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Transcript of Scarcity
Must Make Decisions
The Cost Of Deciding
Social Studies Grade 3: Economic Strand, Scarcity
Iris has only $10.00, she wants both a doll and a pet fish. She only has enough money for one or the other. Iris chooses to buy a pet fish. What is the opportunity cost of this choice?
What's the Opportunity Cost?
When you make a decision to do one thing over another, you give up the value of the next best choice you did not pick.
When you make a decision to do one thing over another, you give up the value of the choice you did not pick.
Because of scarcity, individuals must make decisions
Resources that are in limited supply
16. Individuals must make decisions because of the scarcity of resources. Making a decision involves an opportunity cost, the value of the next best alternative given up when an economic choice is made.
Scarcity and Opportunity Cost
Turn to your neighbor and share your experiences.
When have you experienced scarcity?
You can either do your homework or play outside.
By: Miss Cole
All individuals might not have access to a resource
An individual may have to decide between
Example: You can either do your homework or play outside. If you choose to do your homework and not play outside, you have given up the fun you would have had in playing outside. If you instead choose to play outside, you have given up the learning you would have gained in doing your homework.
The value of the choice not chosen is called the opportunity cost
If you choose to do your homework and not play outside, you have given up the fun you would have had playing outside. The fun you would have had playing outside is the opportunity cost.
If you instead choose to play outside, you have given up the learning you would have gained from doing your homework. The learning you have given up is the opportunity cost.
Can you think of any other examples?
Think on your own and then turn and share with your neighbor.
What are some opportunity costs of the Once-ler's decision to chop down truffula trees to make his Thneeds?
Turn to your neighbor and share.
What is the scarce resource discussed in this video?