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

• 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)

• Standard #2: Decision Making
• Standard #14: Entrepreneurship