The students listen to a short story that introduces difficulties involved in making choices. Using a grid, the students discuss costs and benefits as they make choices. (The class uses an apron as a prop in making decisions, here and in future lessons.) The lesson introduces the concept of opportunity cost, defined as the best alternative given up when a choice is made.
Concepts
- Spend
- Costs
- Choice
- Opportunity Cost
- Spending
- Saving
- Cost
- Benefit
- Decision
Standards in Economics and Personal Finance
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