Look up! Can you ever imagine standing on another planet and looking down at earth? We've been to the moon - now lets launch an expedition to Mars. Imagine all the preparation you will have to go through in order to have a safe and successful mission! You must decide what you should take, how you will prepare yourself and carefully think through each and every choice – once you lift off, you are on your own!
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 alternative given up, when we make a decision. There are opportunity costs in making decisions about which movie you'd like to see at a certain time, how to spend your allowance, or deciding how to dress for Halloween.
Upon completion of this lesson students will: identify examples of productive resources; categorize productive resources as human resources, capital resources, and natural resources; explain that an entrepreneur is a special type of human resource; identify examples of intermediate goods.
The following lessons come from the Council for Economic Education's library of publications. Clicking the publication title or image will take you to the Council for Economic Education Store for more detailed information.
This interdisciplinary curriculum guide helps teachers introduce their students to economics using popular children's stories.
4 out of 29 lessons from this publication relate to this EconEdLink lesson.
Designed primarily for elementary and middle school students, each of the 15 lessons in this guide introduces an economics concept through activities with modeling clay.
3 out of 17 lessons from this publication relate to this EconEdLink lesson.
This publication helps elementary students analyze energy and environment issues from an economics perspective.
2 out of 10 lessons from this publication relate to this EconEdLink lesson.