Economics Activity: Weighing out Costs, Benefits, and Opportunity Cost Scenarios
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Description
This is an economics reinforcement activity on costs, benefits and opportunity cost. Students will evaluate the costs and benefits in given scenarios in order to make the best decision. Students will also be able to recognize the opportunity cost (the opportunity that was given up) in the decision being made. Opportunity cost is a great way to help students understand decision making. Each of us are making decisions and choices all the time. Every time we say yes to something, we are saying no to something else. This is the concept of opportunity cost.
What's Included:
- This is a 2 page worksheet for students to complete.
- Easy to use and comprehend, yet challenging enough to get studetns thinking
- An example on the worksheet is "It's Monday night and you have 3 options:"
- 1. Study for your big social studies test tomorrow (you are almost failing this class).
- 2. Play the new video game with all your friends.
- 3. Watch the primetime sporting event featuring your favorite team.
Students will then list the costs and benefits of each scenario, the decision made, and the opportunity cost (or value given up) of the decision. Students will also create their own scenarios listing out all costs, benefits, and opportunity costs. Discussion can be had when students are done. This is a quick activity that allows students to think through the concepts that everything has costs, benefits, tradeoffs, and opportunity costs.
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