concepts together.

Why the cheapest option is not always the best value

This section covers the key ideas about why the cheapest option is not always the best value. Discuss with your group or family and explore the concepts together.

How to evaluate value: durability, usefulness, joy

This section covers the key ideas about how to evaluate value: durability, usefulness, joy. Discuss with your group or family and explore the concepts together.

Making value-based purchasing decisions

This section covers the key ideas about making value-based purchasing decisions. Discuss with your group or family and explore the concepts together.

Check Your Understanding

1. What is the difference between price and value?

Answer: Price is the dollar amount on the tag. Value is what you actually get for that money — quality, durability, usefulness, and satisfaction.

2. Can something expensive be a good value?

Answer: Yes! A $40 pair of shoes that lasts 2 years is better value than a $15 pair that falls apart in 2 months. Value considers the long term.

3. How do you evaluate value before buying?

Answer: Ask: How long will this last? How often will I use it? Does it serve a real purpose? Will I still be happy with this purchase next month?

4. Give an example of a low price but bad value.

Answer: Buying a cheap backpack for $10 that breaks after one month vs. a $30 backpack that lasts three years. The cheap one costs more in the long run.

Key Takeaways

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Continue to Lesson 3: Impulse Buying and Advertising

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