The treatment of uncertainty in the business classroom has been dominated by the application of risk theory to the utility-maximization framework. Nonetheless, the relevance of the standard risk model as a positive description of economic decision making often has been called into question in theoretical work. In this article, the authors offer an instructional approach that recognizes the reality of decision making by agents who "know" that they do not know enough to form complete probability distributions describing all possible outcomes of their actions. Students must recognize the fundamental difference between risk and the broader concept of uncertainty. This realistic presentation of the uncertainty problem will allow undergraduate students to better understand the assumptions involved in modeling and their relevance to economic and financial problems. (Contains 2 tables and 5 notes.)