TEACHING AND LEARNING ELEMENTARY AND BASIC ECONOMICS OPPORTUNITY COSTS WORKSHEET LESSON PLAN - OPPORTUNITY COSTS

# OPPORTUNITY COST

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A worksheet lesson introducing students to the basic economic concept of Opportunity Cost.

 OTHER SKILLS REINFORCED Basic Math

 TEACHING GRADES   4+ 4th 5th 6th 7th Grade Lesson is customizable for multiple levels.

 Suggested Lesson Plan for this Worksheet  Everything you do has an opportunity cost.  Opportunity cost is what is given up because you choose to do something else.  For example, if you want to go to the movies, the opportunity cost is you could have instead spent your money on food, or saved it.  Or, perhaps you could have spent your time doing some other activity. Have students fill in the following worksheet.  Compile a basic chart covering how much everyone spent in aggregate.  Then, have a discussion about what decisions were made.  Why were certain items chosen instead of others?   What was the opportunity cost of choosing to spend on certain items rather than others?  What is the opportunity cost of spending verse saving?  What factors influenced students' decisions? WORKSHEET Instructions   This worksheet is an introduction to opportunity cost.   In this activity, students are to fill in the table with the number of items, and total cost of items desired.  In addition, money can also be saved.  The total should equal the amount at the bottom of the page, as all money should be either spent or saved.   This is a random worksheet. You may choose a standard worksheet or customize the worksheet to your teaching needs. To customize the worksheet, you have several choices (see below).    Make your selections, then press "Get Worksheet".

STANDARD WORKSHEET

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CUSTOM WORKSHEET

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 Number of Questions 15 maximum   Money to spend \$ 100 150 200 500 1000 2000 This option selects the total amount to spend.  Note that the actual amount on the worksheet will be a random number close to this number.       Note - requires Full Membership

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