Opportunity Cost
This video teaches the concept of Opportunity Cost. Opportunity cost is what you must give up to obtain something else, the second-best alternative. However, what you must give up to obtain your first choice is not really money--it is whatever other good or service you would have spent the money on as your next-favorite choice.
Key Concepts
Choice, Cost/Benefit Analysis, Decision Making, Opportunity Cost, Productive Resources, Scarcity, Costs, Alternative
OTHER RELATED LESSONS
It’s December 16, 1773 and many of the citizens of Boston are furious with King George’s new tax on tea. Young Ethan, a printer’s errand boy, has been given the task of conveying information concerning an upcoming protest meeting. As he makes his rounds through the city the reader is int...
Grades K-2, 3-5
Your students will consider the following questions: In deciding to secede from the Union in 1861, did the South violate its own self-interest and thus disprove the basic economic principle that people seek to further their self-interest in the decisions they make? To get at the question, each ...
Grades 6-8, 9-12
Students encounter the concept of scarcity in their daily tasks but have little comprehension as to its meaning or how to deal with the concept of scarcity. Scarcity is really about knowing that often life is 'This OR That' not 'This AND That'. This lesson plan for students in grades K-2 an...
Grades K-2, 3-5
In this lesson, students will learn about choices and opportunity costs that occur every day. While this lesson will go on throughout the day, the actual lesson is short.
Grades K-2, 3-5
The introduction to this lesson is a brief online story about a little girl’s visit to a pet store with her father. She considers several pets before choosing a “cute and cuddly” dog. Students are reminded that pet owners are responsible for keeping their pets safe, healthy and ...
Grades K-2, 3-5
INTERACTIVE TOOL REVIEWS
-
“Thank you! This is a great way to leverage the resources of Virtual Economics for everyone to use.”
Be the first to review this interactive tool!
Add a Review