This site provides a definition, examples, and applications for the concept of "opportunity cost."

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...

In this lesson summary, review the key concepts, key terms, and key graphs for understanding opportunity cost and the production possibilities curve.

An introduction to the concepts of scarcity, choice, and opportunity cost.

In this exercise, practice using data from a production possibilities curve to calculate opportunity costs.

This description explains the concept of opportunity cost and gives examples.

Provides readers with a definition and explanation of the concept of opportunity cost. Gives great details and compares the term with similar concepts.

The definition and examples of "opportunity cost."

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."

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.

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...

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...

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....

This on-line encyclopedia provides the definition of the economic acronym "TANSTAAFL," which is a way to explain opportunity cost.

This site shows an good example of opportunity costs along with related production possibilities curves.

Students will define opportunity cost as they list various career choices and salaries, and calculate future value of money.

In this activity, learners will learn about choices and opportunity costs that occur every day. While this activity will go on throughout the day, the actual activity is short.

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.

A PDF student workbook to teach elementary students about money, including values of coins, opportunity costs, and goods and services.

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...

Lesson that helps student understand the decision-making process and introduces the concept of cost. Students listen to a story and take a short quiz. Includes links to the story and the quiz.

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...

This learning module gives students the opportunity to view and listen to hundreds of interviews with people who experienced first hand the Korean and First and Second world wars. This is an excellent teaching resource that helps...

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...