Related Capstone Lessons

Unit 3: Lesson 17 - Creating and Using a Budget

This lesson focuses on using budgeting to maximize consumer satisfaction. It describes a flexible view of budgets, linking them to markets and market information, and demonstrates how and why budgets should be reviewed and modified often.

Concepts:

  • Budget
  • Choice
  • Income
  • Price
  • Marginal Analysis
  • Diminishing Marginal Utility
  • Substitute
  • Utility
Standards:
  • Standard #1: Scarcity
  • Standard #2: Decision Making
  • Standard #8: Role of Prices

Unit 4: Lesson 23 - Make a Profit: Do the Math

Working as consultant teams, students use basic math to compute fixed costs, total costs, marginal costs, total revenues, marginal revenues, and profits (or losses) for a business. They determine the profit-maximizing quantity of output for the business, and analyze their results in terms of marginal revenues and marginal costs.

Concepts:

  • Marginal Analysis
  • Profit
  • Marginal Cost
  • Marginal Revenue (MR)
  • Total Cost (TC)
  • Total Revenue (TR)
Standards:
  • Standard #2: Decision Making
  • Standard #14: Entrepreneurship

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