Scarcity and Cost Benefit Analysis Simulation

Scarcity and Cost Benefit Analysis Simulation
Scarcity and Cost Benefit Analysis Simulation
Scarcity and Cost Benefit Analysis Simulation
Scarcity and Cost Benefit Analysis Simulation
Scarcity and Cost Benefit Analysis Simulation
Scarcity and Cost Benefit Analysis Simulation
Scarcity and Cost Benefit Analysis Simulation
Scarcity and Cost Benefit Analysis Simulation
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PDF

(114 KB)
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Standards
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Economics is the study of how people make choices in a world that has unlimited wants, but limited supply. At the beginning of Economics, students are taught concepts such as scarcity, opportunity costs, trade-offs, and cost-benefit analysis. All concepts that are abstract and depend on choices. In this two day simulation, students are able to see hands-on these abstract concepts in play and in a career that is plausible for their future. This can be done individually, partners, or in groups. I complete this assignment in Google Classroom. It may also be done on lined paper or as a printed worksheet depending on your school's technology levels.

Log in to see state-specific standards (only available in the US).
Integrate and evaluate multiple sources of information presented in diverse formats and media (e.g., visually, quantitatively, as well as in words) in order to address a question or solve a problem.
Respond thoughtfully to diverse perspectives; synthesize comments, claims, and evidence made on all sides of an issue; resolve contradictions when possible; and determine what additional information or research is required to deepen the investigation or complete the task.
Develop claim(s) and counterclaims fairly and thoroughly, supplying the most relevant evidence for each while pointing out the strengths and limitations of both in a manner that anticipates the audience’s knowledge level, concerns, values, and possible biases.
Write arguments to support claims in an analysis of substantive topics or texts, using valid reasoning and relevant and sufficient evidence.
Total Pages
N/A
Answer Key
Does not apply
Teaching Duration
2 days
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