Grade: 1 Lesson # 7

What is Opportunity Cost?

SS.4.FL.2.4 Discuss hat whenever people buy something, they incur an opportunity cost. Opportunity Cost is the value of the next best alternative that is given up when a person makes a choice.

1 SS.4.FL.2.4 Discuss hat whenever people buy something, they incur an opportunity cost. Opportunity Cost is the value of the next best alternative that is given up when a person makes a choice.

Opportunity Cost

Lesson Number : 7

Correlated Florida Standards (See Full Text on Cover Page)  LAFS.1.RI.1.2  LAFS.1.RI.1.3  LAFS.1.RI.3.7  LAFS.1.SL.1.1  LAFS.1.SL.1.2

Essential Question  What is Opportunity Cost?

Learning Goals/Objectives  Students will understand what an opportunity cost is.  Students will identify choices they have made that could have been better.

Overview  Students will learn what Opportunity Cost is by engaging in a class discussion and completing the chart about choices they have made.

Materials  Pencil  “My Choice” chart (included in lesson plan)  colors

Time  20 minutes

Activity Sequence INTRODUCTION/HOOK (6 minutes)  The teacher will begin a discussion about choices. Ask students to share some of the choices that they made before coming to school. (2 minutes)  Write students’ responses on the board. (1 minute)  Ask each student who responds if there was a better choice they could have made. If not, ask what the next best choice is. (2 minutes)  Explain to students that the next best thing that they didn’t choose is their “opportunity cost”. (1 minute)

ACTIVITY (10 minutes) 1. Guide students through brainstorming some choices they have made today. (2 minutes) 2. Students will complete the “My Choice” chart by drawing a picture and writing what the picture represents. (8 minutes) *Remind students they may choose to draw a bad choice that they made, but if they do, the "opportunity cost" needs to be a picture of what would have been a better choice. 3. Students may color their pictures if time allows.

CLOSURE  Once all students are done, the teacher will ask some students to share their choices. (4 minutes)

OPTIONAL EXTENSION SUGGESTION/HOME LEARNING  Choices, Choices! http://www.econedlink.org/lessons/docs_lessons/738_choices_chart1.pdf

Sources/Bibliographic Information that contributed to this lesson: -“My Choice” chart: http://www.econedlink.org/lessons/docs_lessons/738_my_choice1.pdf -Full lesson: http://www.econedlink.org/teacher-lesson/738/

3 http://www.econedlink.org/lessons/docs_lessons/738_my_choice1.pdf