Introduction to Trade-Offs and Opportunity Costs- Grace Heckendorn

Monday, January 25th, 2021

CTE 418 Spring 2021

Introduction to Trade-Offs and Opportunity Costs

Pre-Work
Students will watch these two videos:
https://youtu.be/x-hYzRncxTc
https://youtu.be/Pa0VAmBXpGo

Standards
9-12.E.3.1.1 Apply the concepts of supply and demand, scarcity, and opportunity costs, and explain their implications in decision making. Idaho
Social Studies
9-12.E.3.1.4 Describe the factors of production. Idaho Social Studies

Objectives
SWBAT understand what a trade-off is.
SWBAT understand what an opportunity cost is.
SWBAT differentiate between an opportunity cost and a trade-off.

Outcomes
Students will have completed Opportunity Cost Worksheet- to be used for reference/notes later.
Students will have also completed the Google Form assigned to them as an exit ticket.

Teaching Plan (Block Schedule- 90 minutes)

Review videos and answer questions (5 minutes)
Possible Student questions:
Is the difference between trade offs and opportunity costs just with time and money?
Can something function as both an opportunity cost and a trade off?
Present slides on Opportunity Costs, Trade-Offs and Incentives (60-70 minutes with questions from students)
Slides 1&2: approx. 2 minutes
Slide 3: Give yogurt example- 2 minutes
Slides 4&5: Answer questions on notes- 5 minutes
Slide 6: YouTube video- 1 minute
Slide 7: 2 minutes to create own example (for exit ticket)
Slides 8&9: 2 minutes for definition, 2 minutes for coming up with their own examples of incentives
Slide 10&11: 2 minutes for definition
Slides 12-14: Introduce the Timmy situation. 2 minutes
Slides 15-19: Use whiteboard space to have students write out what Timmy's cost-benefit analysis could be, incentives, opportunity
costs and trade offs are. (15 minutes)
Slide 20-22: Pass out decision making grid worksheet for reference (copy of slide 20) Have students make their own decision making
grid for after graduation- 10 minutes
Slide 23: 2 minutes for definitions
Slides 24-28: 10 minutes for PPC graphs
Slides 29&30: "Guns vs. Butter" only if time permits- 5-10 minutes
Hand out Opportunity Cost Worksheet (15-20 minutes. If not finished when class ends, it is homework)
Send out Google Form (during the last five minutes of class- to be done as an exit ticket or as homework if not done in class)
Assessment
I landed on doing a Google Form (listed below in materials) for the assessment because its quick, easy and gives me immediate feedback, as well
as allows students to quickly and efficiently demonstrate their understanding of the lesson.

Materials
Google Form: https://docs.google.com/forms/d/e/1FAIpQLSfPNgALkho7KBdJzAwrPczR5sQO4UyoNg2Zrz1qFxnQon-fUw/viewform?usp=sf_link
Quizlet for vocab from lesson: https://quizlet.com/_4vq21e?x=1qqt&i=10q8hc
Opportunity cost worksheet.pdf
Opportunity Cost (2).pptx

Reflection
This lesson plan is more of a lecture style lesson plan due to the closely related nature of the three concepts discussed. I also feel like this lesson
plan is fairly bare bones and like it could use more meat, so to speak, but because the PowerPoint is fairly long and will dominate the majority of
the time in class, I don't feel like there is much else I could have added. Due to the lecture style of the lesson, there isn't much flexibility
designed into the actual time frame, but given that there is always a possibility that one class will take longer to get through material than
another, I don't think I could have added more and expected to get through all of it with every section.

This lesson takes place during the introductory unit, during the week on Opportunity Costs, Trade-Offs and Incentives. I chose to do this
particular lesson because I know that when I was first learning economics, these terms felt interchangable at times, though they very clearly
aren't. I also didn't want to overload the students as this is still the introductory unit.