economic choices and decision making. trade-offs every decision has advantages and disadvantages....
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![Page 1: Economic Choices and Decision Making. Trade-Offs Every decision has advantages and disadvantages. What offers the most advantages or satisfies the consumer](https://reader035.vdocument.in/reader035/viewer/2022062800/56649e045503460f94af0d56/html5/thumbnails/1.jpg)
Economic Choicesand
Decision Making
![Page 2: Economic Choices and Decision Making. Trade-Offs Every decision has advantages and disadvantages. What offers the most advantages or satisfies the consumer](https://reader035.vdocument.in/reader035/viewer/2022062800/56649e045503460f94af0d56/html5/thumbnails/2.jpg)
Trade-Offs
• Every decision has advantages and disadvantages.
• What offers the most advantages or satisfies the consumer the most?
![Page 3: Economic Choices and Decision Making. Trade-Offs Every decision has advantages and disadvantages. What offers the most advantages or satisfies the consumer](https://reader035.vdocument.in/reader035/viewer/2022062800/56649e045503460f94af0d56/html5/thumbnails/3.jpg)
Trade-Offs
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• What are the trade-offs for the knight?
• What are the advantages?
• What are the disadvantages?
Trade-Offs
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Trade-Offs
What are the trade-offs for the prisoner?
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Opportunity Cost
• Does not always mean dollars and cents.
• Can be time, money, or resources.
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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?
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Opportunity CostOpportunity Cost
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What is the opportunity cost for switching to methane?
Opportunity Cost
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Economic Choices
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The king faces a trade-off between crops and catapults.
What is the opportunity cost of obtaining two or more catapults?
Economic Choices
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Always remember that in a free enterprise system, the emphasis is on the individual and their economic rights, responsibilities, and choices.
Economic Choices