Bringing It All Together: Using the concepts of scarcity, utility, opportunity costs and risk to manage a car dealership
Submitted By:Michael Ryan Moore, University of Pennsylvania, GSE
Date:June 3, 2011
Subject(s):Economics, Personal Finance
Grade Level(s):9, 10, 11, 12
In this lesson, students will demonstrate their knowledge of scarcity, utility, opportunity costs and risk, by taking on the role of manager at a fictional car dealership. After reading the article “The Hard Sell: How to Market Products That Are No Longer Popular,” students will be given a specific dealership scenario. Based on their unique scenario, students will think about potential customers, their preferences and the risks of conducting business.