F1.1 Describe the advantages and disadvantages of various methods of payment that can be used to purchase goods and services.
Activity 1: Advantages and Disadvantages of Methods of Payment
Ask students to develop a learning situation that would be most appropriate for each method of payment. Refer to the chart of advantages and disadvantages of the different methods of payment methods (in F1.1 - Skills and Knowledge) as a tool to guide students.
For example, a possible scenario might be:
Amir's parents want to purchase school pictures from the photography company's website. The company accepts payment by credit card, or cash which can be brought by Amir to school in an envelope. To avoid the possibility of losing cash, Amir's parents choose to pay by credit card. They pay their credit card balance before it is due.
Share all scenarios with the teams to discuss. Ask if another option could be chosen as a method of payment for each scenario.
Activity 2: Which One Is the Most Popular? Why?
Ask students to identify the most popular and easy-to-use methods of payment that they see being used in daily life. Then ask them to discuss these with each other. They should identify the factors that make these methods easy to use and describe their advantages, disadvantages and risks. Make a list of the students' findings.
Sample Questions
- What goods and services are purchased on a daily basis?
- What methods of payment are accepted for these goods or services?
- Are the same advantages and disadvantages present for each scenario? Why do you think that?
- When could an advantage for a method of payment also be a disadvantage (for example, the ease of spending with a debit or credit card)?
Example
I can buy a mobile app for a game in 2 clicks. The amount I spent will appear on my parents' credit card bill.
Some websites saved my parents' credit card information and I made a purchase without intending to.
Complete the activity by adding behaviours that should be adopted to ensure better security while shopping.