Black Friday Lesson
Black Friday Lesson
Black Friday Lesson
LESSON
2 days
Shopping Savvy
Overview Materials
• Copies of Preview: Creating a
Students work in small groups to prepare for a news Black Friday Shopping List.
conference as if they worked for a smart shopper One for each student
advocacy campaign prior to “Black Friday.”
• Copies or Electronic access to a
Black Friday doorbuster ad:
Preview Students create a shopping list of things they Suggested site:
http://www.theblackfriday.com/
would buy if given the chance to attend one of the
. Access or copies for each
doorbuster sales for Black Friday. student.
Objectives
In the course of this lesson and participating in the
classroom activity, students will
• comparison shop.
• determine what steps they should take to be smart credit
card users.
• evaluate the importance of getting good shopping
advice before entering the marketplace.
Key Vocabulary
Comparison shopping, black Friday, needs & wants,
credit
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Procedures
Preview
Suggested time: 15 minutes
Problem-Solving Groupwork
Suggested time: 90 minutes
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Procedures
Processing
Suggested In-Class Time: 10 minutes; complete for
homework
Comparison Shopping
Handout
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Preview: Creating a Black Friday Shopping List
Premise
You are planning on going out in the super-
early morning of Black Friday to go
shopping. You have $300 in cash that
you’ve saved from work and odd jobs. You
also have a credit card with a credit limit of
$500 at 19% APR. What would you buy?
Where? Would you use cash or credit?
Complete this matrix to answer these items.
Premise
Your group represents a consumer advocacy agency that wants to help consumers
prepare for the coming shopping season. You will prepare for a news conference
where your agency shares research and resources that you believe will help
consumers.
Detailed Steps
1. Assign Group Roles: Each person is responsible for one role in getting their group
ready to present to the class. Put your initials by your role.
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Student Handout 1: Preparing for a News Conference
2. Conduct research. The researcher will lead the group as they read the handouts on
Comparison Shopping (p. 30) and Being a Savvy Credit Card User (p.62).
The researcher should also direct the other group members to seek out other
resources that might be helpful via the web or print. Some suggested starting points
would be:
• http://www.ehow.com/video_4753351_be-smart-shopper.html
• http://www.creditcardguide.com/creditcards/credit-cards-general/debit-
credit-best-options-holiday-shopping-394/
3. Create Resources. The producer will lead the group as they work to create
resources that can be shared with consumers to help them be savvy shoppers. The
group must have BOTH a print resource, such as a brochure that would be
distributed to consumers AND a digital resource such as a wiki or blog post that
could be shared via social media. Both resources must be the work of this group
and not just simply copied from another person’s work. The writer should work
closely with the producer to make sure that the wording in both formats is
something that is easy to read and understandable.
4. Rehearse Presentation. The producer and writer should help the spokesperson get
ready to present this information to the media (the rest of the class). Practice so
that the spokesperson can speak to the importance of comparison shopping and
credit card use, as well as showcase your group’s tools for consumers. Prepare a
fictional name for your consumer advocacy agency and a logo that will appear at
the news conference.
5. Present to Peers. The rest of your class will act as they are the media while your
agency spokesperson delivers the content of your news conference. Your
spokesperson should introduce the name of your agency along with the group
members in their roles prior to sharing what they have come up with. Each
member of the group will appear with the spokesperson and be available to the
media should they ask questions at the end.
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Section Two
Comparison Shopping
Comparison shopping is a process in which you iden- 2 Research the item. Read reviews of products that
tify what you want to buy and then choose the best might meet your requirements on the Internet.
product and place to buy it. You do this by research- Reviews and surveys also can be found in consumer
ing as much as you can about the item you want to publications and in trade magazines. Also talk to
buy, including features, brands, and vendors. people you know who own specific products, and
ask about their satisfaction with them.
Why comparison shop? 3 Contact stores. Go to several stores and check
Comparison shopping can help you determine the
out the various products. Ask sales staff about the
best product for your needs at the best price. Com-
features that will fit your needs and the brands they
parison shopping also ensures that you do not make
recommend. Think ahead about what questions
impulse buys.
you would like to ask. You might want to write
down your questions and note the information you
How do you comparison shop? receive.
Use these tips and the shopping guide on the next
page to learn more about comparison shopping. 4 Search for savings. Research prices in stores and
on the Internet. Watch newspapers and search the
1 Identify your needs. What will you use the item
Internet for sales, rebates, and coupons. Ask stores
for? For instance, if you are buying a laptop, will it
about student discounts. When comparing the
be for basic word processing only? Or might you
cost of an online item versus one purchased from a
use it for making and sharing videos or designing
store, include the cost of tax and shipping in your
graphics? To start, identify your price range and the
calculations if they will be charged.
necessary features—the criteria on which you will
base your decision. For instance, if you are pur-
chasing a laptop, some features to consider might
be adequate processing power, memory, hard disk
space, and battery life.
Comparison Shopping
Use this guide to comparison shop for an item you want to buy.
Step 1 Choose an item that you are interested in purchasing in the future such as a computer, MP3
player, type of sports equipment, or car.
Step 2 Answer these questions about the item on a separate sheet of paper. Conduct research using
consumer reports, catalogs, trade magazines, or the Internet if you need more information.
• What will you use this item for? Be as specific as possible.
• What is your price range?
• List three features of this item that are most important to you (such as speed, size, and specific func-
tions). Add them to the matrix below.
• List at least three questions you have about the item and about the various brands and models available.
Step 3 Go to a store that carries many versions of the item. Try to visit a specialty store, where salespeople
tend to be more well-informed about the items they carry. Choose at least four products that might meet
your needs, and ask a sales representative the questions you listed above and any others you may have.
Product 1
(brand and
model)
Product 2
(brand and
model)
Product 3
(brand and
model)
Product 4
(brand and
model)
Step 5 Narrow your choice to two products. Then research the products online, in Consumer Reports, or
by talking to people you know who own the item. Add any information about the products to the matrix.
Step 6 Determine which item best meets your needs, and explain why.
2 Pay off your balance or keep it low. Credit card 7 Monitor your credit reports. You can receive free
companies make their money when you do not pay reports from the three main credit bureaus every
the full amount you owe. The amount you do not 12 months. You can do this online. Check your
pay off is called your balance. Credit card companies reports for errors and dispute any incorrect infor-
typically charge you 10% to 20% of the balance, mation. Also check for evidence of credit card
called interest, every single month. If you do not accounts that you did not establish to make sure
pay off your balance right away, that interest can you have not been a victim of identify theft.
Open accounts: Lists any Date opened: Lists the date you opened the account. The longer you
accounts you currently have. have had an account in good standing, the better your credit record.
OPEN ACCOUNTS
DATE DATE CREDIT PAST
CREDITOR REPORTED OPENED LIMIT BALANCE DUE 30 60 90+ STATUS
Credit limit: Shows Balance: Displays your Past due 30/60/90+: Lists the amounts, if
how much credit you balance on the date of the any, you are currently late in paying. The
have been extended. credit report. Keep your “30,” “60,” and “90+” columns list the num-
Try to keep your bal- balance as low as possible by ber of times you were that many days late. To
ance to no more than always paying more than the establish a good credit rating, it is extremely
25% of your limit. minimum due. important that you have no late payments.
DEROGATORY ACCOUNTS
DATE DATE CREDIT PAST
CREDITOR REPORTED OPENED LIMIT BALANCE DUE 30 60 90+ STATUS
Derogatory accounts: Lists any accounts that Status: Shows how the account was closed. In
were closed (in the last 7 to 10 years) because you this instance, it was sent to collection, meaning
did not pay your bills. Having anything in this the company could not get payment from Jas-
section will limit your ability to get new credit. mine so they sold the debt to a collection agency.
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