Lesson Objective: At the completion of this lesson, students will understand the meaning of scarcity and opportunity cost. Students will explain how scarcity and opportunity cost affects decisions made by households, businesses, and governments. Supplies NeededStudent Handout 1The Cost of Your Future (1 per student) (found in Task 3)Student Handout 2Scarcity and Opportunity Cost Quiz (1 per student) (found in Task 7)Student Handout Answer Key 2Scarcity and Opportunity Cost Quiz (found in "Resource Library")Teacher Resource 1Dingell hosts community round table on higher education (found in "Resouce Library")Video 1Gangnam Style (4:12) (found in Task 1)Video 2EconEdLink Opportunity Cost (found in Task 2)Video 3Four Years to Broke: The Real Cost of College (6:06) (found in Task 4)Video 4Production Possibilities Curve- Econ 1.1 (found in Task 5) References “Dingell Hosts Community Round Table on Higher Education.” The Michigan Daily. N.p., 9 Apr. 2015. Web. 19 Apr. 2015. EconEdLink: Council for Economic Education. (n.d.). Economic Glossary. Retrieved from http://www.econedlink.org/economic-resources/glossary.php and http://www.econedlink.org/interactives/index.php?iid=190 EconEdLink: Council for Economic Education. (n.d.). "Opportunity Cost." Opportunity Cost. EconEdlink, n.d. Web. 19 Apr. 2015. Ferguson, Lisa. “4 Years to Broke: The Real Cost of College.” YouTube. YouTube, 30 Apr. 2014. Web. 19 Apr. 2015. G.S. and G.D. (2014, June 3). “The Hidden Cost of Gangnam Style.” Retrieved from http://www.economist.com/blogs/graphicdetail/2014/06/daily-chart-1 MBA dictionary. (n.d.). Retrieved November 15, 2014, from MBAResearch and Curriculum Center “PSY-Gangnam Style (Official Music Video).” YouTube. YouTube, 23 Oct. 2012. Web. 19 Apr. 2015.
- Subject:
- Career and Technical Education
- Economics
- Marketing, Management and Entrepreneurship
- Material Type:
- Lesson Plan
- Author:
- MBA Research and Curriculum Center
- Date Added:
- 05/18/2018