Edlt 580 hcruz 2.2a lms

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Information about Edlt 580 hcruz 2.2a lms
Education

Published on February 24, 2014

Author: hamcruz

Source: slideshare.net

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For educators who are looking for interesting ways to upload content.

Scarcity, Choice, and Opportunity Cost Teaching economic concepts

What is opportunity cost?

Scarcity, Choice, and Opportunity Cost Opportunity Cost: The second-best alternative (or the value of that alternative) that must be given up when scarce resources are used for one purpose instead of another.

What is Dilbert’s opportunity cost?

Time of your Life - Green Day The lyrics in this songs can assist learners in understanding the economic concepts like opportunity cost. Click on the title to play the song.

Prof. Opportunity Cost Interviews This video can also assist learners in understanding opportunity cost. Click on the title to play the video.

Activity This activity is used to reinforce the concept of opportunity cost. The value of time is often under-appreciated. Consider the true cost of traveling from Las Cruces to San Francisco, CA by plane or by bus. How do we need to answer this problem?

Determining the Opportunity Cost The financial cost of the plane ticket ($400) versus the bus ticket($200). The bus is cheaper so does this mean taking the bus is the right decision?

Determining the Opportunity Cost The financial cost of the plane ticket ($400) versus the bus ticket($200). The bus is cheaper so does this mean taking the bus is the right decision?

Determining the Opportunity Cost The time spent traveling (each way) – 4 hours (plane) versus 24 hours (bus) The value of a person’s time - $8/hour Should they take the plane or the bus?

Determining the Opportunity Cost Plane Bus Tickets $400 $200 Time/hr +8 + 48 Value/hr. X8 X8 $64 $384 $464 $584 Total O. C.

Think – pair – share Partner listing next slide. In the previous example suppose that you did not know the value of the person’s time. 1. Find the pay/hour that makes the plane and bus travel equally attractive (hint: knowing a little algebra might help). 2. Contact your partners through Skype or another mutually agreed upon method. Solve the problem. Show all steps.

Think – pair – share Partner listing next slide. Next … 3. Create a similar problem for determining opportunity cost. Find the number that makes both alternatives equally attractive. Submit together on the discussion board with the first problem. 4. Answer at least two other of your classmates problems.

Pair partners (for illustrative purposes only) 1 2 3 Bustillos & M. Cruz Fort-La Victorie & Lyons Moraveg & Quintana Buynar & Davis Larios & Moraveg Rinkels & White Christian & Eidemiller Lyons & Murphy Schaub & Williams Elder & Kirkpatrick Mancera & Nagel Stiles & Wilson Flowers & Larios Martin & Powers Bussmann & Veazey

References Lawrence Economic Blog. (2011). Dilbert and the opportunity cost of time. Retrieved from http://blogs.lawrence.edu/economics/2011/10/dilbert-and-theopportunity-cost-of-time.html Mateer, D. (2011). Office hours: The opportunity cost of seeing President Obama. Retrieved from https://www.youtube.com/watch? v=MQfxVGcuOj4 Mateer, D. (2014). Opportunity cost: what you would be doing if you weren’t doing this! Retrieved from http://dirkmateer.com/topic/Opportunity+Cost ORoark, B. (n.d.). Time of your life – Green Day. Retrieved from https://www.youtube.com/watch?v=MQfxVGcuOj4

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