Students will be able to:
- Apply decision-making principles to a real-life situation
In this economics activity, students will practice making a choice between two different goods.
This individual activity requires students to make choices and identify their opportunity costs. We make choices because we cannot have everything we want. To make good choices, we need to compare the benefits (the things we like; the good or positive features) with the costs (the things we do not like; the not-so-good or negative features). Every time we make a choice, we are deciding to give up something else, which is our opportunity cost. To complete this activity, students should follow the directions below: