CONTENT STATEMENT
- Making decisions involves weighing costs and benefits.
CONTENT ELABORATION
Students understand that there are costs and benefits associated with each personal decision.
A cost is the alternative given up as the result of a decision. A benefit is that which is received as an improvement or advantage as the result of the decision.
This foundational skill builds to making financial decisions by systematically considering alternatives and their consequences.
Students also understand that the cost of a decision is not always monetary.
EXPECTATIONS FOR LEARNING
Evaluate the costs and benefits of an individual economic decision.