<p> Grade: 1 Lesson # 7</p><p>What is Opportunity Cost?</p><p>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. </p><p>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.</p><p>Opportunity Cost</p><p>Lesson Number : 7</p><p>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</p><p>Essential Question  What is Opportunity Cost?</p><p>Learning Goals/Objectives  Students will understand what an opportunity cost is.  Students will identify choices they have made that could have been better.</p><p>Overview  Students will learn what Opportunity Cost is by engaging in a class discussion and completing the chart about choices they have made. </p><p>Materials  Pencil  “My Choice” chart (included in lesson plan)  colors</p><p>Time  20 minutes</p><p>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)</p><p>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.</p><p>CLOSURE  Once all students are done, the teacher will ask some students to share their choices. (4 minutes)</p><p>OPTIONAL EXTENSION SUGGESTION/HOME LEARNING  Choices, Choices! http://www.econedlink.org/lessons/docs_lessons/738_choices_chart1.pdf</p><p>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/</p><p>3 http://www.econedlink.org/lessons/docs_lessons/738_my_choice1.pdf</p>