The Power of Choice: Scarcity and Incentives · Foundations of Economics
Scarcity and Opportunity Cost
Exploring why every choice involves a trade-off and how to calculate the value of the next best alternative.
Key Questions
- 1What trade-offs does this policy create for different stakeholders?
- 2How does the concept of scarcity force societies to prioritize certain needs over others?
- 3Why is there no such thing as a free lunch in economic terms?
Ontario Curriculum Expectations
ON: The Economic Problem - Grade 10ON: Canadian and World Studies - Grade 10
Grade: Grade 10
Subject: Economics
Unit: The Power of Choice: Scarcity and Incentives
Period: Foundations of Economics
Suggested Methodologies
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