Episode 19: Costs of Production and the Shutdown Decision

This Episode 19: Costs of Production and the Shutdown Decision audio also includes:

The 19th podcast of a 21-part series on economics focuses on the costs of production when running a business. Historians analyze the difference between fixed, explicit, and implicit costs. They use mathematical equations to find total revenue and total cost, determining what it takes for success as well as knowing when to close up shop. 

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CCSS: Adaptable
Instructional Ideas
  • Place an image of production costs in the front of the room as a visual representation during the lesson
  • Extend the lesson with additional charts, graphs, and information on from economics help online
Classroom Considerations
  • Lesson is designed for grades 8-12 and beyond
Pros
  • Audio and visual learners benefit from listening to the podcast and watching the video 
  • Lesson includes printable transcript of the podcast for classroom use
Cons
  • None