Teaching economics can be difficult. Start your students off right by building their comprehension of scarcity and opportunity cost with this engaging and multi-faceted activity!
This activity includes:
1) This "Scarcity and Opportunity Cost" Activity includes 4 parts. It begins with a colorful graphic organizer that asks your students to define basic terms and to explain concepts at the foundation of economic study. Next, students will compare and contrast trade-offs and opportunity costs, and then identify the trade-offs and opportunity costs of everyday decisions they make. Finally, students will use their knowledge and a collection of data provided to practice calculating the opportunity costs given up by consumers, firms, and government when they make decisions in markets.
This activity can be used in many different ways in the classroom. Students can work independently, in pairs, or this activity can be used as a jigsaw in order to facilitate a class-wide discussion about the topics discussed in the activity.
2) A detailed answer key to the lesson activity to save you time and help guide student comprehension.
This activity can also be found in a bundle paired with a PowerPoint, Keynote and PDF version of a fully customizable lecture found here:
Scarcity and Opportunity Cost Bundle
If you like this activity, check out our Unit Activity Bundle that includes activities for all of the objectives in this unit.
Introduction to Economics Unit Activity Bundle
Best of all, this activity aligns to our "Topic 1.1 - Scarcity and Opportunity Cost" video lecture, which can be found here:
Topic 1.1 - Scarcity and Opportunity Cost
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Flip your classroom and the way your students learn economics TODAY!