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Source: Council for Economic Education (EconEdLink) | Type: Lesson
All resources are limited. It is this simple fact--scarcity--that forces us to make decisions. When we do make a choice, we pass up some other opportunity. Opportunity cost is defined as the next best alternative not chosen, or the alternative given up, when we make a decision. There are opportunity costs in making decisions about which movie you'd like to see at a certain time, how to spend your allowance, or deciding how to dress for Halloween.
- Decision Making
- Opportunity Cost
- Productive Resources
This lesson does appeal to younger kids because they learn about something they use on an almost everyday basis - crayons! It takes you to the actual crayola website to see the process done.
This is better used on a projector to the whole class because some of the wording on the crayola website needs to be explained.
The extension is not very kid friendly. I found the paper folding instructions hard to follow and most of my students ended up confused that they could not fold the paper to create a model.
If you have the time and resources - it's fun to use old crayons and let the students make their own candles out of them as an extension or project with the lesson.