1.5 Best Buys and Value for Money

• 'Value for money' is the relationship between the quality/utility of a product and its cost
• Match the emphasis of 'best buy' and 'value for money':

  Best Buy ↔️ Getting the most for your money

  Value for Money ↔️ Getting good quality for a reasonable price
• 'Best buy' emphasizes maximizing value or utility per unit cost, while 'value for money' focuses on quality and cost balance.

  True
• In a comparison of unit prices, the product with the lower unit price is considered the best
• How do you calculate the 'unit price' of a product?

  Total cost / units
• How is the unit price calculated?

  Total cost / units
• Discounts and offers reduce the effective unit price
• Match the concepts with their focus:

  Best Buy ↔️ Maximizing utility per cost

  Value for Money ↔️ Overall quality-cost relationship
• Product A is the best buy because it has the lower unit price.


  True
• Discounts and offers improve the value for money by reducing the effective unit price
• Match the aspect with its description:

  Best Buy ↔️ Maximizing utility per unit cost

  Value for Money ↔️ Overall quality-cost relationship
• What does the term 'best buy' refer to?

  Most value per unit cost
• The 'best buy' provides the greatest value or utility per unit cost
• What is the 'unit price' used to determine in financial mathematics?

  Cost per standard unit
• What is the term for the effective unit price after a discount or offer is applied?

  Effective unit price
• What does comparing unit prices help you identify?

  Best value per cost
• Product B is the best buy because its effective unit price is lower than Product A.

  True
• What does value for money emphasize?

  Quality and cost balance
• What does analyzing unit prices help identify?

  The best buy
• A best buy is the product with the highest original price.

  False
• Discounts reduce the effective unit price
• 'Best buy' focuses on maximizing utility per unit cost, while 'value for money' focuses on the overall quality-cost relationship.


  True
• Steps to calculate the best buy using unit prices:

  1️⃣ Calculate the unit price for each product

  2️⃣ Compare the unit prices

  3️⃣ Identify the product with the lowest unit price
• Comparing unit prices helps identify the product that provides the most value or utility per unit cost.


  True
• When comparing prices based on different units, it is essential to calculate the unit price for each product.
• Product A is considered the best buy because it has the lower unit price.

  True
• What must you calculate to identify the best buy with discounts?

  Effective unit price
• Best buy provides the most value per unit cost
• The unit price is the cost per standard unit
• Steps to identify the best buy when discounts are involved

  1️⃣ Calculate the original unit price

  2️⃣ Apply the discount or offer

  3️⃣ Calculate the effective unit price

  4️⃣ Compare effective unit prices

  5️⃣ Identify the lowest effective unit price
• What is the formula to calculate unit price?

  Total cost / units