Utility, Trade-offs, & opportunity cost
TKO (To know objectives)
- Analyze how incentives influence choices that may result in policies with a range of costs and benefits for different groups.
- Students will explain how scarcity necessitates decision making.
- Students will identify positive and negative incentives that influence the decisions people make.
- Students will evaluate how decisions are made in different economic models.
- Use marginal benefits and marginal costs to construct an argument for or against an approach or solution to an economic issue.
- Students will identify the benefits and costs of making various personal decisions.
Group Activity: why did the cashier let biff henderson eat all the free mints?
Tuesday- Analyzing opportunity costs