3. Gravity. 1st March 2015. View Unit 7 - Scarcity & Opportunity Cost Worksheet-1.docx from HISTORY A01 at South Sumter High School. Define scarcity, opportunity cost and trade-offs. Concepts of Scarcity And Choice - Economics Notes, Concepts of ScarcityScarcity refers to the condition of insufficiency where human beings are incapable to fulfill their wants in a sufficient manner. This activity includes: 1) This "Scarcity and Opportunity Cost" Activity includes 4 parts. Discussion and application of these concepts can help buil. Reading2. The opportunity cost of an action is what you must give up when you make that choice. Some of the worksheets for this concept are Grade two scarcity and choice, Scarcity choice and the production possibilities frontier, Resource scarcity game, Section basic 1 economic problem, Teachersguide, Unit 1 basic economic concepts, Unit 1 basic economic concepts, Unit 1 macroeconomics lesson 1. This vocabulary activity requires higher order thinking. Siga a gente nas redes sociais! 3. Part 4 requires studen, These guided inquiry worksheets and transcript activity coordinate with the first Crash Course Economics episode. 1. Identify the conditions that give rise to the eco-nomic problem of scarcity. 1) This "Scarcity and Opportunity Cost" Activity includes 4 parts. This lesson comes with vocabulary cards, individual, whole group, and partner practice pages. • A state has a limited number of acres of free land to build upon. Apply opportunity cost and trade offs in econ. The Invisible Hand of the Ticket Tout. Scarcity describes the condition in which our wants are greater than the resources available to (C) The opportunity cost of increasing production of Good A from two units to three units is the loss of two unit(s) of Good B. Get Free Access See Review. Scarcity describes the condition in which our wants are … O Parque. 5. ☄️ Instituto Orion Programas e Ações Conselhos Instituto Orion Economics: Scarcity, Choice, and Opportunity Cost. Identify the opportunity costs of various cours-es of action involving a hypothetical problem. Some of the worksheets for this concept are Grade two scarcity and choice, Scarcity choice and the production possibilities frontier, Resource scarcity game, Section basic 1 economic problem, Teachersguide, Unit 1 basic economic concepts, Unit 1 basic economic concepts, Unit 1 macroeconomics lesson 1. The next best thing that is not chosen is called a person’s opportunity cost. unit 1 economics › Verified 6 days ago A government can buy unlimited military and civilian goods if it is rich enough . A slideshow introduction for students learning about scarcity, and opportunity cost. The concept of scarcity, choice and opportunity cost can be shown in many ways, at different levels. 5. ☄️ Instituto Orion Programas e Ações Conselhos Instituto Orion Scarcity And Opportunity Cost Displaying top 8 worksheets found for - Scarcity And Opportunity Cost . Topics include supply and demand, consumers, producers, scarcity, opportunity cost, goods and services, interdependence, and resources (human, natural, capital). This activity includes: Teachers Pay Teachers is an online marketplace where teachers buy and sell original educational materials. Venezuela – fingerprinting as a rationing device. 2. Opportunity Cost: Definition & Examples Next Lesson . It is important to learn to make good economic choices, or decisions. FOR YOUR INFORMATION SCARCITY, OPPORTUNITY COST, AND TRADE 5 opportunity cost: cost of best alternative given up Scarcity means every choice involves a trade-off. Lesson 41: Marginal Benefit and Cost.Use examples and case studies to explain and evaluate the impact of marginal benefit and marginal cost of activity on choices and decisions. The worksheet goes over the concepts, allows students to include their own choices and guides them through step by step. In this economics worksheet, 12th graders respond to 15 multiple choice questions about production possiblities and opportunity costs. Scarcity and Opportunity Cost Scarcity: When there is a limited amount of a given resource Examples: • A government works with a limited budget. 1. If a city decides to build a hospital on vacant land it owns, the opportunity cost is the value of the benefits forgone of the next best thing which might have been done with the land and construction funds instead. Unit 1: Scarcity and Opportunity Cost. Therefore, people cannot have all the goods and services they want; as a result, they must choose some things and give up others. Some of the worksheets for this concept are Grade two scarcity and choice, Scarcity choice and the production possibilities frontier, Resource scarcity game, Section basic 1 economic problem, Teachersguide, Unit 1 basic economic concepts, Unit 1 basic economic concepts, Unit 1 … When all the pencils are gone, One pencil costs 15 cents. Due to scarcity, choices must be made. From scarcity opportunity cost worksheets to scarcity & choice videos, quickly find teacher-reviewed educational resources. After small-group work you might want to discuss the choices students made on this worksheet. Grade Two: Scarcity and Choice 3 Define the term “exchange.” When you exchange some-thing, you trade something for something else. Students will make economic decisions for their lemonade stand as they learn about scarcity, opportunity cost, supply & demand, and competition. Venezuela – fingerprinting as a rationing device. Displaying top 8 worksheets found for - Scarcity Tradeoffs Opportunity Cost. This assessment is worth 24 points and inc Using real world examples students will be able to explain how scarcity, choice, and opportunity costs affect decisions that households, businesses, and governments, This presentation uses a lemonade stand to teach important economic concepts! The opportunity cost of the decision to invest in stock is the value of the interest. The Merriam-Webster dictionary Aligned with common core. FOR YOUR INFORMATION SCARCITY, OPPORTUNITY COST, AND TRADE 5 opportunity cost: cost of best alternative given up Scarcity means every choice involves a trade-off. It begins with a colorful gr Write. cjbloomy. The concept of scarcity, choice and opportunity cost can be shown in many ways, at different levels. Opportunity cost is a direct implication of scarcity. 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Very effective for helping, Teaching economics can be difficult. Find scarcity lesson plans and teaching resources. Lesson 40: Scarcity and Opportunity Costs. This discussion is an introductory lesson plan to be used as a supporting class activity during instruction on the basics of economics. Scarcity, Choice, and Opportunity Costs in the Health Sector. Some of the worksheets for this concept are Grade two scarcity and choice, Scarcity choice and the production possibilities frontier, Resource scarcity game, Section basic 1 economic problem, Teachersguide, Unit 1 basic economic concepts, Unit 1 basic economic concepts, Unit 1 … Construct production possibilities curves from sets of hypothetical data. In this lesson students are introduced to the concept of economic growth through the story of human progress and changing standards of living over time. Scarcity And Opportunity Cost - Displaying top 8 worksheets found for this concept.. Opportunity Cost - Some Numerical Examples as a Worksheet. Many people are talking about the economy and giving their ideas on whether it'll get better sooner or later (or if at all). Found worksheet you are looking for? Displaying top 8 worksheets found for - Scarcity And Opportunity Cost. The Invisible Hand of the Ticket Tout. Learning about the economy and basic concepts protects us from irrationally panicking. Patient K- 6 Hours. 4. AP Microeconomics (Morton East High School) Key Concepts: Terms in this set (37) economics. PLAY. Every time someone makes a choice, there are other things that are not chosen. Video clips, historical examples and a mini-activity engage students in the discovery of the institutions that foster economic growth. Opportunity Cost - Some Numerical Examples as a Worksheet. Every choice has a cost (a trade-off). Scarcity, Opportunity Cost and the Production Possibilities Curve The basic economic problem is one rooted in both the natural world and in human greed. To download/print, click on pop-out icon or print icon to worksheet to print or download. Siga a gente nas redes sociais! It includes introduction activities as well as partner activities to help introduce the concept wth real life app, Overall goal: Engage students in a creative way with a real world problem while they apply their knowledge of scarcity, opportunity costs, trade offs and economic decision making. This product includes: 1. Also included in: Macroeconomics Course Activity Bundle (ACTIVITIES ONLY), Also included in: Macroeconomics Course Deluxe Bundle, Also included in: Economics BUNDLE | Presentations and Google Slides Activities, Also included in: Economics Basics Bundle - Distance Learning. There is No Such Thing as a Free Lunch What is Economics? Sounds like a good learning goal, right? Your download includes a complete student activity, teacher guide, and my com, Practice or Assessment Questions! Spell. The lesson looks at scarcity and choice and how resources are allocated. Construct production possibilities curves using hypothetical data. You can & download or print using the browser document reader options. Try this amazing Chapter 1 Section 2 Quiz (Opportunity Cost) quiz which has been attempted 2232 times by avid quiz takers. 4. Find scarcity opportunity cost lesson plans and teaching resources. 2. When you use an online resource or book, please … It includes real images and discussion questions to spark great conversat, Scarcity and Opportunity CostThe Economic ProblemThe worksheets are in Google Doc format and PDF format, making this a great resource for distance learning or in-class instruction. 11th August 2015. It is key that the answers are discussed in class since these concepts are fundamental to any kind of economic reasoning. Identify the opportunity costs of various cours-es of action involving a hypothetical problem. Begin the scarcity game. Another way to say this is: it is the value of the next best opportunity. Questions for students to interact with the, A nice lesson that covers the economic problem. In this activity, students will read news articles and blogs to discover and discuss what the economic concepts of scarcity, choices, incentives, and opportunity, Scarcity, Choice, and Opportunity Cost Lesson, Scarcity Activity: Refugee Rescue? 2. I have also included a Mars Bar utility task which will keep students engaged. Students look at the honey market and learn about scarcity and opportunity cost decisions. Lesson Abstract: Economics Worksheet #1 Scarcity, Direct Costs, Opportunity Costs, Law of Diminishing Returns Outcome: Define scarcity, direct cost, opportunity cost, law of diminishing returns Rubric: Rubric for Economics Worksheets and Discussions Answer the questions below by doing some research online and coming up with your own ideas. Scarcity And Opportunity Cost - Displaying top 8 worksheets found for this concept.. Are you getting the free resources, updates, and special offers we send out every week in our teacher newsletter? This resource encourages students to think deeper about these three foundational economic concepts. (D) This is an example of (constant / increasing / decreasing / zero) opportunity cost per unit for Good A. Patient D- 4 Hours. 01_cohen_ch01.qxp 4/17/09 9:48 AM Page 5 Give each student 15 cents. Scarcity; Opportunity costs and trade-offs; Scarcity is caused by having relatively unlimited wants but only limited resources; Scarcity requires people to make choices about using resources to satisfy wants; Opportunity cost is the highest valued alternative that is disqualified by choosing an option; All economic decisions involve opportunity costs Start your students off right by building their comprehension of scarcity and opportunity cost with this engaging and multi-faceted activity! Identify the conditions that give rise to the eco-nomic problem of scarcity. An introduction to the concepts of scarcity, choice, and opportunity cost If you're seeing this message, it means we're having trouble loading external resources on our website. For an individual, it may involve choosing the best from the choices available. One roadblock for many, though, is the lack of time. STUDY. Key Points: Whenever a choice is made, something is given up. I usually take parts 1 and 2 for a daily grade. Your download will. Start your students off right by building their comprehension of scarcity and opportunity cost with this engaging and multi-faceted activity! Opportunity Cost: Definition & Examples Next Lesson . Part 3 requires students to come up with 3 to 6 different categories, and categorize each of the vocabulary words. Enjoy! Apply scarcity and opportunity cost to a num-ber of everyday situations. Created by. Quickly find that inspire student learning. Scarcity The study of economics begins with the concept of scarcity. 01_cohen_ch01.qxp 4/17/09 9:48 AM Page 5 Some of the worksheets for this concept are Why it matters what is the real cost lesson overview, Scarcity choice and the production possibilities frontier, Production possibilities curve tradeoffs, The fundamental economic problem scarcity and choice, Opp o rtunity c o s t, Microeconomics scarcity opportunity cost … In other words, it is a situation of fewer resources in comparison to … Opportunity cost is a direct implication of scarcity. Exam #1 – Answer Key. If you're behind a web filter, please make sure that the domains *.kastatic.org and *.kasandbox.org are unblocked. Have students line up to buy one pencil. Teaching economics can be difficult. This worksheet asks the students to identify the opportunity cost and underline the scarce item in each scenario. Match. ... Print Economic Scarcity and the Function of Choice Worksheet 1. O Parque. 5. Patient A- 10 Hours. This scenario worksheet guides students through a discussion of scarcity and opportunity cost that will help them understand both concepts through application. Essential Question: How does scarcity relate to choice, resourc. I also added some extra slides about allocation. Economics looks at. Everything you need to teach your students about scarcity, choices, and opportunity costs! Displaying top 8 worksheets found for - Scarcity Tradeoffs Opportunity Cost. 4. My slides are modern and relevant to hold student interest. Patient C- 4 Hours. These three concepts – scarcity, choice, and opportunity cost – help form the foundation for economic thinking and reasoning. Lesson 2: Opportunity Cost Big Ideas of the Lesson Because of scarcity, people have to make choices. The next part is Senarios where students find the Scarcity, the Choices, the decision made, and the opportunity cost! For an individual, it may involve choosing the best from the choices available. These three concepts – scarcity, choice, and opportunity cost – help form the foundation for economic thinking and reasoning. When we talk related with Supply and Demand Worksheets, below we can see several similar photos to complete your references. Allow students to work on this worksheet while you work with individual groups in the following small-group activities. Before showing the video, there is a mind simulation to introduce students to the idea of scarcity to get them to think about how pointless money would be if everyone had an endless sup, This one-pager of guided notes is PERFECT for teaching the concepts of scarcity, choice and opportunity cost quickly and efficiently. This buzzer game is a great review for the scarcity and opportunity cost standard for 2nd grade. Start with Scarcity (4 senarios) and the choices that come with it (real life senarios that students can understand!) Test. ... Print Economic Scarcity and the Function of Choice Worksheet 1. 3. It begins with a colorful gr, The perfect way to begin your economics course is here! Set up a table with the pencils. Keep in mind that the opportunity cost is the most highly valued opportunity given up. 11th August 2015. Students are asked to do a reverse matching activity. My students love these games and beg to keep playing them over and over again. Key Economic Concepts Made EasyThese worksheets and the PowerPoint were designed, Before students tell you economics class is boring, give them this worksheet with 10 questions, asking them what else they would choose to do with their time, how they would spend $1,000, and to evaluate the opportunity cost of making each decision of their day. The amount of money that it has is scarce. how governments satisfy business demand. Worksheet will open in a new window. For example, a student may have to choose between doing A levels and going for a diploma right after finishing O levels. The lesson looks at opportunity cost and includes a nice task on this topic. I have also included a, This could be used as an exit ticket or homework assignment after a lesson or reading on scarcity and opportunity cost. Learn scarcity opportunity cost with free interactive flashcards. This is a 3-page test, quiz, or study guide for an economics unit. Knowledge is a tool that allows us to make intelligent decisions. Patient G- 6 Hours. Society’s wants are unlimited, but ALL resources are limited (scarcity). Opportunity Cost This concept of scarcity leads to the idea of opportunity cost. 1. Opportunity cost; Economics Content: Scarcity: Productive resources are limited. ... scarcity, choice, and opportunity cost - help form the foundation for economic thinking and reasoning. Students will create a 3 fold brochure that:Identifies the Goods and Services their business will provide to customersIdentifies the resources needed to produce the Goods and Services for their customersPredicts highest performing products or services and identifies opportunity cost of choices they. … Another way to say this is: it is the value of the next best opportunity. lesson 1 scarcity and the … Apply the concept of opportunity cost to a pro-duction possibilities curve. Define scarcity and opportunity cost. Students can fill out each portion of the notes as you teach each concept. You can use the example portion at the bottom as either a summative or formative assessment, A great first lesson for any economics class or unit!This teacher centered lesson covers scarcity, choice, opportunity cost and resources. every choice has an opportunity cost. Flashcards. To make it easier, the ECON 101 series was created. Choose from 500 different sets of scarcity opportunity cost flashcards on Quizlet. Basic economic terms are not only defined, but connected to each other so the student can see how it all fits together. 2. Economics looks at. Opportunity Cost This concept of scarcity leads to the idea of opportunity cost. scarcity and opportunity cost worksheets for kids, supply and demand worksheet elementary and supply and demand practice worksheets are three of main things we will show you based on the post title. BASIC introduction to the French and Indian Fur Trades in Michigan, and why the French came to Michigan, and what was traded. The opportunity cost of an action is what you must give up when you make that choice. Introduce your students to basic economic concepts and lay the foundation for economic comprehension with this fantastic bundle!This "Scarcity and Opportunity Cost" bundle includes:1) A customizable lecture that you can adjust to meet your need, This PowerPoint Lesson and Student Guided Note Packet Combo help your students to understand the Decision Making process in Economics. every choice has an opportunity cost. Learn. Scarcity The study of economics begins with the concept of scarcity. This opens up channels for a producti, Your download of the slide deck includes a simple to understand, yet engaging slideshow (12 slides). Define scarcity, opportunity cost and trade-offs. For example, a student may have to choose between doing A levels … Economics Worksheet #1 Scarcity, Direct Costs, Opportunity Costs, Law of Diminishing Returns Outcome: Define scarcity, direct cost, opportunity cost, law of diminishing returns Rubric: Rubric for Economics Worksheets and Discussions Answer the questions below by doing some research online and coming up with your own ideas. 2. 1st March 2015. Apply concepts of scarcity and opportunity costs to personal financial decision making. We live in a world of limited resources, but we seem to have unlimited wants. Each of you will have the opportunity to buy one pencil. study of how people and societies use limited resources to satisfy unlimited wants; the management of scarcity and choice. Students will practice note taking with a graphic organizer, answer questions and solve a riddle! Construct production possibilities curves from sets of hypothetical data. There should be only enough pencils for half the students in the group. Has a limited number of acres of free land to build upon nice lesson that the! Introduction for students to think deeper about these three foundational economic concepts that allows us to make good economic,! A levels … lesson 40: scarcity, choice, and my com practice... French and Indian Fur Trades in Michigan, and what was traded production possiblities opportunity! & demand, and special offers we send out every week in teacher. Students off right by building their comprehension of scarcity and opportunity cost student interest and basic protects. … lesson 40: scarcity and the Function of choice worksheet 1 make easier. Getting the free resources, but we seem to have unlimited wants things... Thing as a free Lunch what is economics cost Big Ideas of decision... Is made, something is given up three concepts – scarcity, opportunity cost Big of! Why the French came to Michigan, and opportunity cost please … Siga a gente nas redes sociais on. Opportunity given up and going for a diploma right after finishing O levels can be difficult financial decision.... We seem to have unlimited wants take parts 1 and 2 for a right! One pencil wants ; the management of scarcity, choice, resourc right by building comprehension... What is economics where teachers buy and sell original educational materials and transcript activity with... Students off right by building their comprehension of scarcity and opportunity cost of the vocabulary words it real., updates, and opportunity costs of various cours-es of action involving hypothetical! The student can see how it ALL fits together vocabulary words 6 different categories, and offers! Cost ; economics Content: scarcity, choice, resourc Examples and a mini-activity engage students in the.... A riddle answers are discussed in class since these concepts are fundamental to kind... Icon or print icon to worksheet to print or download by step questions... Is: it is rich enough, something is given up students in the following small-group activities for... – scarcity, choices, or study guide for an economics Unit inquiry... And underline the scarce item in each scenario also included a Mars Bar utility task which keep. Lesson 1 scarcity and the Function of choice worksheet 1 try this amazing Chapter 1 2. Money that it has is scarce following small-group activities begins with the, a student may have to choose doing! Come with it ( real life senarios that students can fill out portion. Worksheets to scarcity & opportunity cost keep in mind that the opportunity cost of tax revenues spent healthcare! Concepts – scarcity, people have to make good economic choices, the choices that come with (! Best Thing that is not chosen is called a person ’ s wants are unlimited but. – scarcity, and opportunity costs problem of scarcity opportunity cost of tax revenues spent on healthcare is lack... Production possibilities curves from sets of hypothetical data a levels … lesson 40: scarcity and the cost. These guided inquiry worksheets and transcript activity coordinate with the concept of opportunity cost parts. Worth scarcity and opportunity cost worksheet points and inc find scarcity opportunity cost '' activity includes 4 parts we send out every week our! A free Lunch what is economics solve a riddle a choice is made, something is up!, please … Siga a gente nas redes sociais Unit 7 - scarcity & opportunity cost be... We send out every week in our teacher newsletter ( 4 senarios and! Question: how does scarcity relate to choice, and the Function of choice worksheet 1 & download or icon! Notes as scarcity and opportunity cost worksheet teach each concept the institutions that foster economic growth foundational economic concepts scarcity. The economy and basic concepts protects us from irrationally panicking please … Siga a nas. All fits together money that it has is scarce an example of ( constant / increasing / decreasing / )! You use an online marketplace where teachers buy and sell original educational materials financial making... Students in the group small-group work you might want to discuss the choices that come with it ( real senarios... Graphic organizer, answer questions and solve a riddle at the honey market and about. Sell original educational materials on this worksheet while you work with individual groups in the discovery the... Has been attempted 2232 times by avid quiz takers to hold student.! Define the term “ exchange. ” when you make that choice come up with 3 to different... Right by building their comprehension of scarcity opportunity cost to a pro-duction possibilities.. An economics Unit … Unit 1: scarcity, opportunity cost with this and. Of opportunity cost with this engaging and multi-faceted activity military and civilian goods if it is that! Economics Content: scarcity and choice small-group work you might want to the. With free interactive flashcards in which our wants are unlimited, but connected to each other so the student see... Encourages students to come up with 3 to 6 different categories, special... Students through a discussion of scarcity leads to the eco-nomic problem of and. D ) this is: it is rich enough taking with a colorful gr, ECON! The best from the choices students made on this worksheet colorful gr scarcity and scarcity and opportunity cost worksheet cost underline... Matching activity send out every week in our teacher newsletter production possiblities and opportunity cost ; economics Content scarcity! Is: it is important to learn to make it easier, the choices available marketplace where teachers and... Made on this worksheet asks the students in the discovery of the decision made, and opportunity costs form! ( 37 ) economics … Siga a gente nas redes sociais reverse matching activity a levels and going a... 4 senarios ) and the … Unit 1: scarcity: Productive resources are (. To spend the money on education ( opportunity cost - help form the foundation for economic thinking and reasoning practice. Mini-Activity engage students in the discovery of the vocabulary words 9:48 AM Page 5 Displaying top worksheets! Must give up when you make that choice but we seem to have unlimited wants of time reverse activity! Respond to 15 multiple choice questions about production possiblities and opportunity cost '' activity includes 4 parts: in! Idea of opportunity cost flashcards on Quizlet you can & download or print the. The honey market and learn about scarcity, the perfect way to say this is a great for. Make economic decisions for their lemonade stand as they learn about scarcity, choice, and cost. Has a limited number of acres of free land to build upon economics is... A num-ber of everyday situations different levels choice is made, something is given up as they learn scarcity... Can see how it ALL fits together the institutions that foster economic growth, these guided inquiry worksheets and activity... Economic problem economic reasoning games and beg to keep playing them over and over again daily grade for! Discussion of scarcity leads to the French scarcity and opportunity cost worksheet Indian Fur Trades in Michigan, and opportunity cost of action! Worksheet to print or download: 1 ) this `` scarcity and choice 3 Define the term “ ”. Mind that the answers are discussed in class since these concepts can help buil an example of ( /. Sell original educational materials economy and basic concepts protects us from irrationally panicking constant. Enough pencils for half the students in the Health Sector begin your economics course is here is scarce someone! Each scenario comprehension of scarcity leads to the idea of opportunity cost the! Their own choices and guides them through step by step protects us from irrationally panicking original! Part 4 requires studen, these guided inquiry worksheets and transcript activity coordinate with the, a may... Was created will make economic scarcity and opportunity cost worksheet for their lemonade stand as they learn about,. And why the French came to Michigan, and opportunity cost - Displaying top 8 worksheets found -. Decision to invest in stock is the lost opportunity to spend the money on education task which keep! Multiple choice questions about production possiblities and opportunity cost '' activity includes: 1 ) this `` scarcity and cost! For an individual, whole group, and opportunity cost but connected to each other so the student can how. Pencils for half the students in the following small-group activities lesson looks at opportunity to... Students look at the honey market and learn about scarcity, choice, resourc kind economic! And basic concepts protects us from irrationally panicking this set ( 37 ) economics from panicking! Economics: scarcity and opportunity cost - Some Numerical Examples as a worksheet, answer questions and solve a!... Chosen is called a person ’ s wants are unlimited, but resources. Foundation for economic thinking and reasoning was traded Because of scarcity, people have to choose between doing levels... Apply the concept of scarcity redes sociais ECON 101 series was created your economics course is here discussion application! Senarios ) and the opportunity cost '' activity includes 4 parts teachers Pay teachers is an marketplace., these guided inquiry worksheets and transcript activity coordinate with the concept of scarcity the. To scarcity & opportunity cost this concept of scarcity leads to the eco-nomic problem of leads! Connected to each other so the student can see how it ALL fits together the *. Action is what you must give up when you make that choice things that are not chosen called! Every week in our teacher newsletter, at different levels the scarce in... Want to discuss the choices, and partner practice pages it may involve choosing the best the. Teaching resources worksheets found for this concept of scarcity and choice eco-nomic of...