Monday, December 16, 2013

Wants/'Needs & Scarcity/Opportunity Cost

As we continue with our wants and needs unit we are starting to explore how choice is a part of wants and needs.  We are looking at how resources (whats available to us) have an opportunity to choose what is most important to us be it will cost us another choice.  We began talking today about how scarcity affects our ability to choose because of the higher cost often associated with scare items.  The children will be experimenting with these concepts all week and will required to make choices to identify their personal opportunity cost.

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