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Collection
Teaching the Fundamentals: Scarcity, Opportunity Cost, and Decision Making for Elementary School

Lesson

Grades K-2

The Mitten

This is a folktale retold by Jan Brett about a little boy whose grandmother knits him a pair of snow...
Key Concepts: Allocation 1, Allocation 2, Allocation 3…
30 mins
Lesson

Grades 3-5

The Grasshopper and the Ant

Understanding the concept of opportunity cost is critical for good decision making. The ability to identify the opportunity cost—the highest...
Key Concepts: Balance of Payments 1, Cost-Benefit Analysis 1, Goods and Services 1…
Lesson

Activity

Grades 3-5, 6-8

The Perfect Pet

In this economics interactive, students will learn about decision making while shopping for a fish.
15 mins
Activity

Video

Grades 3-5, 6-8, 9-12

Scarcity Video and Quiz

In this economics video, students will learn about scarcity and play a Kahoot! game.
Key Concepts: Allocation 1, Allocation 2, Allocation 3…
10 mins
Video

Grades 3-5, 6-8, 9-12

Opportunity Cost Video and Quiz

In this economics video, students will learn about opportunity cost and play a Kahoot! game.
Key Concepts: Cost-Benefit Analysis 1, Marginal Analysis 2
20 mins
Video

Professional Development