Submitted By:Michael Ryan Moore, University of Pennsylvania, GSE
Date:November 6, 2011
Subject(s):Economics, Personal Finance
Grade Level(s):9, 10, 11, 12
In this lesson, we will introduce students to the concept of opportunity costs. Using the article “Red Velvet Revolution: The Rise of the Cupcake Entrepreneur,” students will expand on their understanding of scarcity, looking at the value of mutually exclusive choices from a business perspective. In particular, students will think about opportunity costs from the customers’ perspective. Students will take on the role of business managers, thinking carefully about their target customers and those customers’ alternative choices.