FOCUS QUESTION FOR THIS SECTION
Why does opportunity cost exist in decision making?
Section 5: Opportunity Cost
SECTION DESCRIPTION
In these lessons students will be able to define and distinguish between a cost and a benefit. In doing so, they will make a series of decisions using cost/benefit analysis and identify the opportunity cost and consequences of decision making.
LESSON OBJECTIVES
Define and identify a cost.
Define and identify a benefit.
LESSON OBJECTIVE
Communicate the opportunity cost when given a scenario that has costs and benefits.
Explain the consequences (positive or negative) of making a decision.
LESSON OBJECTIVES
Identify the opportunity cost in a given scenario and explain why the opportunity cost exists.
LESSON OBJECTIVES
Evaluate different alternatives and make choices based on their personal evaluation.
LESSON OBJECTIVES
Research values of opportunities and determine trade-offs between alternatives when making a decision.