Council for Economic Education
Econ Ed Link: Paraffin Alia
All resources are limited. It is this simple fact--scarcity--that forces us to make decisions. When we do make a choice, we pass up some other opportunity. Opportunity cost is defined as the next best alternative not chosen, or the...
Council for Economic Education
Econ Ed Link: You're Going to College
The students will explore the costs and the benefits of going to college. They participate in a three-part game designed to help them understand the decisions associated with attending college and the benefits available to college...
Council for Economic Education
Econ Ed Link: "Should You Learn to Fly?"
Students will define opportunity cost as they list various career choices and salaries, and calculate future value of money.
Council for Economic Education
Econ Ed Link: Be All You Can Be for Minimum Wage? (Student Page)
This lesson ask students to calculate the percentage change in military strength over the last two decades, hypothesize economic (and non-economic) explanations for these changes, test hypothetical explanations by reading an economic...
Council for Economic Education
Econ Ed Link: You're Going to College
Interactive game gives students the chance to learn about costs and benefits, the cost of college, and potential lifetime earnings.
Council for Economic Education
Econ Ed Link: Opportunity Cost
Consumers are faced with tough choices because so many innovative and exciting products and services are available. Therefore, engraining a decision-making process that includes considering of opportunity cost is necessary to shape...
Federal Reserve Bank
Federal Reserve Bank of St. Louis: The Pickle Patch Bathtub [Pdf]
A lesson based on The Pickle Patch Bathtub by Frances Kennedy, where students learn about making choices in how to spend money, and how to set goals and develop a savings plan.
Council for Economic Education
Econ Ed Link: Country Mouse Makes a Decision! (Student Version)
Use this site to teach your primary students how to identify the costs and benefits of making a decision. Animated link to the story, Country Mouse Makes a Decision, makes this an entertaining and educational economics lesson.
Council for Economic Education
Econ Ed Link: Costs and Benefits of 'The Three Little Pigs'
Find out what the definition of a cost and a benefit is in terms of the economy when using this site. "When making a decision, students should consider the costs and the benefits of that decision."
Council for Economic Education
Econ Ed Link: Opportunity Cost
Website with short video [0:20] and quiz teaches the concept of opportunity cost. Links to related material and lessons.
Council for Economic Education
Econ Ed Link: Off to Interactive Island
This activity provides a fun way to explore concept of economic decision making. In the lesson, students are given a limited number of "tokens" and asked to exchange those tokens for goods in preparation for pioneering in a new land....
Council for Economic Education
Econ Ed Link: Off to Interactive Island
This site is a lesson that teaches learners about scarcity and choice. Students participate in a simulation where they are asked to make choices about what they want to take with them in order to survive.
Khan Academy
Khan Academy: Lesson Summary: The Production Possibilities Frontier
Production Possibilities Curve (PPC) also called a Production Possibilities Frontier)is a graphical model that represents all of the different combinations of two goods that can be produced; the PPC captures scarcity of resources and...
Khan Academy
Khan Academy: Lesson Summary: Scarcity, Choice, and Opportunity Costs
An introduction to the concepts of scarcity, choice, and opportunity cost.
Khan Academy
Khan Academy: Decisions Within a Budget Constraint
Another approach to maximizing utility uses indifference curves (sometimes called utility curves) and budget constraints to identify the utility optimizing combination of consumption. Read about this method in this article.
Khan Academy
Khan Academy: Opportunity Cost and the Ppc
Practice what you've learned about opportunity cost and the PPC model in this four-question exercise. Topics include how to interpret the PPC, how the PPC shows opportunity costs, and how to represent efficiency and inefficiency using...
Wikimedia
Wikipedia: Opportunity Cost
Provides a clear explanation of opportunity cost in a way that is accessible to those new to economics. Includes links to terms that may require further clarification.
Other
Amos Web Gloss Arama: Opportunity Cost
Provides readers with a definition and explanation of the concept of opportunity cost. Gives great details and compares the term with similar concepts.
Tutor2u
Tutor2u: Opportunity Cost
This description explains the concept of opportunity cost and gives examples.
University of Nebraska Omaha
Ec Ed Web: M&m Interesting [Pdf]
This site from the University of Omaha provides a lesson plan indicated for 6-8th grades. "During this lesson, students use the economic concepts of trade-offs and opportunity costs to decide between savings accounts with simple interest...