Entrepreneurship: Understanding Opportunity Costs in Entrepreneurship

Objectives:

• Explain the concept of opportunity costs and its importance in decision-making for an entrepreneurial venture.
• Analyze real-life examples to understand the trade-offs involved in decision-making.
• Apply economic concepts such as scarcity, choice, and opportunity costs to make informed decisions.

Age Level: Early secondary school

National Standards: Complies with NBEA Entrepreneurship 2023 Standard IV.A.9: Explain the importance of opportunity costs when making a decision.

Materials:

• Whiteboard and markers
• Laptop or projector for presentation
• Handouts for the game and review activity