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Source: Council for Economic Education (EconEdLink) | Type: Lesson
Think about a difficult decision you have had to make. After you decided did it work out? Why or why not? Why do you think decisions and choices are hard to make? We make personal decisions and we make decisions as groups. There is a tool you can use to improve your decision making that will help you reach a better outcome.
- Cost/Benefit Analysis
- Decision Making
- Opportunity Cost
- Economics 1: Scarcity
- Economics 2: Marginal Cost/Benefit
This lesson is very timely in today's society. It seems wants and needs are confused by kids. This lesson helps them determine which is which not only in money matters, but in what's important in other areas of life. If you can get kids accustomed to using the P.A.C.E.D. DECISION MODEL, they can apply it in all sorts of areas in their lives. The worksheets are too difficult for third graders, but the fourth to sixth graders would do very well with all the concepts here. I am not sure that outfitting a classroom will engage children, but it provides some work with technology which is great. The background information will help a novice in using economic terms as well as remind the experienced economic teacher what background knowledge to review when using the model. I found this lesson to be a must when teaching wants and needs. The information on opportunity costs could be expanded a bit more, especially if the concept is a new one to students. I would add some activities that help students find the opportunity costs in their decision-making everyday. An example would be what to wear in the morning, or which shoes to wear that day. Showing that decisions are something we all do everyday. This lesson could be adapted to the younger third graders up to the higher grades of fifth or even sixth easily enough. Great lesson!!
Having the students work together is great and teaching them the PACED decision making, can help them later. This is a grid that can be used anytime.
Clear, concise instructions with internet infusion into the lesson plan. I like it!
This was excellent. Very clear and precise.
I thought the lesson was thorough and explored all aspects
of the P.A.C.E.D. model. I liked the conclusion where you
tell the students that the more you use the model, the
more familiar with it they become. They will begin to use
this decision model in lots of other ways as well. I
thought the activities were geared for upper 4th and 5th
graders. All handouts are good but geared for 4th and
up. I could even use this lesson with middle school
kids. This is a very timely lesson.