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The Legacy of the Olympics: Economic Burden or Boon? WorksheetThe Legacy of the Olympics: Economic Burden or Boon? Worksheet
Publisher
Federal Reserve Bank
Resource Details
Curator Rating
Educator Rating
Not yet Rated
Grade
9th - 12th
Subjects
Social Studies & History
1 more...
Resource Types
Worksheets
2 more...
Audiences
For Teacher Use
1 more...
Number of Slides
29
Instructional Strategies
Direct Instruction
4 more...
Year
2012
Worksheet

The Legacy of the Olympics: Economic Burden or Boon?

Curated and Reviewed by Lesson Planet
This The Legacy of the Olympics: Economic Burden or Boon? worksheet also includes:
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Do the economic benefits of major sporting events such as the Olympics or the World Cup outweigh the expected costs? Using fundamental economic terms, discover the explicit and implicit costs and benefits for countries that host these worldwide competitions.

147 Views 102 Downloads
CCSS: Designed

Concepts

opportunity cost, the olympic games

Additional Tags

opportunity cost, olympics, implicit benefits, explicit benefits, social studies

Instructional Ideas

  • Incorporate the lesson into your curriculum after covering the concept of opportunity cost

Pros

  • Relevant and engaging topic
  • Worksheet directly complements reading material

Cons

  • None

Common Core

RH.11-12.1 RH.11-12.2 RH.11-12.4

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Podcast

Episode 19: Costs of Production and the Shutdown Decision

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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...
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Activity

East Tennessee State University: Explicit and Implicit Costs

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This resource provides a good example of the differences between explicit costs and implicit costs using the ownership of a pizza restaurant as an example.
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Unit Plan

Khan Academy: Explicit and Implicit Costs and Accounting and Economic Profit

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There are different ways of thinking about costs and profit. Read about what they are and answer the review questions.
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Khan Academy: Optimal Decision Making and Opportunity Costs

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A rational agent considers all costs, including explicit and implicit costs, when deciding whether or not to undertake an action. In this video [5:08], learn about how opportunity costs represent the cost of the next best alternative.
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Khan Academy: Accounting Profit vs Economic Profit

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A rational agent considers both accounting profit and economic profit. In this video, see an example highlighting the difference between accounting profit and economic profit from a business and a discussion of explicit and implicit...
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Handout

Amos Web Gloss Arama: Opportunity Cost

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Provides readers with a definition and explanation of the concept of opportunity cost. Gives great details and compares the term with similar concepts.
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Handout

Wikipedia: Opportunity Cost

Wikimedia
Provides a clear explanation of opportunity cost in a way that is accessible to those new to economics. Includes links to terms that may require further clarification.
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