- The quality of using money and other resources carefully and not wastefully.
- Wise economy in the management of money and other resources
- An association or organization that helps people save money (credit union, bank, etc.)
- From Old Norse, from thrífa "to grasp, get hold of"
- price comparisons
- determining unit prices (if N items cost $X.XX, how much is one item?)
- reverse unit pricing (if one item costs $X.XX, how many items do you get for $Y.YY)
- the razor and the blade pricing (printer is free but toner is expensive)
- quantity discounts and bulk buying
- reading advertising and sales materials
- common discounting techniques (percentage off the list price, 2 for 1, etc.)
- calculating sales tax
- how interest is charged on loans
- how interest is paid on deposits
- not spending more than you have in your bank account (no deficit spending)
- additional, after-purchase costs (energy consumed, maintenance, repairs, etc.)
- tipping or gratuities
Here are some numbers shared in a recent TED speech by economists Tim Harford and Cesar Hidalgo.
Tim suggested that for many centuries, our brains needed to compare 300+ items, yet now we are faced with 10,000,000,000 potential choices. Whether this number is accurate or not, we generally only have time to study for a purchase just before we buy that item. We cram. And sometimes we later end up with buyer's remorse.
Once our students understand a bit about the items they want and their prices, they have to complete an exchange with the merchant. The price is usually X plus taxes Y which becomes total Z with possibly an additional tip A.
Depending on their funds, students can use one or more payment methods:
- cash card
- debit card
- credit card
- gift certificate
- purchase order
- traveler's check
- put it on account