EconEdLink - Costs and Benefits of Beans' Decisions

Costs and Benefits of Beans’ Decisions

Time: 45 mins,

Updated: March 6 2020,

Author: Rebecca Booth

Objective

Students will be able to:

Identify the economic concepts: Cost, Benefit, and Decision Making.
Distinguish if a statement is a cost or benefit when making a decision using a cost/benefit analysis.
Use a cost/benefit analysis to make a decision.
Explain their decision that was made when using a cost/benefit analysis.

Standards

National Standards in Economics

National Standards in Financial Literacy

State Standards

Common Core State Standards

Concepts

Cost-Benefit Analysis 1, Marginal Analysis 2

Open Lesson

In this economics lesson, students will make decisions using a cost-benefit analysis.

Description

Full of Beans by Jennifer L. Holm tells a story about Beans Curry and his many decisions during the Great Depression. In Key West, Florida, there are very few jobs. Everyone is out for himself or herself including Beans. It is hard for Beans to earn a dime, and he does not want to be “winked” out of earning his fair share by a ‘lying adult’. His first scheme does not work well, so he keeps trying. Now, he must decide to remain penniless or break a few rules to earn an income. In this lesson, we will help Beans make decisions using a cost-benefit analysis.

Subjects:

Economics