Curated OER
Economics Unit I - The Basics
Twelfth graders access how scarcity requires individuals and institutions to make choices about how to use available resources. They explore the characteristics of different economic systems and institutions. Student are able to describe...
Curated OER
Opportunity Cost
Students review the concept of opportunity cost. Using a clip from a money, they identify the people who made a choice and the value of the choice given up. They read various scenarios about opportunity costs and trade-offs and make...
Curated OER
Scarcity and Opportunity Cost - To Choose Is To Refuse
Students are introduced to scarcity and opportunity costs. They discuss how different societies allocate their resources differently based on their needs. Illustrating trade offs, they create a production possibility frontier. They...
Curated OER
Good Will - Three Chinese Stories
Students listen to The Seven Chinese Brothers and identify tall tale elements in it. They brainstorm ways they could help each other in school. They create a banner reflecting the style and art of Chinese decorations and clothing in the...
Curated OER
What's In It For Me?
Students analyze the costs and benefits that are involved with owning a business. They create their own decision making grid and identify their trade-offs. They also identify the opportunity costs involved in owning their own business.
Curated OER
The Berenstain Bears' Mad, Mad, Mad Toy Craze
Young scholars use the book, The Berenstain Bears' Mad, Mad, Mad Toy Craze, to explore spending, collecting, opportunity cost, saving, and speculating.
Curated OER
Opportunity Cost
Students study what opportunity cost is and why it is important to their lives.
Curated OER
Life in a Soviet Household
Students simulate the transaction costs experienced by the average householder in the former Soviet Union. They consider time spent searching and waiting in line, scarcity of goods and the lure of the black market.
Curated OER
Banking on the Future: Penny Drive
Students study why philanthropy is needed and learn to complete a penny drive. In this philanthropy lesson, students learn the need to invest money for future purposes and identify a cause in the community to hold a penny drive for.
Curated OER
Decisions! Decisions! What Will I Do?
Young scholars demonstrate formats of opportunity cost. Students illustrate this concept by choosing two pictures and analyzing them for color and cost. They write a short paper explaining their findings.
Curated OER
Costs & Benefits
Students reinforce the concept of the true costs being what is given up by doing something -- normally referred to as opportunity costs.
Curated OER
Yard Sale
Students complete activities to discover spending, goods, services, price, advertising, choice, alternatives, criteria and opportunity cost.
Texas Education Agency
Texas Gateway: How Individuals Make Choices Based on Their Budget
By the end of this section, you will be able to calculate and graph budgets constraints, explain opportunity sets and opportunity costs, evaluate the law of diminishing marginal utility, and explain how marginal analysis and utility...
Texas Education Agency
Texas Gateway: Chapter 2: Choice in a World of Scarcity: Problems
This page poses a situation which is followed by four problems to solve. They are based on information in Chapter 2: Choice in a World of Scarcity from the TEA AP Macroeconomics online text.
iCivics
I Civics: The Market Economy
This lesson teaches the basics about the market economy, including the relationships between consumers and producers, supply and demand, and profit and incentive. Students learn six traits of a market economy, compare the market economy...
![The Energy Game: Finding Energy Resources [Pdf] Lesson Plan](https://content.lessonplanet.com/knovation/original/15325-c671054d71e32c4f995636d392ff9c02.jpg?1661812513 "The Energy Game: Finding Energy Resources [Pdf] Lesson Plan")
Other
The Energy Game: Finding Energy Resources [Pdf]
This energy classroom game focuses on energy sources. Students learn that energy, the environment, and economics are closely tied. During the course of the game students discover the concepts of scarcity, opportunity cost, net energy...
Wikimedia
Wikipedia: There Ain't No Such Thing as a Free Lunch (Tanstaafl)
This on-line encyclopedia provides the definition of the economic acronym "TANSTAAFL," which is a way to explain opportunity cost.
Library of Economics and Liberty
Concise Encyclopedia of Economics: Opportunity Cost
The definition and examples of "opportunity cost."
Library of Economics and Liberty
Library of Economics and Liberty: Comparative Advantage
This article provides a thorough examination of comparative advantage, absolute advantage, and opportunity cost, and how these three terms are related.
Other
The Production Possibilities Frontier
This site shows an good example of opportunity costs along with related production possibilities curves.
Other
Opportunity Cost
This site provides a definition, examples, and applications for the concept of "opportunity cost."
Other
Sukromne Gymnazium: The Study of Economics [Pdf]
An introduction to basic concepts in beginning economics.
Other
East Tennessee State University: Explicit and Implicit Costs
This resource provides a good example of the differences between explicit costs and implicit costs using the ownership of a pizza restaurant as an example.
Tutor2u
Tutor2u: Sources of Comparative Advantage
This site describes how comparative advantage and specialization cause international trade.