Opportunity cost examples for kids
[PDF File]Factors of Production and Economic Decision-Making
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• Opportunity Cost- Because resources are scarce, the choice to use a resource in one way means not using it in another. For example, to using a field to grow tobacco means the …
[PDF File]Lesson 1: Scarcity and Choice - Social Studies Curriculum
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Lesson 1: Scarcity and Choice Big Ideas of the Lesson ... necessary, give them examples such as the economic want of ‘something to ... Lesson 2: Opportunity Cost Big Ideas of the Lesson Because of scarcity, people have to make choices. Every time someone makes a …
[PDF File]Name: Class: Date Taken: Total Possible Marks: 26 ...
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List three factors that make it hard to assess the opportunity cost of a decision A. Uncertainty - no guarantee that other decisions will prove better B. Timescale - over what period is the opportunity cost being measured? C. Importance of financial v non-financial rewards - which is most important?
[PDF File]3rd Grade Economics Review
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Opportunity cost: The next best choice that is given up when a decision is made When resources are scarce, producers must decide what they will produce. Scarcity can affect supply and ... Examples include hammers, computers, trucks, lawn mowers, factories …
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Opportunity Cost. Trade-Offs Money Price Marketplace Exchange and Trade Specialization Interdependence Productivity Economic Systems Profit Role of Government ... are examples of the human resources used to produce an automobile. Attention! The special skills that …
[PDF File]Lesson Plan: Human Capital: Investing in Yourself for Your ...
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The opportunity cost of the movie is the dinner, and the opportunity cost of the dinner is the movie. o An opportunity cost is the value of the best alternative given up by making a choice. o Have students give other examples of opportunity costs Consider Susan and Jacob… Susan and Jacob have been good friends since middle school.
[PDF File]Microeconomics Topic 1: “Explain the concept of ...
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Opportunity Cost This concept of scarcity leads to the idea of opportunity cost. The opportunity cost of an action is what you must give up when you make that choice. Another way to say this is: it is the value of the next best opportunity. Opportunity cost is a direct implication of scarcity.
[PDF File]Production Possibilities Curve - Mesa, Arizona
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Production Possibilities 1.3 Trade offs and opportunity costs can be illustrated using a Production Possibilities Curve. PPC—shows all the possible combinations of 2 goods or services. Given 2 assumptions: 1. Fixed resources 2. Maximum efficiency.
[PDF File]UNIT 1: Basic Economic Concepts
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might outweigh the additional cost (the opportunity cost). After three hours, the additional benefit from staying an additional half-hour would likely be less than the additional cost. 5 Key Economic Assumptions. 1. Society’s wants are unlimited, but ALL resources ... Step 2: Use numbers as examples. Step 3: Generate graphs from numbers.
[PDF File]Scarcity, Opportunity Cost, and Trade
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the opportunity cost of your “free”trip to Bermuda? $1 million.A smart decision to take or not take the trip depends on opportunity cost, not money cost. Or what if you have an out-of-town boyfriend, and the only time you can get together is during the first week in December? What is the opportunity cost of taking your “free”trip for one?
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