Alternative Choices — Understanding Opportunity Costs
Submitted By:Michael Ryan Moore, University of Pennsylvania, GSE
Date:October 25, 2011
Subject(s):Economics, Personal Finance
Grade Level(s):9, 10, 11, 12
This lesson introduces students to the concept of opportunity costs. Using the Knowledge@Wharton High School article “How Much Did You Spend on Prom?” students will think about the value of mutually exclusive decisions. Students will examine their own utility as it relates to prom expenditures, listing the costs and benefits of multiple decisions.