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Opportunity Cost
Source: Council for Economic Education (EconEdLink) | Type: Lesson
Consumers are faced with tough choices because so many innovative and exciting products and services are available. Therefore, engraining a decision-making process that includes considering of opportunity cost is necessary to shape future consumer behavior.
Grades:
Concepts:
- Benefit
- Budget
- Choice
- Consumers
- Costs
- Decision Making
- Interest
- Interest Rate
- Investing
- Money
- Opportunity Cost
- Savers
- Savings
- Wants
Standards:
- Economics 1: Scarcity
- Economics 7: Markets - Price and Quantity Determination
- Economics 11: Role of Money
Related Resources:
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