01.02 Scarcity and Smart Choices PDF

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Remember the example in the lesson can be used as a guide to help you recognize the kind
of responses you should provide but your responses should demonstrate your individual
learning from the lesson.
Scarcity and Smart Choices

Cost-Benefit Analysis
Your Name: Evy Calderon
Step 1: Asking a Question. Identify a dilemma in the form of a question that can be answered “yes” or
“no.”
Step 2: Using a Cost-Benefit Analysis.
Cost-Benefit Analysis
Your Dilemma: Should I let my friends convince me to go to the senior activities this year?
Costs Benefits
Homecoming being the first activity would I will be doing it with my friends so it will be so much fun.
cost me $50 for a ticket and around $100 (Short term)
for why I am going to wear and all of my
accessories which is a lot of money to save
in a short time frame. (Short term)
I would be spending less time with my Memories are important further in life. (Long term)
sister. (Short term)
I need to have good grades and be The outcome of going out will allow me to relieve some
responsible or I won’t get permission to go stress brought about by senior year. (Short term)
from my parents and/or school. (Short
term)
I will have less time working meaning I My senior year is the last and only chance I will have to do
won’t be able to get as much money as I these activities. (Long term)
would need to participate in these
activities. (Long term)
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Throughout the year I will be stressed due Being able to manage all of these events plus working and
to having to find time for these events setting up for college would help improve my time
while simultaneously working on college management and multitasking skills which looks good for
applications and scholarship essays. (Long colleges. (Long term)
term)
Joining the Senior Class Cabinet(SCC) will SCC will give me so many opportunities for community
take time away from being able to focus service which improves my chances of getting scholarships
on family and work. (Short term) and also gives me more of an opportunity to make new
friends with whom I can do these activities with. (Long
term)
Step 3: Answer the reflection questions.
1. Explain how each concept—scarcity, choice, and opportunity cost—relates to your dilemma. Use
three separate statements in your response, one for each concept.
Scarcity: Due to money being short for me as of right now I really want to go to be able to spend
the $150 needed.
Choice: I have to make a decision on whether I would like to spend time with friends rather than
family. I also have to choose whether I should prioritize school/getting ready or if I would split
my attention between both.
Opportunity: This is the last opportunity I will have to do these events as they are for seniors in
high school and that is my last year of high school.
2. When making a decision, are the costs and benefits equally important to you? Why or why not?
Based on your chart, explain whether the costs or the benefits have the greater impact on your
choice. Include whether short-term versus long-term costs and benefits affect your thinking.
While the costs and benefits are both important to help me understand the ability for me to be able to
properly decide whether I should or should not do these senior activities and events, the benefits of
participating outweigh the costs in this particular decision. The missed benefit of creating memories that
are exclusive to senior year with my friends or won’t be as fun if I did them by myself give me a sense of
wanting to work harder in this moment to be able to make the money I would need for these activities.
The long term costs make me want to change my mind as they are things that won’t just affect me going
to these activities but could potentially affect my college career, but the long term benefits make wish
to remain with the decision I have chosen due to the fact that they would help me create more
memories, make new friends, give me opportunities that I might not have had the chance of having, but
also help push me closer to having to pay less money in college.
3. Based on the chart and your responses to the above questions, what will be your final choice?
Write a brief paragraph with at least three details to persuade your instructor that this is the
best decision for you.

Based on the chart and the previous questions I have chosen that I will be participating in the senior
events and activities my school has to offer. The benefit of creating memories that I otherwise would
not have been able to make with friends, the added bonus of getting community service hours for doing
something I already wanted to do, and improving essential skills (time management, multitasking,
teamwork, etc.) which are skills that are useful to have solidified that as long as I keep my grades up, do
not just ignore my family and responsibilities, and can manage to maintain a good job and work ethic, it
is a good idea for me to participate in these events and activities


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Here is a video to walk you through how to make an editable copy and how to

download it to submit the assignment. CLICK HERE FOR A VIDEO ON HOW TO

Scarcity and Smart Choices

Your Name: Evy Calderon

Step 2: Using a Cost-Benefit Analysis.

Unless Otherwise Noted All Content © 2022 Florida Virtual School.

Step 3: Answer the reflection questions.

Unless Otherwise Noted All Content © 2022 Florida Virtual School.

Unless Otherwise Noted All Content © 2022 Florida Virtual School.

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