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Dynamic Decision Making
Source: Council for Economic Education (EconEdLink) | Type: Lesson
Students will be introduced to the PACED Model and learn to use the parts of the model-- Problem, Alternatives, Criteria, Evaluation, and Decision -- in solving problems and making decisions. They will practice using the model in decisions about meals and career possibilities.
Grades:
Concepts:
- Cost/Benefit Analysis
- Decision Making
- Opportunity Cost
Standards:
- Economics 1: Scarcity
- Economics 2: Marginal Cost/Benefit
Related Resources:
Reviews
This lesson was written for elementary, but it worked great with my middle school students. They could learn about decision making by deciding what to eat at fast food restaurants all of them are familiar with.
The career aspect was a little difficult for the younger students and the extension activities may be difficult reading for the stated age group, but again 5-7th grade did well with it.
I like to use this both individually and as a whole group by introducing the PACED model and then allowing the students to use the links for research and then coming back together as a whole group to complete the model or talk about why they made the decision they did.
Real Life Application! August 19, 2008