This video teaches the concepts of Decision Making and Cost-Benefit Analysis. Decision making refers to the process by which rational consumers seeking their own happiness or utility will make choices. Cost-benefit analysis is a technique for deciding whether an action should be taken by comparing its benefits and costs.

Key Concepts

Choice, Decision Making, Economic Systems, Incentive, Opportunity Cost, Scarcity, Benefit, Costs, Decision-Making Grid

OTHER RELATED LESSONS

Trouble is Brewing in Boston - "Colonial Voices: Hear Them Speak"

It’s December 16, 1773 and many of the citizens of Boston are furious with King George’s new tax on tea. Young Ethan, a printer’s errand boy, has been given the task of conveying information concerning an upcoming protest meeting. As he makes his rounds through the city the reader is int...

Grades K-2, 3-5

Marketplace: Doing Business in Afghanistan

In May 2002, delegates from governments, international companies, and financial institutions met at a United Nations conference in Tehran to discuss the reconstruction of Afghanistan. Afghanistan's officials say that to create a viable economy and a stable society, the country must recreate basic...

Grades 6-8, 9-12

Toys for Me: A Lesson on Choice

Students encounter the concept of scarcity in their daily tasks but have little comprehension as to its meaning or how to deal with the concept of scarcity. Scarcity is really about knowing that often life is 'This OR That' not 'This AND That'. This lesson plan for students in grades K-2 an...

Grades K-2, 3-5

Be an Energy Saver

This lesson focuses on the scarce and nonrenewable nature of fossil fuels in order to stimulate student thinking about energy conservation. It emphasizes the fact that saving energy can be good for the wallet as well as the earth's future. Students play a memory game that challenges them t...

Grades 6-8, 9-12

Chevy Volt...It’s Electric!

The costs and benefits of owning an electric or hybrid car will be evaluated in this lesson. By reading and researching the history of the production of electric cars, the lesson allows students to understand how this market has developed. Specifically, the evaluation will focus on the Chevy Volt...

Grades 6-8, 9-12

INTERACTIVE TOOL REVIEWS

    Be the first to review this interactive tool!

    Add a Review