Episode 36 of 60 · Financial Literacy: Cash Course
Making Economic Decisions
Grades 6th+
Economics · Government · Economics — Economics & Financial Literacy · Economics — Contemporary World Issues · Captions
About This Video
Economics is often called the “study of choice.” But how do you know what choices to make? In this episode of Cash Course, we’ll explore four ways to make economic decisions: opportunity costs, thinking on the margin, incentives, and ceteris paribus (“all things being equal”), to help your middle and high school students make well-rounded, informed choices that go beyond thinking about the price tag.
Standards Met in Ohio
- 7.E.19Grades 7thIndividuals, governments and businesses must analyze costs and benefits when making economic decisions. A cost-benefit analysis consists of determining the potential costs and benefits of an action and then balancing the costs against the benefits.
- CWI.9-12.11.lp.lGrades 9th, 10th, 11th, 12thEngage in choice/decision during activity
- EFL.9-12.3.aGrades 9th, 10th, 11th, 12thProvide examples of economic decisions based on a scenario involving the concepts of tradeoff, opportunity cost or scarcity.
- EFL.9-12.4.cGrades 9th, 10th, 11th, 12thIdentify an economic system.
- EFL.9-12.8.lp.hGrades 9th, 10th, 11th, 12thEngage in choice making.
- SS.7.19Grades 7thIndividuals, governments, and businesses must analyze costs and benefits when making economic decisions. A costbenefit analysis consists of determining the potential costs and benefits of an action and then balancing the costs against the benefits.
- SS.7.19.lp.aGrades 7thAcknowledge that costs must be subtracted from benefits in an economic decision.
- SS.7.19.lp.cGrades 7thIdentify an example of governmental economic decision.
- SS.7.19.lp.dGrades 7thIdentify an example of a business economic decision.
- SS.7.19.lp.hGrades 7thIdentify an example of a personal economic decision.
- SS.7.19.lp.jGrades 7thEngage in making a choice.