Objective
Objectives:
Students will be able to:
- analyze a budget for the construction of a nuclear power plant using data from a simulation.
- evaluate the costs and benefits of building a nuclear power plant.
- describe factors that contribute to the high cost of building nuclear power plants.
- examine the pros and cons of using hydropower, nuclear power, solar power, and wind power to generate electricity.
In this lesson from the Eco-Economics: Energy and the Environment curriculum, students take on the role of budget manager for a power company interested in building a nuclear power plant and reactor. Students then work in groups to explore options related to replacing fossil fuels with clean energy sources, choosing the best source during a Four Corners activity.
Description of the lesson
Through a budgeting simulation and cost-benefit analysis activity, students examine factors that increase final construction costs and time needed to plan, build, and complete a nuclear power plant in the United States. Students will also discuss the size of the nuclear energy market in the United States and debate the pros and cons of multiple energy sources.
Economics
This lesson provides examples of how firms weigh costs and benefits prior to making long and short-term business decisions. Faced with budgeting constraints, time considerations, and government regulations, firms must allocate their factors of production efficiently in order to optimize their chances of being profitable.
Resources