Understanding Opportunity Costs

Objectives:

1. Define the concept of opportunity cost and its role in decision-making.
2. Analyze trade-offs in decision-making through opportunity costs.
3. Evaluate how opportunity costs influence character decisions in Game of Thrones.
4. Apply the concept of opportunity costs to real-life scenarios.

Materials:

• Video clips:
  1. “Opportunity Cost of Brienne Fighting a Bear”
  2. “Shae’s Opportunity Cost of Staying with Tyrion”
• Worksheet with discussion prompts.
• Whiteboard, chalkboard, or computer technology to write down notes for class (optional)

Procedures:

Introduction (5 minutes):

1. Start by asking students to think about a recent decision they made where they had to choose between two options.
2. Introduce the concept of opportunity cost as the value of the next best alternative foregone when making a decision.

Instruction (30 minutes):

1. Define Opportunity Cost:
   • Explain how opportunity costs represent the trade-offs individuals face in decision-making.
   • Provide a simple real-life example, such as choosing to study instead of going to a party.
2. Video Analysis:

• Show the first clip: “Opportunity Cost of Brienne Fighting a Bear”

2. Discuss as a class:
   • What were the opportunity costs for the soldier who chose entertainment over ransom?
   • How does this illustrate the trade-offs involved in decision-making?

• Show the second clip: “Shae’s Opportunity Cost of Staying with Tyrion”

2. Divide students into small groups to discuss:
   • What opportunity costs did Shae face by refusing Varys’s offer?
   • What trade-offs were involved in her decision?
3. Have groups present their insights.

Optional Discussion Questions Educator could Include in a Worksheet:

1. Define opportunity cost and explain its importance in decision-making.
2. Analyze the soldier’s decision in the first video. What trade-offs did he face?
3. Explain the opportunity costs and trade-offs faced by Shae in the second video.
4. Provide a real-life example where understanding opportunity costs led to a better decision.

Conclusion (10 minutes):

1. Summarize the concept of opportunity cost and its relevance in decision-making.
2. Emphasize how recognizing opportunity costs can lead to better choices in both fictional and real-life scenarios.

Follow-Up Activity:

Assign students to identify a significant decision they have made recently and describe the opportunity costs involved. Have them write a brief reflection or present their analysis in the next class.