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New paper titled: �Economic Decision Making��BW: What are some goals you have for this year?

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Intro

to

Economic

Decision

Mak

ing

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https://youtu.be/jane6C4rIwc?t=186

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The Cat only grinned when it saw Alice. It looked good-natured, she thought: still it had VERY long claws and a great many teeth, so she felt that it ought to be treated with respect.

 

'Cheshire Puss,' she began, rather timidly, as she did not at all know whether it would like the name: however, it only grinned a little wider.

 

'Come, it's pleased so far,' thought Alice, and she went on. 'Would you tell me, please, which way I ought to go from here?'

 

'That depends a good deal on where you want to get to,' said the Cat.

 

'I don't much care where--' said Alice.

 

'Then it doesn't matter which way you go,' said the Cat.

 

'--so long as I get SOMEWHERE,' Alice added as an explanation.

 

'Oh, you're sure to do that,' said the Cat, 'if you only walk long enough.'

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Answer the following in complete sentences.

  

  1. What does this conversation tell you about the importance of goals?

​

  • Do you agree with The Cat that if you don’t have specific goals for your future it doesn’t matter what you do now? Why?

​

  • Alice tells The Cat she just wants to get SOMEWHERE. Is that enough of a goal for a young person to be successful? Why?

​

  • What does the last line tell us about working hard?

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https://www.youtube.com/watch?v=dKY2JkfPox4

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List all the decisions you’ve made today.�(hint: start with waking up)

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Consider:

Which of those decisions was the most important?

What were your options?

How did you decide?

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List all the decisions you’ve made in the last hour.

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The Economic �Decision-Making �Model

Goal/Decision

What do you want to accomplish?

Alternative 1

One option for accomplishing your goal.

Alternative 2

Another option for accomplishing your goal.

Choice

Your chosen alternative

Disadvantages

AKA costs

Advantages

AKA benefits

Disadvantages

AKA costs

Advantages

AKA benefits

Opportunity Cost

The alternative you didn’t choose

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The Economic �Decision-Making �Model

Purchase a new video game system

Xbox Series S

PlayStation 5

Xbox Series S (duh)

Not the most powerful, can’t play Ratchet and Clank

Own many games, GamePass, good controller, HALO, Bethesda games

Controller made for tiny hands, slow downloads, expensive games, no Elder Scrolls 6

Play exclusives like Ratchet and Clank, Horizon, kids will think I’m cool

PlayStation 5

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https://youtu.be/jane6C4rIwc?t=186

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The Economic �Decision-Making �Model

Decide whose life to save

Rachel

Harvey

Choice:

Harvey

Engaged to another dude, not particularly useful to the city

Known since childhood, have a crush on her

Could become a super villain if he loses Rachel, not marriage material

Helps me fight crime, important figure in the city, seems like an okay dude

Opp Cost:

Rachel

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The Economic �Decision-Making �Model

Do something after high school

Alternative 1

One option for accomplishing your goal.

Alternative 2

Another option for accomplishing your goal.

Choice

Your chosen alternative

Disadvantages

AKA costs

Advantages

AKA benefits

Disadvantages

AKA costs

Advantages

AKA benefits

Opportunity Cost

The alternative you didn’t choose

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You try it!

Think of a choice you need to make or will need to make soon. Complete the Economic Decision-making model for this choice.

The Economic �Decision-Making �Model

Goal/Decision

What do you want to accomplish?

Alternative 1

One option for accomplishing your goal.

Alternative 2

Another option for accomplishing your goal.

Choice

Your chosen alternative

Disadvantages

AKA costs

Advantages

AKA benefits

Disadvantages

AKA costs

Advantages

AKA benefits

Opportunity Cost

The alternative you didn’t choose