ICT role in 21st century education and it's challenges.
Costs and benefits in the three little pigs
1. Costs and Benefits of Choices in:
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2. People Choose
We always want more than
we can get and
productive resources
(human, natural,
capital) are always
limited. Therefore,
because of this major
economic problem of
scarcity, we usually
choose the alternative
that provides the most
benefits with the least
cost.
• The little pigs wanted
productive resources.
They chose different
natural resources. Human
resources were scarce.
• Two pigs chose the
alternative that provided
benefits with the least
cost to their free time.
• What were the benefits
of spending more time
and effort? What were the
costs of spending less?
3.
4. All Choices Involve Costs
The opportunity cost is
the next best
alternative you give up
when you make a
choice. When we
choose one thing, we
refuse something else
at the same time.
• The opportunity cost
was the next best
alternative the pigs gave
up when they made their
choices.
• What alternatives did they
choose?
• What was the
opportunity cost for the
straw and stick pigs?
5. People Respond to Incentives
• What incentive did the
brick pig have to help the
other pigs?
• What were the other
alternatives he could
have chosen?
• What incentives did the
straw and stick pigs have
to spend more time on
working to build their
houses in the future?
Incentives are actions,
awards, or rewards that
determine the choices
people make. Incentives
can be positive or
negative. When
incentives change,
people change their
behaviors. Incentives can
be economic, social, or
moral.
6. The Consequences of Choices
Lie in the Future.
• Economists believe that
the cost and benefits of
decision making appear
in the future, since it is
only the future that we
can influence. Sometimes
our choices can lead to
unintended
consequences.
• What are the costs and
benefits of the pigs’
decisions?
• What were the
unintended
consequences for the
pigs?
• What are some possible
consequences?
