economic decision making: opportunity cost understand and explain opportunity cost analyze...

Economic Decision Making: Opportunity Cost •Understand and explain opportunity cost •Analyze real-world opportunity costs

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Economic Decision Making:Opportunity Cost

•Understand and explain opportunity cost

•Analyze real-world opportunity costs

Opportunity Cost

• Cost of the next best alternative use of money, time, or resources when making a choice

• Not just a dollars and cents issue…• Think in terms of trade-offs/alternatives—

every other decision you could have made instead– Studying for economics in class has its

opportunity cost…

Act…

• With a partner, create a scenario where you needed to make an economic decision– Work or play– School or stay home– Friday night– Prom date

• Explain the decision, list the alternatives, explain your decision, explain opportunity cost

• Be prepared to share!

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