economic choices and decision making. trade-offs every decision has advantages and disadvantages....
TRANSCRIPT
Economic Choicesand
Decision Making
Trade-Offs
• Every decision has advantages and disadvantages.
• What offers the most advantages or satisfies the consumer the most?
Trade-Offs
• What are the trade-offs for the knight?
• What are the advantages?
• What are the disadvantages?
Trade-Offs
Trade-Offs
What are the trade-offs for the prisoner?
Opportunity Cost
• Does not always mean dollars and cents.
• Can be time, money, or resources.
Summer Job
Computer manufacturer $10.25/hr.
Landscaping company $8.65/hr.
Opportunity Cost
Knows no one there.
Mostly adults.
Work everyday with 3 of
best friends.What is the opportunitycost in a 40 hour week?
Opportunity CostOpportunity Cost
What is the opportunity cost for switching to methane?
Opportunity Cost
Economic Choices
The king faces a trade-off between crops and catapults.
What is the opportunity cost of obtaining two or more catapults?
Economic Choices
Always remember that in a free enterprise system, the emphasis is on the individual and their economic rights, responsibilities, and choices.
Economic Choices