Risks and Rewards: Dealing with Uncertainty


In this lesson, we will add the concept of uncertainty to our previous discussions of utility and opportunity costs. Using the article “Driver Alert: Car Insurance Will Cost You,” students will look at how economists model risk. In particular, students will consider risk by taking on the role of a small business owner, cataloguing potential business risks and enumerating ways to manage those risks.

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

Lesson Plan Details:

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