friday please get out your key terms (16, 17, 25, 26) recap!? – trade-off, opportunity cost, cost...

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FRIDAY • Please get out your key terms (16, 17, 25, 26) • Recap!? – Trade-Oﬀ, Opportunity Cost, Cost of Trade Oﬀs, Sunk Costs • Balancing Trade Offs & Opportunity Costs – A fancy way of saying, “What are the pros & cons?”

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Page 1: FRIDAY Please get out your key terms (16, 17, 25, 26) Recap!? – Trade-Off, Opportunity Cost, Cost of Trade Offs, Sunk Costs Balancing Trade Offs & Opportunity

FRIDAY• Please get out your key terms (16, 17, 25, 26)• Recap!?– Trade-Off, Opportunity Cost, Cost of Trade Offs, Sunk Costs

• Balancing Trade Offs & Opportunity Costs– A fancy way of saying, “What are the pros & cons?”

Page 2: FRIDAY Please get out your key terms (16, 17, 25, 26) Recap!? – Trade-Off, Opportunity Cost, Cost of Trade Offs, Sunk Costs Balancing Trade Offs & Opportunity

This vs. That• Go to College vs. Work as a Mechanic after High School• Play a Varsity Sport vs. Take AP Classes• Work Your Way Up to a CEO vs. Inheriting a Major Business• Working to Save a Relationship vs. Breaking Up & Starting All Over• Living at Home/ Commuting While in College vs. Living on Campus• Be Poor at a Job You Love vs. Be Rich at a Job You Hate• Be the Worst Player on the Best Team vs. Be the Best Player on a Mediocre Team• Eat Healthy vs. Exercise Regularly• Spend $1,000,000 vs. Save $1,000,000• Own an Amazing Car & Mediocre House vs. Own an Amazing House & Mediocre Car• Have 2 Best Friends vs. Have 20 “Not-Best” Friends• Be Physically Handicapped vs. Mentally Handicapped• Move Far Away for a Potential Job vs. Pass-Up a Potential Job to Stay Near Loved Ones• Be Married & Have No Children vs. Get Divorced but Have 2 Children• Make a Ton of Money at Once & Budget it for 10 Years vs. Gradually Increase Your Income

Over 10 Years• Raise Your Kids with Protection (based on your mistakes) vs. Raise Your Kids without Blinders• Attend A Huge College/ University vs. Attend A Private College/ University

Page 3: FRIDAY Please get out your key terms (16, 17, 25, 26) Recap!? – Trade-Off, Opportunity Cost, Cost of Trade Offs, Sunk Costs Balancing Trade Offs & Opportunity

Balancing Trade Offs & Opportunity Costs What Does it Mean to YOU?* this mini project is worth 30 points! *

Your Diagram/ Visual Must Include:

• Your Trade-Offs (_____vs_____)• Name• Map Layout (see model)• Key (see model)• AT LEAST 20 total positive outcomes• AT LEAST 20 total negative outcomes• AT LEAST 5 images/ pics per side (10 total)• Your priority/ your opportunity cost (see model)

Page 4: FRIDAY Please get out your key terms (16, 17, 25, 26) Recap!? – Trade-Off, Opportunity Cost, Cost of Trade Offs, Sunk Costs Balancing Trade Offs & Opportunity

Finish Grad School vs. Save MoneyPossible ChoicePositive Outcome

Negative Outcome

KEY

Your Trade Offs

GRAD SCHOOL SAVE MONEY

Get my masters

Spend $$ I don’t have

Apply for a loan Get another job

Get accepted Get denied

Spend less time with friends/

family

Meet new people/ teachers

Discover a new career path

???

Eventually earn more $$

???

???

???

Use the extra time for friends/ family

Eventually earn less $$

Become less marketable/

competitive for jobs

Have more $$ now for teaching supplies/ clothes

Kids will enjoy lessons more

???

???

Your Priotity: Grad SchoolYour Opportunity Cost: Saving Money

Page 5: FRIDAY Please get out your key terms (16, 17, 25, 26) Recap!? – Trade-Off, Opportunity Cost, Cost of Trade Offs, Sunk Costs Balancing Trade Offs & Opportunity

Finish Grad School vs. Save MoneyPossible ChoicePositive Outcome

Negative Outcome

KEY

Your Trade Offs

GRAD SCHOOL SAVE MONEY

Get my masters

Spend $$ I don’t have

Apply for a loan Get another job

Get accepted Get denied

Spend less time with friends/

family

Meet new people/ teachers

Discover a new career path

???

Eventually earn more $$

???

???

???

Use the extra time for friends/ family

Eventually earn less $$

Become less marketable/

competitive for jobs

Have more $$ now for teaching supplies/ clothes

Kids will enjoy lessons more

???

???

Your Priotity: Grad SchoolYour Opportunity Cost: Saving Money

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