P.A.C.E.D decision making

Posted: August 30, 2010 in Social Studies 10

The activity we did in class was based off of a rough view of economic decision making.  We were taught the principles of P.A.C.E.D decision making.  In order to learn this vital strategy, we simulated it.  Mrs. Welbes brought in a chocolate bar for us to use as a resource.  However, there was 1 chocolate bar and 19 students.  Due to the demand being higher than the supply the chocolate bar became a scarcity. The chocolate bar was a scarcity because the resource was limited, but our desire for it was not.  So, we came up with several alternatives for how we would allocate the resource.  We originally came up with many ideas in a brainstorming session, but we narrowed it down to 5 alternatives.  They were:

1. Playing Chubby Bunny

2. Amount of computer battery left

3. Amount of languages you could speak

4. Who’s  been at CA the longest

5. Longest commute

After establishing our 5 alternatives we needed to decide which of them we would use.  So we created 4 criteria which we felt were important to us.  They were:

  1. It must not be skill based
  2. It must be fun
  3. It must be fair
  4. It must be honest and measureable

We then decided their importance in relation to each other.  I ranked “it must be fun” as the most important and “it must be fair “and “it must be honest and measureable” as the second most important.  In my scale “it must not be skill based” was ranked the as the least important.  According to my criteria, playing Chubby Bunny was the most fitting alternative.   This was the same with most students in the class, so we chose Chubby Bunny.  Through the steps of P.A.C.E.D we were able to see how we could use economic decision making in everyday life.

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Comments
  1. 13pengju says:

    This is a nice blog post.
    The summary was very well detailed and it explained the activity very well. However, I believe you’re missing some linkage to PACED and the terminology we learned in class. Using the words “Allocation, economical behavior/reasoning, choice, and scarcity” with their definitions will, in my opinion, make it better. Also, remember to link each step of it to PACED, as that is what the simulation was about.

    All in all, great summary, but needs a little bet more linking to what it simulated.

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