I can explain the concept of opportunity cost.
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In this lesson, students learn about economic choice and opportunity cost. They will explore the reasons why we often have to make these choices. The lesson includes engaging and interactive activities, where students come up to the board to sort items. They will also imagine that they have $10 to spend and make hypothetical choices, assessing their opportunity cost. In the end, students make a choice for toppings and create their own pizza!
Students will be able to examine choices that families make due to scarcity, and identify costs associated with these choices. They will describe examples of opportunity cost within their family and school.
The lesson will start with a “What would you choose?” activity where students will see two options and will have to decide which one of the two they would rather have. Examples- orange or apple, candy or soda, video games, or television? Ask students to share some of the hard choices they have had to make.
Students will review goods and services and do a goods and service sort. They will then be introduced to economic choice and opportunity cost where they will see how in life we often have to make choices between different goods or services. Have students decide what items they would buy if they only had $10 to spend. Then they should identify what the opportunity cost by choosing different items.
Check student understanding with ten multiple-choice and true or false questions.
Students will be creating their own pizza but they are only allowed to use 4 toppings. They will be coloring their pizza on a separate piece of paper to share with the class.
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