Curated OER
Choice, Opportunity, Cost and Decisions
Young scholars discuss the definition of scarcity and tradeoffs, and the differences between choice and cost. They create budgets and must provide tradeoffs for some of their choices.
Texas Education Agency
Texas Gateway: Macroeconomics: Confronting Objections to the Economics Approach
By the end of this section, you will be able to analyze arguments against economic approaches to decision-making, interpret a trade-off diagram, and contrast normative statements and positive statements.
Library of Economics and Liberty
Concise Encyclopedia of Economics: Opportunity Cost
The definition and examples of "opportunity cost."
Econoclass
Econoclass: Spending and Output Strings
In this classroom activity, "output" cards and "spending" cards are placed on a string. As each increase or decrease, the economy faces more unemployment or inflation. A good visual device to study the relationships among output,...
Council for Economic Education
Econ Ed Link: Vincent Van Gogh's Flower Beds in Holland
A simple lesson plan on the concept of opportunity costs or sacrifices. A short quiz on this concept is also provided.