Federal Reserve Bank
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.Â
Curated OER
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...
Curated OER
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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Scarcity, Choice and Decisions
Students study the basic economic trilogy (scarcity, choice, and costs). For this money management lesson, students use a scenario of a High School Prom to calculate how scarcity, choice and cost apply by completing provided worksheets...
Council for Economic Education
Production Possibilities Curve
Demonstrate the important economic principles of the production possibilities curve, including how to calculate opportunity cost and graph curves by using a table or calculation. Learners use a variety of methods, including videos,...
Curated OER
Opportunity Cost
Young scholars 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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Trade Offs and Opportunity Cost
Students explore the role of government in the economy market. In this economics lesson, students analyze the decision making and how it takes into consideration additional cost, benefits and public awareness of what they are trying to...
Carolina K-12
Sample Test: Economics
From scarcity and marginal benefits and costs to economic systems and GDP, this 22-question multiple choice test covers some of the most fundamental concepts of economics.
Visa
Savvy Spending: Sharpening Money Decisions
Do you really need that new laptop/phone/dress/jacket/etc.? Financial decisions require us to distinguish between our wants and our needs. Through discussion and the evaluation of scenarios on provided worksheets, this resource will...
Curated OER
Choice, Opportunity, Cost and Decisions
Pupils 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.
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Specialization and Voluntary Exchange
Studnets participate in a trading simulation game in which they experience the effects of trade and how trade can increase wealth.
Carolina K-12
Factors of Production and Economic Decision-Making
Class members begin this engaging economics activity by listing all the resources used in producing a car and using that example to draw parallels to the four primary factors of production: capital goods, labor, natural resources, and...
Curated OER
Life in a Soviet Household
Students simulate the transaction costs experienced by the average householder in the former Soviet Union. They consider time spent searching and waiting in line, scarcity of goods and the lure of the black market.
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Economics Unit I - The Basics
Twelfth graders access how scarcity requires individuals and institutions to make choices about how to use available resources. They explore the characteristics of different economic systems and institutions. Student are able to describe...
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The Soviet Choice For Growth
Young scholars examine five major events in Soviet History to introduce the concept of opportunity cost. They identify considered alternatives at the time of decision and examine benefits and cost. They apply these ideas to a typical...
Curated OER
Charge Cards!
Students identify and define the various types of credit cards and credit card offers. In this credit cards lesson, students identify the pros and cons of managing a credit card account. Students locate information on the Federal...
Council for Economic Education
Teaching Economics Using Children's Literature
Introduce young learners to the subject of economics using their favorite stories and books. Including 24 separate lessons, this guide covers economic principles such as trade, scarcity, consumer goods and services, renewable and...
Curated OER
The Game of Business
High schoolers practice the economic concepts of scarcity and opportunity cost. They imagine creating their own businesses and brainstorm what they need to know in order to determine when the business is profitable.
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Introduction to Economics
Students discover the basic economic problem: scarcity; examine how "there is no such thing as a free lunch" (opportunity costs); and define economics. They act out a play demonstrating basic economic principles.
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The Foundation of Economics
This is a one-stop shop as an introduction to Economics; review 53 slides covering the basics of most economics principles with images and instructor notes. Journey from Adam Smith and the foundation of modern economics to concepts such...
Curated OER
Rebuild Your Community
Students explore the Gulf Coast disaster and what it took to rebuild the community surrounding it. In this economic development lesson, students watch a video from the Nightly Business Report and explore what all it takes to make up a...
Curated OER
Financial Planning for Catastrophe
High schoolers examine the case of The Gulf Coast and relate it financial importance. In this financial planning lesson, students watch a video and then begin to analyze how to plan for the unexpected by reviewing the financial...