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FRIDAY

FRIDAY. Please get out your key terms (16, 17, 25, 26) Recap!? Trade-Off, Opportunity Cost, Cost of Trade Offs, Sunk Costs Balancing Trade Offs & Opportunity Costs A fancy way of saying, “ W hat are the pros & cons?”. This vs. That. Go to College vs. Work as a Mechanic after High School

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FRIDAY

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  1. FRIDAY • Please get out your key terms (16, 17, 25, 26) • Recap!? • Trade-Off, Opportunity Cost, Cost of Trade Offs, Sunk Costs • Balancing Trade Offs & Opportunity Costs • A fancy way of saying, “What are the pros & cons?”

  2. This vs. That • Go to College vs. Work as a Mechanic after High School • Play a Varsity Sport vs. Take AP Classes • Work Your Way Up to a CEO vs. Inheriting a Major Business • Working to Save a Relationship vs. Breaking Up & Starting All Over • Living at Home/ Commuting While in College vs. Living on Campus • Be Poor at a Job You Love vs. Be Rich at a Job You Hate • Be the Worst Player on the Best Team vs. Be the Best Player on a Mediocre Team • Eat Healthy vs. Exercise Regularly • Spend $1,000,000 vs. Save $1,000,000 • Own an Amazing Car & Mediocre House vs. Own an Amazing House & Mediocre Car • Have 2 Best Friends vs. Have 20 “Not-Best” Friends • Be Physically Handicapped vs. Mentally Handicapped • Move Far Away for a Potential Job vs. Pass-Up a Potential Job to Stay Near Loved Ones • Be Married & Have No Children vs. Get Divorced but Have 2 Children • Make a Ton of Money at Once & Budget it for 10 Years vs. Gradually Increase Your Income Over 10 Years • Raise Your Kids with Protection (based on your mistakes) vs. Raise Your Kids without Blinders • Attend A Huge College/ University vs. Attend A Private College/ University

  3. Balancing Trade Offs & Opportunity Costs What Does it Mean to YOU?* this mini project is worth 30 points! *Your Diagram/ Visual Must Include: • Your Trade-Offs (_____vs_____) • Name • Map Layout (see model) • Key (see model) • AT LEAST 20 total positive outcomes • AT LEAST 20 total negative outcomes • AT LEAST 5 images/ pics per side (10 total) • Your priority/ your opportunity cost (see model)

  4. Possible Choice KEY Finish Grad School vs. Save Money Your Trade Offs Positive Outcome Negative Outcome Discover a new career path Kids will enjoy lessons more ??? Meet new people/ teachers Use the extra time for friends/ family Have more $$ now for teaching supplies/ clothes Spend less time with friends/ family ??? SAVE MONEY GRAD SCHOOL ??? ??? Get my masters Spend $$ I don’t have Eventually earn less $$ Apply for a loan Get another job Become less marketable/ competitive for jobs Get denied Get accepted Eventually earn more $$ ??? ??? Your Priotity: Grad School Your Opportunity Cost: Saving Money

  5. Possible Choice KEY Finish Grad School vs. Save Money Your Trade Offs Positive Outcome Negative Outcome Discover a new career path Kids will enjoy lessons more ??? Meet new people/ teachers Use the extra time for friends/ family Have more $$ now for teaching supplies/ clothes Spend less time with friends/ family ??? SAVE MONEY GRAD SCHOOL ??? ??? Get my masters Spend $$ I don’t have Eventually earn less $$ Apply for a loan Get another job Become less marketable/ competitive for jobs Get denied Get accepted Eventually earn more $$ ??? ??? Your Priotity: Grad School Your Opportunity Cost: Saving Money

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