Episode 8, Segment 1: The PPF Illustrates Scarcity and Opportunity Cost

This Episode 8, Segment 1: The PPF Illustrates Scarcity and Opportunity Cost video also includes:

Decisions, decisions ... how do people make up their minds? Scholars research the concepts of scarcity and opportunity cost as they view a short video describing the basis behind making choices based off of availability and price. Research helps scholars see that each decision comes with a consequence, but not all consequences are negative. So, going with option A instead of option B still has value—while understanding you can't do both at the same time.

3 Views 4 Downloads
CCSS: Adaptable
Instructional Ideas

  • To demonstrate how scarcity impacts demand, hold a candy bar up and ask who would like a bite to show how scarcity impacts demand
  • Role play a scenario giving individuals multiple options and have them make a choice to represent opportunity cost
Classroom Considerations

  • Video lesson is the first segment in a three-part set for episode eight of a 10-part series
Pros

  • Lesson differentiates instruction with video, podcast, and written transcripts
  • Teacher materials are available through the Econ Lowdown Teacher Portal
Cons

  • None