1. Economic Decision Making: Opportunity Cost Understand and explain opportunity cost Analyze real-world opportunity costs

2. Opportunity Cost Cost of the next best alternative use of money, time, or resources when making a choice Not just a dollars and cents issue… Think in terms of trade-offs/alternatives— every other decision you could have made instead –Studying for economics in class has its opportunity cost…

3. Act… With a partner, create a scenario where you needed to make an economic decision –Work or play –School or stay home –Friday night –Prom date Explain the decision, list the alternatives, explain your decision, explain opportunity cost Be prepared to share!