Day 22 Economics: Economic Choice and Opportunity Cost

Economic Choice and Opportunity Cost

Greetings!

Let’s talk a little more about opportunity cost and how it is different from economic choice. When you are making a decision about how to spend your money, there are usually multiple options. So when you finally do make the decision, there is something you spend your money on (the economic choice) and what you decided not to spend it on (the opportunity cost).

This happens on big and small economic decisions. A country who exports their cars might want to start importing better tires. So they have to make an economic choice about which tire company they want to buy their tires from to put on their cars. The tire companies they turn down would be the opportunity cost.

The activity you do today will be a small version of making an economic decision. So look over the vocabulary poster first. And then go to the activity to make your own decisions!

 

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Visual

Economic Choice alt tag.docx Download Economic Choice alt tag.docx

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Interactive

Slideshow to practice opportunity cost:

Click on the image below to have the chance to practice making choices when you narrow your options down to just two of them. Whatever you don’t choose is your opportunity cost. Each slide will ask you this, so you can answer out loud for practice!

 

Copy of Economic Choice.pptx Download Copy of Economic Choice.pptx 

 

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