UNIT 1: LESSON 2

GIVE AND TAKE

INTRODUCTION
Often decisions result in trading off some of one thing to get some of another. This lesson introduces the idea of trade-offs and provides practice in analyzing options before making decisions.

ECONOMIC CONCEPTS
Choice Opportunity cost Alternatives Trade-offs

RELATED CONTENT AREAS

Mathematics
Charts and graphs
Use of calculators

OBJECTIVES

  • Define opportunity cost.
  • Identify alternatives.
  • Explain that a trade-off involves giving up some of one thing to get some of another.
  • Analyze trade-offs.

LESSON DESCRIPTION
After reading about a problem, students identify alternative solutions, trade-offs made in choosing each alternative, and the opportunity cost of selecting each option. Students describe trade-offs and create a graphic to rep-resent alternatives and trade-offs.

TIME REQUIRED

  • Two class periods

MATERIALS

Visual 1, Basketball Dilemma, and 2, Basketball Options
Calculator for every 2­3 students Overhead pens
Markers for each group
Newspaper ads for food and other items and
 Activity 1, Options, for each student

PROCEDURE
1. Explain that sometimes decisions result in giving up some of one thing to get some of another thing. This is called a trade-off.
2. Display transparency of Visual 1 and ask students to identify the problem in this situation. (The main gym is available only for 8 hours but the students will play 20 basketball games.) Explain there are two obvious choices. The students could use all 8 hours for girls' games or all 8 hours for boys' games.
3.

Ask students to identify other options. List these on the board.
(4 hours for girls, 4 hours for boys; 6 hours for girls; 2 hours for boys, 6 hours for boys, 2 hours for girls; 3 hours for boys, 5 hours for girls; 3 hours for girls, 5 hours for boys; and so on.) Select a student and discuss:

  • If you were making this decision, what option would you choose? (Answers will vary but use one student's answer as an example.)
  • What would your second choice be? What do we call this second choice? (opportunity cost)
  • Does choosing this option result in any trade-offs? (Yes, you give up being able to play some boys' (girls') games in order to play some girls' (boys') games.)
4. Display transparency of Visual 2. Discuss sample charts and keys. Using the blank box on the transparency, demonstrate another option.
5. Divide the class into groups of 2­3 students. Distribute calculators and markers to each group. Ask students to illustrate as many options as they can and determine the percent of time in the large gym allotted to each group. They may use squares, circles, or rectangles

 

CONTINUE

all students - basic course material average and above average studentsaverage and below average students