Vocabulary
The Study of scarcity
Economics
List three trade-offs when you decide to have dog as a pet instead of a cat. (What perks from having a cat as a pet are you giving up?)
.Independent, Cleaner, Low Maintenance, etc...
List 2 cost and 2 benefits of participating in senior ditch day.
Cost: potentially getting in trouble, missing learning,etc...
Benefit: Get to go somewhere fun, no school, etc...
The idea of having unlimited wants with limited resources
Scarcity
List three trade-offs when you decide to go to grad nite instead of staying home (What perks from staying home are you giving up?)
Comfort, Saving Money, bed rotting, etc...
List 2 cost and 2 benefits of going to a music festival in the middle of the school year.
Cost: Money for the ticket, missing out on learning/potential exams, etc...
Benefit: creating new memories, seeing your favorite artists, etc...
What you give up when you make a choice
Trade-Offs
List three trade-offs when you choose to watch cable TV instead of Netflix. (What perks from watching on Netflix are you giving up?)
More variety, no commercials(depending), ability to rewind/pause, etc...
List 2 cost and 2 benefits of eating a dozen doughnuts to yourself.
Cost: sugar overload, potentially getting sick, etc...
Benefit: Instant sugar satisfaction, enjoying your potential favorite food in peace, etc...
Weighing (considering) the benefits of one choice against the costs
Cost-Benefit Analysis
List three trade-offs when you decide to go into the work force right after high school instead of going to college. (What perks of going to college right after high school are you giving up?)
Higher Learning, College Diploma, the ability to earn more money from a professional job, etc...
List 2 cost and 2 benefits of playing football.
Cost: more physical -> higher injury risk, risk of concussion, etc...
Benefit: the love of the game, playing with people you want to be around, etc...
List three trade-offs when you choose to play video games after school instead of doing your homework (what perks of doing your homework after school are you giving up?)
Finishing your work on time, practicing new learning skills, potentially study for a test, etc...
List 2 cost and 2 benefits of going to college right after high school.
Cost: Gonna be broke for 4 years, more homework, etc...
Benefit: Get to choose what you want to study, get to learn new skills towards a higher paying job, etc...