Understanding Utility: How Do We Allocate Resources?

Overview:

In this lesson, we will introduce students to the concept of utility. Using the article “Baseball’s Bottom Line: The Money Behind the Game,” we will look at how economists quantify choice. In particular, students will think abstractly about measuring satisfaction, preferences, and choice.

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

Lesson Plan Details:

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