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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.
- Decision Making
- Opportunity Cost
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.
I thought the game was fun and interesting.
This is a terrific lesson to use for trade-offs.
Thank you for your help. This site is great.
I appreciate you giving such great examples and explanations on how to start teaching young kids economics. It's great.
I am taking a college course and your explanations really helped me grasp the concept!
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.
What a nice page! Opportunity cost helped me to deal in my economics subject!
I reviewed this lesson for possible use and thought it was great.
I like this site. I'm a 5th grader doing this for school.
It's my first year doing economics and your explanations are really opening my eyes. Now I can understand economics better!
I love this page, I am home schooled and in 5th Grade.
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!
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!