And every choice involves an opportunity cost – i.e., by deciding to use resources in one way, the decision-maker must give up all opportunities to use them in another way. 1) Divide students into groups of four. Vocab . 1) Quick Questions Matching: earn, spending, income, savings, budget. High schoolers practice the economic concepts of scarcity and opportunity cost. Oct 9, 2017 - Teaching economics can be difficult. For an individual, it may involve choosing the best from the choices available. Identify opportunity cost and justify a choice Visual Anchor. trade-offs opportunity costs scarcity Suggested Procedure. A student spends three hours and $20 at the movies the night before an exam. 0. Edit. Visual 2: Discussion Questions: Choosing a Snack This activity includes: 1) This "Scarcity and Opportunity Cost" Activity includes 4 parts. 2) Hook 3) Students go over the AIMS EXIT SLIP . Materials. Life Skills. They imagine creating their own businesses and brainstorm what they need to know in order to determine when the business is profitable. Finish Editing. 1. Scarcity and Opportunity Cost Quizziz DRAFT. Concepts. For economists, scarcity means that people can imagine more possible ways in which they can put a good to use than there are … 10th - 12th grade . Construct production possibilities curves using hypothetical data. Have students select roles in their groups. The concept of scarcity, choice and opportunity cost can be shown in many ways, at different levels. 20 days ago. 4 different types of candy, gum, or crackers, cookies, snacks etc. Scarcity; Opportunity costs and trade-offs; Scarcity is caused by having relatively unlimited wants but only limited resources For example, a student may have to choose between doing A levels … Apply scarcity and opportunity cost to a num-ber of everyday situations. Practice. 5. 4. Mini lesson chart. Unformatted text preview: Welker’s Wikinomics practice activities 1.0 Introduction to Economics Scarcity, Opportunity Cost and PPC Introduction: Assume the US government has discovered it has a surplus in its budget of $100 billion.One party wishes to invest this surplus in new resources for education, while the other wishes to invest in new defense infrastructure. 2) Read the Island scenario to the whole class. 3. The opportunity cost is time spent studying and that money to spend on something else. Define scarcity and opportunity cost. Practice with Opportunity Cost Analysis. Play. The problem of limited resources also occurs for individuals. Save. Played 49 times. Apply the concept of opportunity cost to a pro-duction possibilities curve. Solo Practice. Learn vocabulary, terms, and more with flashcards, games, and other study tools. 3) Have each group discuss the questions on the handout Setting up Your Island … Well, commodities that are in short supply tend to be attractive. 2. 0. Live Game Live. by farrelljc. (1 per student) Handout: Practice with opportunity cost analysis (1 per student) Overhead transparencies or power points slides: Visual 1: Characteristics of Cost. A farmer chooses to plant wheat; the opportunity cost is planting a different crop, or an alternate use of the resources (land and farm equipment). Start your students off right by building their comprehension of scarcity and opportunity cost with this engaging and multi-faceted activity! HOMEWORK Reading and MC questions. Edit. Homework. Start studying Economics chapter 2 (Scarcity and opportunity costs). Therefore, economics is also concerned with the redistribution of income to help everyone be able to afford necessities. SWBAT identify the opportunity cost in an economic choice and justify it making a choice. The next phase of patient-centered care will understand not only the importance of cost of care but also the opportunity cost of seeking care, and will eliminate barriers by … Print; Share; Edit; Delete; Host a game. This quiz is incomplete! Share practice link. 68% average accuracy.
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