The Economic Way of Thinking · Fundamentals of Economics

Scarcity and Opportunity Cost

Understanding that every choice involves a trade off and the value of the next best alternative.

Key Questions

  1. 1What trade-offs does this policy create?
  2. 2How do we measure the value of what we give up?
  3. 3What incentives are driving this behavior?

Ontario Curriculum Expectations

ON: Economic Decision Making - Grade 11ON: The Individual and the Economy - Grade 11
Grade: Grade 11
Subject: Economics
Unit: The Economic Way of Thinking
Period: Fundamentals of Economics

Suggested Methodologies

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