Unit I. Utility & Value

By Dreams For Kids | February 22, 2015

How do you determine value?

In this unit, you’ll consider how you make decisions, especially when you’re comparing things that seem different. You will develop an understanding of utility as a way of modeling choices, and investigate the economic and mathematical concepts that allow models to be useful. You’ll explore the unintended consequences of decisions and examine what happens when the constraints you’re working under change. Then, putting it all together, you’ll determine the economic value of your college education based on myriad factors, included those that seem un-quantifiable.

Below are the Unit guiding questions:

  • Why can’t you have it all? or, What is utility and how is it used to negotiate trade-offs?
  • How do you know if you make a good decision? or, How do changing constraints affect choices?
  • What is the value of your college education? or, How do economics assist decision making, including major life choices?