Council for Economic Education
Opportunity Cost
The price of those new shoes involves more than just money! Individuals explore the concept of opportunity cost using a video clip and gratification discussions. They prepare a budget based off of their set of values in regards to...
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Identifying Opportunity Cost
Students work together to examine the concept of opportunity costs. They complete a practice problem and solve other problems during the class period. They share their solutions with the class.
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Choices Are Everywhere: Why Can’t We Just Have It All?
Here is a resource covering a range of terms and concepts regarding scarcity, opportunity cost, and government debt in economics.
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The Legacy of the Olympics: Economic Burden or Boon?
Do the economic benefits of major sporting events such as the Olympics or the World Cup outweigh the expected costs? Using fundamental economic terms, discover the explicit and implicit costs and benefits for countries that host these...
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The Rising Cost of College: Tuition, Financial Aid, and Price Discrimination
Are average college tuition and fees really rising in the United States? Here is a fascinating take on the rising cost of college tuition and how price discrimination may explain what is often seen as an insurmountable cost for higher...
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Susan's Choice
Young economists explore opportunity cost by counting how much money Susan has in her piggy bank. From here, they are challenged to help Susan make a choice about what she can buy with her money.
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Opportunity Cost
Young scholars 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...
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Opportunity Cost
Students study what opportunity cost is and why it is important to their lives.
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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...
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Production Possibilities & Opportunity Cost
In this economics worksheet, 12th graders respond to 15 multiple choice questions about production possiblities and opportunity costs.
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Location of Resources in Early Civilizations
Sixth graders define scarcity and opportunity costs.
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Economics Study Guide
Use this resource as a basic review of economic principles. There are six questions relating to the factors of production, opportunity costs, wants and needs, tangibles and intangibles, and more.
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Economics Worksheet: Opportunity Costs
For this economics worksheet, students use their problem solving skills to calculate opportunity costs and graph their calculations.
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Globalization: Threat or Opportunity for the U.S. Economy?
Students study the pros and cons of globalization. They highlight the economic concepts of comparative advantage, specialization, and opportunity cost. They read and discuss the "FRBSF Economic Letter: Globalization: Threat or...
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The Rising Cost of Health Care: Is there an explanation?
Twelfth graders explore rising health care costs and the Law of Diminishing Marginal Utility. They participate in an activity that demonstrates the Law of Diminishing Marginal Utility. Students read the may 27, 2005 Economic Letter and...
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Tarantula Shoes
Students read a book about Ryan O'Keefe, a young man who wants a pair of basketball shoes promoted by a basketball star. They explore about spending, saving, opportunity cost, and trade-offs as they study Ryan's decisions throughout the...
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Money situations
In this money situations worksheet, high schoolers read money word problems and then list the benefit, opportunity cost, risks, and responsibilities for each one. Students do this for 6 questions.
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Why Nations Trade
Students discuss international trade. For this trade lesson, students read about comparative advantage and the benefits of international trade. Students perform a skills test to determine their individual specialization areas and write...
Council for Economic Education
Timing Is Everything
Students discuss the incentives and opportunity costs of spending vs. saving. They follow an interactive website which shows them the how much money they could end up with by saving instead of spending.
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Give and Take
Young scholars analyze a scheduling dilemma. In this opportunity cost and trade-offs lesson, students must schedule the school gym for basketball games, but there are not enough hours for all the games. Groups determine how time will be...
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Something from Nothing
Students identify opportunity costs. In this resources lesson students are read the story Something from Nothing by Phoebe Gilman. Students list the things Grandpa makes Joseph. Students state why people make choices.
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Creating Volunteers
Students discuss the benefits of volunteering. In this creating volunteers lesson, students consider philanthropic actions and opportunity costs. Students create a song and visual aid about being a volunteer.
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Opportunity Cost
Students explore the concept of opportunity cost. Classmates discuss, orally and in writing, a time when they had to make a choice when all choices seemed worthwhile. They explore the impact of making decisions when resources are...
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Beatrice’s Goat: A Lesson on Savings Goals
Youngsters learn the meaning of saving and how to reach savings goals by first reading a story of a young Ugandan girl who is gifted a goat, and then discovering the opportunity costs of savings decisions made by her and her family.
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