Junior Achievement Lesson 2.3 “Understanding the Cost of an Opportunity”
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Transcript of Junior Achievement Lesson 2.3 “Understanding the Cost of an Opportunity”
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Junior AchievementLesson 2.3
“Understanding the Cost of an Opportunity”
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Let’s review our vocabulary:
Quality:A level of excellenceQuality Business:A business that tries to meet its
customers’ needs through the process of continuous improvement and teamwork.
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Continuous Improvement:The ongoing evaluation and change of
processes, products, programs, and services to make them work better.
Profit:The income a business earns after all
the business expenses are paid.
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CEO (Chief Executive Officer):The person responsible for all aspects
of the business, such as overseeing the process of continuous improvement for the business.
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“It’s not hard to make decisions when you know
what your values are.”
-Roy Disney
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Do you agree with this statement? Why or why not?
Please write your response in the Daily Writing Prompt.
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What are some of the most important decisions that you will
be making in the future?
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Imagine you have been given a $25 mall gift card to purchase a
single item.
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What are two items that you would want to buy with your gift
card?
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What are two items that you would want to buy with your gift
card?
Now, you must choose between the two items. Which one would you chose?
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Remember:
A choice is the selection of one alternative instead of another
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Which item did you not choose?
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The item that you did not choose to buy is referred to as the
opportunity cost.
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Opportunity Cost:
The value of the next best alternative given up when a choice is made.
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When consumers make decisions about what to buy, they
experience opportunity cost.
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So Many Choices
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At JA BizTown, you will have the opportunity to be a producer and
a consumer.
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As a consumer, you will have the power to make many choices.
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As a consumer, you will have the power to make many choices.
Consumers make purchasing decisions based on their likes and interests.
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As a producer, you will compete for consumer business.
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