Opportunity Cost and Opportunity Benefit - Introductory Economic Concept

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Opportunity Cost and Opportunity Benefit. I use this as a basic introduction to the concepts of opportunity cost/benefit. Most students think of "cost" in terms of money so this helps to introduce them to the other costs for decisions (i.e. time, energy, risk, etc.) Students read a short scenario about having the opportunity to buy fruit from Mr. Morgan's fruit stand with a limited amount of money to better understand the different types of costs that go along with the benefit of getting a piece of fruit. Students are then asked to look at four examples that don't involve money and identify some costs involved with the decision as well as the benefits of the decision from each opportunity. Students are then asked to do some writing to come up with examples of their own regarding the four types of opportunity cost/benefit situations a person can be in.

An answer key is not provided for this activity because the answers will vary based on each student's interpretation of each scenario.

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Total Pages
8
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Not Included
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N/A

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Opportunity Cost and Opportunity Benefit - Introductory Ec
Opportunity Cost and Opportunity Benefit - Introductory Ec
Opportunity Cost and Opportunity Benefit - Introductory Ec
Opportunity Cost and Opportunity Benefit - Introductory Ec