Grade 9-12
,
Activity
Finding Your Comparative Advantage
Objective
Students will be able to:
- Apply the concept of comparative advantage to their personal lives.
Standard
National Standards in Economics
Specialization
Standard: 6
- Students will understand that: When individuals, regions, and nations specialize in what they can produce at the lowest cost and then trade with others, both production and consumption increase.
- Students will be able to use this knowledge to: Explain how they can benefit themselves and others by developing special skills and strengths.
National Standards in Financial Literacy
Earning Income
Standard: 1
- Students will understand that: Most people earn wage and salary income in return for working, and they can also earn income from interest, dividends, rents, entrepreneurship, business profits, or increases in the value of investments. Employee compensation may also include access to employee benefits such as retirement plans and health insurance. Employers generally pay higher wages and salaries to more educated, skilled, and productive workers. The decision to invest in additional education or training can be made by weighing the benefit of increased income-earning and career potential against the opportunity costs in the form of time, effort, and money. Spendable income is lower than gross income due to taxes assessed on income by federal, state, and local governments.
Concepts
In this economics activity, students will examine their skills to find their comparative advantage.
Resources
Procedure
This is an individual activity where students will consider their personal skills and talents to identify their comparative advantage in a group project. Choose which format you would like students to complete the activity: Finding Your Comparative Advantage Quizizz Activity, Finding Your Comparative Advantage ReadyAssessments, or Finding Your Comparative Advantage Worksheet.To complete this activity, students need to follow the directions below:
- At this stage in your life and your education, what is your comparative advantage? To find this answer, think about the talents and skills you currently have or those that are beginning to take shape. For example, have you noticed areas of your studies where you have a strong, confident performance – and other areas where you feel somewhat weaker and less confident? Respond to the following statements to help discover your comparative advantage.
- Go to the Finding Your Comparative Advantage Quizizz Activity, Finding Your Comparative Advantage ReadyAssessments, or Finding Your Comparative Advantage Worksheet to help identify your comparative advantage.