Alternative Choices — Understanding Opportunity Costs

Overview:

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.

NBEA Standard(s):
  • Economics, I. Allocation of Resources
  • Personal Finance, I. Personal Decision Making

Lesson Plan Details:

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