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Limits, Alternatives, and Choices: The Economic Perspective
Author

Craig Bauling
Organization: Wolfram Research, Inc.
Education level

Precollege
Description

Students will learn about Economic tradeoffs involved with choices, relative terms, and some calculations involved with the concept. At the end of this lesson, students will be able to do the following:
  • Describe the relationships presented by the budget line
  • Describe the relationships presented with the Production Possibilities curve.
  • Calculate a table and display a Production Possibilities curve


This notebook covers topics that fulfill the following NCTM standards:
  • Grade 6-8: Connections: Recognize and apply mathematics in contexts outside of mathematics
  • Grade 9-12: Connections: Recognize and apply mathematics in contexts outside of mathematics
  • Grade 9-12: Representation: Use representations to model and interpret physical, social, and mathematical phenomena

Subjects

*Business and Economics
*Business and Economics > Economics
*Education > Precollege
*Teaching
Keywords

Introduction to Economics, Production Possibilities Curve, Budget Line, Economic Trade-offs, Micro-Economics, Macro-Economics, Scarcity, Choices, Law of Increasing Opportunity Cost, Elementary School, Middle School, High School, Precollege, NCTM
URL

http://www.wolfram.com/solutions/precollege
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ProductionPossibilitesCurve.nb (253.7 KB) - Mathematica Notebook