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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.

 

LESSON LEARNED

 

Opportunity Cost

 

Trade-Offs

 

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".

 

 

 

WORKSHEET

 

STANDARD WORKSHEET

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CUSTOM WORKSHEET

This worksheet may be customized with the following settings.

Make any changes you wish, then press "Get Worksheet".

 

 

Number of Questions

15 maximum

 

Money to spend $

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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SUGGESTIONS/COMMENTS
 
 
 

 

 

 

You may come back to these worksheet links more than once if your

students are having trouble mastering this concept, since

these are RANDOM worksheets. Every time you choose the

link (or press "refresh" on your browser) a NEW worksheet will be generated.

 

 

 

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Opportunity Cost

 

 

 

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