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[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 …
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[PDF File]Opportunity Costs Worksheet
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Opportunity Cost Assume that you would engage in all of the following activities. Then consider what else you could be doing with your time or money if you decided not to engage in those activities. Finally, choose your next best option in order to determine the opportunity cost for you for each activity.
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[PDF File]Scarcity and Opportunity Cost Station - Weebly
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opportunity cost. • A city government has $20,000 to spend. They decide to spend it on new job programs instead of on trash collection days. A clean environment is the opportunity cost. Socioeconomic Goals: There are things that the government tries to achieve
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[PDF File]Lesson 1: Scarcity and Choice - Social Studies Curriculum
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Lesson 1: Scarcity and Choice Big Ideas of the Lesson People have unlimited economic wants. Economic wants are desires that that can be satisfied with a good or ... Lesson 2: Opportunity Cost Big Ideas of the Lesson Because of scarcity, people have to make choices. Every time someone makes a choice, there are other things that are not
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[PDF File]Name: Class: Date Taken: Total Possible Marks: 26 ...
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Name: Class: Date Taken: Total Possible Marks: 26 Opportunity Cost Complete the following questions in the time allowed by your teacher QUICK DEFINITIONS Write a short, accurate definition for each of the following key terms. (2 marks for each good quality definition) 2 1. Define: opportunity cost Answer
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[PDF File]Why it Matters: What is the “Real” Cost? Lesson Overview ...
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Opportunity cost is the second-best alternative (or the value of that alternative) that must be given up when scarce resources are used for one purpose instead of another. It is the “real” cost of the decision. If you are going to spend $5 on either a movie ticket or a hamburger and you can’t have both, you
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[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
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[PDF File]!Choices,!Opportunity!Cost!andBenefits! !With ...
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!Choices,!Opportunity!Cost!andBenefits!!With!TheGreedyTriangle! ThirdandFourthGrade! JaciSullivan! Barton!Open!School!!!!!
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[PDF File]Worksheet: Comparative Advantage and Specialization
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Worksheet: Comparative Advantage and Specialization Stewie and Brian are stuck on an island and have no way to call for help. Luckily, there are enough resources for them to take care of themselves by catching fish and picking coconuts. ... That is, what is Stewie's opportunity cost of coconuts? If …
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[PDF File]International Trade and Comparative Advantage Lesson
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4. Calculate the opportunity cost of producing one unit of a good in terms of another good. 5. Create a trade agreement between two “countries” based on comparative advantage and terms of trade. 6. Describe the benefits and costs associated with free trade. Related content area Economics
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Opportunity cost for kids worksheets