Grade 9-12
,
Lesson
How Does Information and Ethics Impact Decision Making?
Objective
Students will be able to:
- Investigate how access to information can impact a person’s decision making.
- Explain how asymmetric information can affect someone’s fiduciary responsibility.
Standard
National Standards in Economics
Incentives
Standard: 4
- Students will understand that: People usually respond predictably to positive and negative incentives.
- Students will be able to use this knowledge to: Identify incentives that affect people's behavior and explain how incentives affect their own behavior.
Markets and Prices
Standard: 7
- Students will understand that: Markets exist when buyers and sellers interact. This interaction determines market prices and thereby allocates scarce goods and services.
- Students will be able to use this knowledge to: Identify markets in which they have participated as a buyer and seller and describe how the interaction of all buyers and sellers influences prices. Also, predict how prices change when there is either a shortage or surplus of the product available.
![](https://preview2.econedlink.org/wp-content/uploads/2023/02/Lesson-3-graphic-1024x783.jpg 1024w, https://preview2.econedlink.org/wp-content/uploads/2023/02/Lesson-3-graphic-300x229.jpg 300w, https://preview2.econedlink.org/wp-content/uploads/2023/02/Lesson-3-graphic-768x587.jpg 768w, https://preview2.econedlink.org/wp-content/uploads/2023/02/Lesson-3-graphic-100x76.jpg 100w, https://preview2.econedlink.org/wp-content/uploads/2023/02/Lesson-3-graphic.jpg 1430w)
Description
In this lesson from the Ethics, Economics, and Social Issues curriculum, students will play the roles of doctors and patients, demonstrating the motives of self-interest, duty, and character in economic transactions.
By experiencing first-hand how the lack of asymmetric information can impact choice, students will then have the opportunity to see how new information would alter their decision making.
After the role play, students will see how an ethical framework can impact decision making and have the opportunity to apply this learning across multiple professions.
Resources