Economics · Week 2 · Scarcity, Choice, and Markets

The Cost of Every Choice

Calculating opportunity cost and marginal benefit, then using the same reasoning to weigh one real decision about how to spend an afternoon.

Responsible decision-makingGrade 12About 20 minutesGrade 12, one semester

Open this activity All Economics activities

Students will: Students define opportunity cost and use marginal benefit and marginal cost to decide how many hours to study.
SEL skill: Weigh the benefit and cost of a choice before deciding
What it looks like: Students practice weighing consequences before a decision and choosing the option with the best result.
Content focus: The cost of every choice
Format: Partner exchange

Responsible decision-making

Responsible decision-making means making caring, constructive choices by thinking about ethics, safety, and consequences. More responsible decision-making activities

What you get

A teacher guide with what to say, step by step, plus student pages and a supports page for students with diverse learning needs, including those with IEPs. Print or Project it, or assign it in Google Forms and Google Docs for Google Classroom. Your first 10 activities are free.

Standards

12.1.2: CA History Social Science Content Standard, Grade 12: Principles of Economics (standard 12.1, item 2)
CA HSS Analysis Skill: HI6 Conduct cost benefit analyses and apply basic economic indicators to analyze the economy. (Historical Interpretation)
C3 Framework (national): D2.Eco.2.9-12 Use marginal benefits and marginal costs to build an argument for or against a solution to an economic issue.
Literacy in history: RH.11-12.7 Integrate quantitative or technical analysis, such as charts and maps, with information in a text.

Fits these textbook chapters

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When Prices Are Capped Responsible decision-makingExamining the intended and unintended effects of price controls such as rent control through the views of several economists, and pausing to separate feelings from evidence.
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