Economic Choices and Opportunity Cost
Understand that because of scarcity, we must make choices. Learn that the opportunity cost is the next best thing you give up when you make a decision.
About This Topic
Understand that because of scarcity, we must make choices. Learn that the opportunity cost is the next best thing you give up when you make a decision.
Key Questions
- Explain the concept of opportunity cost using an example of a choice you made this week.
- Analyze a decision a community might have to make, such as building a new park or a new library, and identify the opportunity cost.
- Justify a choice you might make with your allowance, explaining the benefit of your choice and its opportunity cost.
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