Choice, Opportunity, Cost and Decisions

From fixed and variable expenses to gross income and net pay, break down the key terms of budgeting with your young adults and help them develop their own plans for spending and saving.

Here is a resource covering a range of terms and concepts regarding scarcity, opportunity cost, and government debt in economics. 

Class members begin this engaging economics activity by listing all the resources used in producing a car and using that example to draw parallels to the four primary factors of production: capital goods, labor, natural resources, and...

Scarcity, choices, and the fundamentals of economics... in Star Wars! Here is a highly entertaining and incredibly informative video that uses several clips from the Star Wars to explain how economists make assumptions. The video also...

The price of those new shoes involves more than just money! Individuals explore the concept of opportunity cost using a video clip and gratification discussions. They prepare a budget based off of their set of values in regards to...

The concept of opportunity cost challenges historians to analyze how some choices come at a loss in the opening lesson of a 21-part economic series. Podcasts offer insight into the subject of what a decision costs the consumer....

Students study the basic economic trilogy (scarcity, choice, and costs). In this money management instructional activity, students use a scenario of a High School Prom to calculate how scarcity, choice and cost apply by completing...

Economic Lowdown Podcast [5:42] introduces lessons on three fundamental economic concepts including choice, scarcity and opportunity cost.

Consumers are faced with tough choices because so many innovative and exciting products and services are available. Therefore, engraining a decision-making process that includes considering of opportunity cost is necessary to shape...

Learners plan and maintain balanced budgets.