Financial Literacy Daily Quote

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Q² Literacy The basic economic problem is the issue of scarcity. Because resources are scarce but wants are unlimited, people must make choices. This lesson showcases the most important concept in macroeconomics, which is the concept of opportunity cost. Very simply, everyone has the same amount of hours in a day, but we all make different decisions about what we do, what we choose to buy, and how we spend our time. What determines these choices? Opportunity cost does. Using a Cornell Notes template, Develop questions, annotate notes, and summarize this text.

PWBAT understand and explain the concepts related to; Today’s Objective PWBAT understand and explain the concepts related to; Opportunity Cost

Your name Fordham Opportunity Cost Aug. 29, 2017 Based on the video, design your own essential question. 1. What Is a Opportunity Cost? 2. Why is learning Opportunity Cost important to understand? 3. You design your own question… 4. You design your own question… Use YOUR professional header, and copy exactly what you see to your Cornell Note sheet (except what’s in “red”).

Let’s Go Video Take out Cornell Notes template in packet, and annotate and summarize video .

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The Skinny A quick overview

The basic economic problem is the issue of scarcity The basic economic problem is the issue of scarcity. Because resources are scarce but wants are unlimited, people must make choices.

Everyone has the same amount of hours in a day, but we all make different decisions about what we do, what we choose to buy, and how we spend our time. What determines these choices? Opportunity cost does.

Choices = Money = Value Every time you make a choice, there is a certain value you place on that choice. You might not know it or think about it, but every choice has a value to you. When you choose one thing over another, you're saying to yourself, I value this more than another choice I had.

or The opportunity cost of a choice is what you gave up to get it. If you have two choices - either an apple or an orange - and you choose the apple, then your opportunity cost is the orange you could have chosen but didn't. You gave up the opportunity to take the orange in order to choose the apple. In this way, opportunity cost is the value of the opportunity lost.

1. Assume that you have two hours to spend at the mall 1. Assume that you have two hours to spend at the mall. You can either visit the bookstore or enjoy a movie at the theater. The opportunity cost of watching a movie is equivalent to which of the following? 2. Assume that land can be used either for producing corn or producing beef. The opportunity cost of converting an acre from producing corn to raising cattle for beef is equal to which of the following? 3. During the time Mary spent studying macroeconomics, she could have instead either made brownies or played the piano. She thinks to herself that if she wasn't studying, then she would have made brownies. In this case, her opportunity cost of studying is equal to which of the following? Opportunity Cost Write your answers in “notes” section as a complete sentence using precise language 4. Which of the following best describes opportunity cost? 5. Josie decided to go to college full-time instead of working. Which of the following is the opportunity cost of going to college for Josie? Quiz

Assume that you have two hours to spend at the mall Assume that you have two hours to spend at the mall. You can either visit the bookstore or enjoy a movie at the theater. The opportunity cost of watching a movie is equivalent to which of the following? a. The time it takes to walk from the parking lot to the movie theater. b. The time you could have spent visiting the bookstore. c. The time you spent watching the movie. d. The cost of the movie ticket.

Assume that land can be used either for producing corn or producing beef. The opportunity cost of converting an acre from producing corn to raising cattle for beef is equal to which of the following? The amount by which corn production decreases. b. The profits created by the extra beef production. c. The market value of the extra beef. d. The amount of beef produced.

During the time Mary spent studying macroeconomics, she could have instead either made brownies or played the piano. She thinks to herself that if she wasn't studying, then she would have made brownies. In this case, her opportunity cost of studying is equal to which of the following? The cost of the ingredients needed to make brownies. The value of playing the piano. The amount of time Mary spent studying. The value of making brownies, which is her next best alternative.

Which of the following best describes opportunity cost? How much you have to pay for the opportunity you choose. How much better off you are because you made a decision. The value to you of the next best (alternative) action you could have taken. The dollar value of the decision you made.

Josie decided to go to college full-time instead of working Josie decided to go to college full-time instead of working. Which of the following is the opportunity cost of going to college for Josie? The income she would have earned by working. The income she will earn in the future for being a college graduate. The final benefit of graduating from college. The cost of college tuition.

What to Do? Prepsters- When I say “go”, you have 8 seconds at voice level zero, to… Flow your quizzes… Go

What to Do? Prepsters- When I say “go”, you have 12 seconds at voice level zero, to… Flow your study packet… Go

Financial Literacy Daily Quote