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SITUATION:

SITUATION: Imagine that you are going on a trip & you have to pack things to bring with you. You will going away for 2 weeks & the weather where you are going is both hot & cold. (hot during the day & cold at night). You should plan to bring your favorite clothes & items. There is NO TV

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SITUATION:

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  1. SITUATION: • Imagine that you are going on a trip & you have to pack things to bring with you. You will going away for 2 weeks & the weather where you are going is both hot & cold. (hot during the day & cold at night). You should plan to bring your favorite clothes & items. There is NO TV where you are going. 2. Write down the (4) most important items you want to take with you?

  2. Now there is not enough of room in the car for you to take everything you want. Choose (2) things from the list of the four that you most want to keep with you; the other (2) have to be crossed off your list.

  3. Opportunity Cost By Ms Barucky (used with RHS agenda)

  4. Opportunity Cost • Opportunity cost is the term for the value of something given up in order to pursue something else. It is “the next best thing you would have chosen”. • You are experience an economic concept called “trade offs” • Ex: Book or Basketball (Christmas great example of trade offs) • Video

  5. Opportunity Cost • We all make choices. • Every choice has an opportunity cost. • Choices have consequences. What are some choices you made this morning? • One reason we make choices is because of scarcity. (defined as an insufficient supply of something)

  6. Scarcity • Because of scarcity we cannot have all the things we want. • Because of unlimited human wants/needs and limited goods, we all experience the problem of scarcity. • Activity Skateboard vs. Ticket to Fun Park Google Docs assignment (pass out little girl handout)

  7. Needs vs. Wants

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