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The Opportunity Cost of a Lifetime
Source: Council for Economic Education (EconEdLink) | Type: Lesson

All economic questions and problems arise from scarcity. Economics assumes people do not have the resources do satisfy all of their wants. Therefore, we must make choices about how to allocate those resources. We make decisions about how to spend our money and use our time. This EconomicsMinute will focus on the central idea of economics- every choice involves a cost.

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Reviews

Quick Lesson - needs link updated.    August 26, 2008
By: Burk, A
This lesson really needs to be aged at grades 3-5. The concepts and presentation of the lesson were very easy for my middle school students. The lesson itself took very little time and the pokeman link has been blocked by my school district.
I like the extension activity though because it fit their interests better and you could use it on the computer using the internet or without the computer using Sunday ads.
 

Review from EconEdLink.org January 25, 2005
By: Tim Rademeyer
I thought the game was fun and interesting.
 

Review from EconEdLink.org August 24, 2005
By: Daniel Strickand
This is a terrific lesson to use for trade-offs.
 

Review from EconEdLink.org October 28, 2005
By: Ruth Hayes
Thank you for your help. This site is great.
 

Review from EconEdLink.org October 1, 2006
By: Lisa
I appreciate you giving such great examples and explanations on how to start teaching young kids economics. It's great.
 

Review from EconEdLink.org May 4, 2007
By: Kelly S.
I am taking a college course and your explanations really helped me grasp the concept!
 

Review from EconEdLink.org July 26, 2007
By: David Foster
Thank you. I am trying to teach the concept of opportunity cost to government officials in Indiana particularly with regard to the value of time for a poor person carrying water. It is a very difficult concept to introduce and I believe that ideas from your lesson plans will be helpful.
 

Review from EconEdLink.org November 25, 2008
By: Mary Joy D.
What a nice page! Opportunity cost helped me to deal in my economics subject!
 

Review from EconEdLink.org December 11, 2008
By: Linda H.
I reviewed this lesson for possible use and thought it was great.
 

Review from EconEdLink.org January 8, 2009
By: Emily T.
I like this site. I'm a 5th grader doing this for school.
 

Review from EconEdLink.org February 18, 2009
By: Lipton
It's my first year doing economics and your explanations are really opening my eyes. Now I can understand economics better!
 

Review from EconEdLink.org October 16, 2009
By: Hannah .C
I love this page, I am home schooled and in 5th Grade.
 

Review from EconEdLink.org November 3, 2009
By: Robert R.
This lesson is just what I was looking for! Yesterday, I covered Wants v. Needs and had my students make collages of them. Today, I covered Scarcity and, again, used the students collages. Since many of my students put autos in their collages, I can use this lesson and expand it to include the autos in the collages, once again for my Opportunity Cost lesson tomorrow! THANK YOU!
 

Review from EconEdLink.org February 8, 2010
By: Michelle
I always have a tough time trying to relate economics to my students. This lesson was perfect to explain opportunity cost and trade off. Using the cartoon really helped my students think outside the box!