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Business Decisions: Marginal Costs and Benefits

5th Grade · Social Studies · US-OK-SS

5 lessons

Goal

Learners will use marginal cost and marginal benefit analysis to understand how entrepreneurs decide how much to produce and how many workers to hire.

5 lessons
0 of 5 done
  1. What Is Profit-Maximizing Output?Up next
  2. Hiring the Right Number of WorkersNot started yet
  3. Marginal Costs: What Does One More Unit Cost?You are here
  4. Marginal Benefits: What Does One More Unit Earn?Not started yet
  5. Comparing Marginal Costs and BenefitsNot started yet
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Learning standards covered

us-okE.8.1Oklahoma Social Studies Standards · 5th Grade

Identify both an entrepreneur and a laborer and describe how their decisions affect job opportunities for others, such as profit-maximizing level of output, hiring the optimal number of workers, comparing marginal costs and benefits of producing more or less of a resource.