This Episode 8, Segment 1: The PPF Illustrates Scarcity and Opportunity Cost video also includes:
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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.
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CCSS:
Adaptable
Concepts
Additional Tags
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
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