หัวข้อที่มักสอนในช่วงประมาณชั้นปีที่ 6 · Ages 11–12 · about 10 hours
Scarcity, choice and trade-offs
หน่วยWhat a choice costs, and why anybody trades. Scarcity and the choice it forces; trade-offs; opportunity cost as the next-best alternative given up and nothing wider; the same reasoning when the scarce thing is money and when it is time; money already spent irrecoverably, and why it does not change a forward-looking comparison; and one more rather than all or nothing. Then the production possibility table and the frontier drawn from it: the opportunity cost read off its slope, what a point inside and a point beyond it mean, and the difference between the whole frontier moving out and a move along the one you have. Finally, who gives up less, and what two producers gain by each doing what they give up least to do. Every model in it names the assumptions it rests on.
Take first: Wanting more than there is