Economics Budget Debrief Questions

FAMILY BUDGET PROJECT DEBRIEF QUESTIONS

Directions:  Please answer the following questions based on your first round of budgeting.

1.      For each household, give an example of five (5) different tradeoffs involved in the choices you made with your budget.

ex) You chose to pay for health insurance but can now only afford a 2-bedroom house.

	HIGH	MED	LOW
1
2
3
4
5

2.      What are the most important factors for a “good life?”  How does your budget for the middle-income family reflect (or miss out on) your version of the “good life?”  Give examples.

3.      Based on the results of your budgeting process, what long-term consequences do you anticipate affecting your low-income family?  What, if anything, could a family do to minimize or avoid these results?

4.      In your opinion, which categories were the most “non-negotiable”?  In other words, which categories were you least likely to give up something in exchange for something else?  Be specific and explain why.

5.      What did you think was the most difficult aspect of the budgeting process?  Justify your answer.

6.      What did you think was the most surprising aspect of the budgeting process?  Explain your answer.

7.      What were some of the biggest differences between what you were able to purchase in Household 1 versus Household 2?

                                                                                                       

8.      What were some of the biggest differences between what you were able to purchase in Household 2 versus Household 3?

9.      Of the expenses provided to you in the assignment, which categories do you think would actually cost more than the prices given to you?  Give some reasons why. 

10.  Of the expenses provided to you in the assignment, which categories do you think would actually cost less that the prices given to you?  Give some reasons why.