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Economic Choices and Decision Making

$$$. Economic Choices and Decision Making. $$$. Trade-Offs. Every decision has advantages and disadvantages. What offers the most advantages or satisfies the consumer the most?. Trade-Offs. Trade-Offs. What are the trade-offs for the knight? What are the advantages?

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Economic Choices and Decision Making

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  1. $$$ Economic ChoicesandDecision Making $$$

  2. Trade-Offs • Every decision has advantages and disadvantages. • What offers the most advantages or satisfies the consumer the most?

  3. Trade-Offs

  4. Trade-Offs • What are the trade-offs for the knight? • What are the advantages? • What are the disadvantages? Am I that boring?

  5. Trade-Offs What are the trade-offs for the prisoner?

  6. Opportunity Cost • Does not always mean dollars and cents. • Can be time, money, or resources.

  7. Opportunity Cost Summer Job Computer manufacturer $10.25/hr. Landscaping company $8.65/hr. Knows no one there. Mostly adults. Work everyday with 3 of best friends. What is the opportunity cost in a 40 hour week?

  8. Opportunity Cost Opportunity Cost

  9. Opportunity Cost What is the opportunity cost for switching to methane?

  10. Economic Choices

  11. Economic Choices The king faces a trade-off between crops and catapults. What is the opportunity cost of obtaining two or more catapults?

  12. Economic Choices Always remember that in a free enterprise system, the emphasis is on the individual and their economic rights, responsibilities, and choices.

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