Economic Choicesand

Decision Making

Trade-Offs

• Every decision has advantages and disadvantages.

• What offers the most advantages or satisfies the consumer the most?

Trade-Offs

• What are the trade-offs for the knight?

• What are the advantages?

• What are the disadvantages?

Trade-Offs

Trade-Offs

What are the trade-offs for the prisoner?

Opportunity Cost

• Does not always mean dollars and cents.

• Can be time, money, or resources.

Summer Job

Computer manufacturer $10.25/hr.

Landscaping company $8.65/hr.

Opportunity Cost

Knows no one there.

Mostly adults.

Work everyday with 3 of

best friends.What is the opportunitycost in a 40 hour week?

                                                                                                                                                                             

                                           

Opportunity CostOpportunity Cost

What is the opportunity cost for switching to methane?

Opportunity Cost

Economic Choices

The king faces a trade-off between crops and catapults.

What is the opportunity cost of obtaining two or more catapults?

Economic Choices

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

Economic Choices