Unit 1.1: Scarcity, choice and opportunity cost (activities)
To be used in conjunction with the lesson plan Unit 1.1: Scarcity, choice and opportunity cost The basic economic question - defined as limited resources and unlimited wants. Opportunity cost - the cost or value of an economic decision in terms of the next best option foregone. Free goods - goods which are unlimited in supply have no opportunity cost. Examples might include fresh air, sea water in coastal areas or...