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A similar lesson on decision making with Opportunity Cost

Subject:

Social Studies  

Grades:

2, 3  

Christinia Dunham

Title: Chocolate peas or chocolate chicken?

Grade: 2nd-3rd

Length: 45 minutes

Performance Expectation:

The students will define opportunity cost of a decision as what has been given up.

Materials:

The poem Charlie’s Chocolate Choices, the journal attached to the lesson plan called Charlie and My Opportunity Cost, crayons, and a pencil.

Procedures:

Introduction:

1. Begin the class with the poem called Charlie’s Chocolate Choices.

2. After the poem has been read, ask the class what they think they are going to be learning about.

Development:

1. Ask the class to name the nine things Charlie had to choose from in the poem, one child at a time, while the teacher lists them on the board and the students write them on their first journal worksheet.

2. After all nine of the items have been listed on the board, ask the class the following questions:

a. Could Charlie make all nine items with chocolate?

b. Why or why not?

c. What did Charlie have to do?

3. The last question will lead into a discussion about making a choice. Write the word choice on the board and discuss, as a class, what the word means.

4. Explain to the class that Charlie has a problem, he can’t choose which of the nine to make, so they need to help him. Their job will be to choose two items for Charlie.

5. They will then draw their first choice on the journal worksheet labeled Charlie’s first choice and their second choice for Charlie on the worksheet labeled Charlie’s second choice. On the worksheets, the students will need to list why they chose the object to be their first and second choice. Make sure the class understands that their first choice is the one they want Charlie to make.

6. Choose two to three students by pulling tongue depressor sticks, with their names on them, from a cup. Make sure that those students who do not feel comfortable getting in front of the class are not among the names.

7. The students chosen will present their drawings to the class as well as explain why they chose each choice for Charlie. With each student, ask the following questions:

a. What did you choose for Charlie’s first choice?

b. What would he choose to make if he couldn’t have the first choice?

c. When Charlie picked the first choice you chose for him, did he give something up? If so, what was it? (second choice)

8. After each student has presented their drawings, reveal to the class that what they have been doing is called opportunity cost.

9. Ask the students if they have any ideas of what opportunity cost really means.

10. If no one in the class knows the definition, explain that the one thing Charlie gave up, which was his second choice, in order to get his first choice is called opportunity cost.

11. Have the students now work individually on the rest of the worksheets in the journal. Explain that on the fourth page they will construct their own story or poem, like Charlie’s, about their nine favorite pieces of candy. Next they will draw their first choice and tell why they chose it. Then, on the next page, they will draw and explain their second choice. On the last page they will write what the word opportunity cost means to them, their definition.

Closure:

1. Draw two to three different students from the cup.

2. Have these students present their story or poem and choices to the class.

3. Have each student share their explanations about why they made the choices they did to the class.

Assessment:

1. Have each student turn in their journal.

2. Look through their journals, make sure that each worksheet is completed.

3. Focus on their explanation of what opportunity cost means to them. Make sure that each child has the right idea or close to the right idea on what opportunity cost means. Those that are still confused could be pulled aside and taught in a different manner or if the situation is minor, review the topic again the next day.

Adaptations:

1. For those students who do not have good writing skills, you could:

a. Alter the worksheets and have them draw more.

b. Have them use short phrases or words instead of full sentences.

c. Have them do their best and pull them aside if there needs to be a clarification.

2. Keep their journals, throughout the unit on opportunity cost, in their portfolios. Complete more opportunity cost activities to be added to their journals. As each student’s knowledge about opportunity cost increases, have them add a new statement to their definition worksheet in their journal.

References:

Coulson, E. C. & McCorkle, S. (1992). Economics for the elementary classroom. Ballwin, MO: SPEC Publishers.

Dunham, C. (1997).

Charlie’s Chocolate Choices

Chocolate, chocolate, for chocolate’s sake,

Give me chocolate so I can make

Chocolate liver, chocolate peas,

Chocolate biscuits, if you please.

Chocolate squash with chocolate chicken,

Make a meal that’s finger lickin’.

Chocolate donuts, chocolate bars,

Chocolate cakes and chocolate stars.

I want these all for my desserts

I’ll eat until my stomach hurts.

Alas, there is not near enough

For me to make all of this stuff.

So now I know that I must choose;

I’ll make just one, the next I’ll lose.

Journal

1. Title page:

Charlie and (their name) Opportunity Cost

2. First worksheet:

List the nine things that Charlie wanted to make.

*Add nine number spaces to the page for them to fill in.

3. Second worksheet:

Help, Charlie can’t decide! Draw the item you think Charlie should choose as his first choice.

Why did you choose this?

*The page should be divided so that they have half of the page to draw and the other have to answer the question.

4. Third worksheet:

Help, Charlie can’t decide! Draw the item you think Charlie should choose as his second choice.

Why did you choose this?

*Again, divide the page in half devoting half of the page for their drawing and the other half for their reply.

5. Fourth worksheet:

The story about my nine favorite pieces of candy.

*Add lines to the page for the students to write their story.

6. Fifth worksheet:

Draw your first choice.

Why did you choose it?

*Same as the directions from numbers three and four.

7. Sixth worksheet:

Draw your second choice.

Why did you choose it?

*Same as the directions from numbers three and four.

8. Seventh worksheet:

What does opportunity cost mean to you?

*Add lines to the page for the students to write on.

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Educacion en Accion
In this bilingual Social Studies worksheet, students will practice creating a simple budget that includes income, expenses and balance. Students will create budget after reading the story of a boy who wants to save money to adopt a new pet. This worksheet is in Spanish only.

En esta hoja de pract

Subjects:
Social Studies – History , Spanish , Economics
Grades:
2nd , 3rd , 4th , Homeschool
Types:
Worksheets , Activities , Assessment
FREE
2 Ratings

4.0

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PDF ( 289.92 KB )

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Entrepreneur Vocabulary

Entrepreneur Vocabulary
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by

Crystal Smith
This is an easy to follow matching activity for students to show they have mastered entrepreneur unit vocabulary definitions.
Subjects:
Economics
Grades:
3rd , 4th , 5th , 6th
Types:
Worksheets , Assessment , Homework
FREE
2 Ratings

4.0

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DOC ( 28 KB )

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The Great Dust Bowl and Scarcity

The Great Dust Bowl and Scarcity
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by

Luanne Pyron
This is an informational text about how scarcity can be created. It uses the 1930s Great Dust Bowl event to give context to a real world problem. There are two formats. The second format contains modifications to accommodate students who may need answer and question cues.
Subjects:
U.S. History , Geography , Economics
Grades:
3rd , 4th
Types:
Worksheets , Printables
CCSS:
RI.3.1 , RI.3.3 , RI.4.3 , RI.4.4
FREE
2 Ratings

4.0

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PDF ( 81.47 KB )

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Producers and Consumers

Producers and Consumers
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by

Sarah Moreno
Students are given three professions and will say what the professional produces and what they consume to complete their jobs.
Subjects:
Social Studies – History , Economics
Grades:
1st , 2nd , 3rd
Types:
Worksheets , Activities , Assessment
FREE
2 Ratings

4.0

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PDF ( 24.33 KB )

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Cost-Benefit Worksheet

Cost-Benefit Worksheet
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by

Amanda Westrich
Blank worksheet for students to fill out when weighing the cost and benefits of making a decision. The worksheet has space to write the question, columns to separate the costs and benefits and lines for the students to explain their decision.
Subjects:
Business , Economics
Grades:
1st , 2nd , 3rd , 4th
Types:
Worksheets
FREE
1 Rating

4.0

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PDF ( 24.79 KB )

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Cost Benefit Analysis Worksheet

Cost Benefit Analysis Worksheet
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by

Monica Hiatt
This is a free cost benefit analysis worksheet. Please visit my teachers pay teachers store to find a SMARTboard lesson teaching Cost Benefit Analysis to use with this worksheet. http://www.teacherspayteachers.com/Product/Three-Little-Pigs-Cost-Benefit-Analysis-776661
Subjects:
Special Education , Economics
Grades:
3rd , 4th , 5th
Types:
Worksheets , Homework
FREE
1 Rating

4.0

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PDF ( 6.23 KB )

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3 Types of Resources Activity

3 Types of Resources Activity
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by

The WANDerful World of Mr Swenson
Here is a simple and fun lesson to help students identify the 3 types of resources used in making products (natural, capital, and human)! Discuss with your students what each type of resource is, give examples, then pass around a baseball. Let them guess as to what was used in making it. Tell them y
Subjects:
Business , Economics
Grades:
2nd , 3rd , 4th
Types:
Worksheets , Activities , Assessment
FREE
1 Rating

4.0

Digital Download

PDF ( 62.43 KB )

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Democracy Vocabulary

Democracy Vocabulary
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by

Rebecca Gersten
This is a social studies democracy and economics vocabulary list. Students can use this handout during social studies or integrated reading centers.
Subjects:
Vocabulary , Government , Economics
Grades:
2nd , 3rd , 4th
Types:
Worksheets , Handouts
FREE
1 Rating

4.0

Digital Download

DOCX ( 95.72 KB )

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Check Writing Unit

Check Writing Unit
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by

TeacherCharlotte
Teach your students how to fill out a check. This provides examples for use. Your students will enjoy learning how to write checks!
Subjects:
Life Skills , Economics
Grades:
2nd , 3rd
Types:
Worksheets
FREE
1 Rating

4.0

Digital Download

DOCX ( 19.81 KB )

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Draw a Good and Service Printable Freebie

Draw a Good and Service Printable Freebie
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by

Sarah Eldib
Students will draw a labeled picture of a good and service in the correct box.
Subjects:
English Language Arts , Economics
Grades:
1st , 2nd , 3rd
Types:
Worksheets , Activities
FREE
1 Rating

4.0

Digital Download

PDF ( 124.49 KB )

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Community Workers Goods and Services

Community Workers Goods and Services
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by

Life Skills 101
Students research to determine qualities of community workers.
Subjects:
Special Education , Life Skills , Economics
Grades:
Kindergarten , 1st , 2nd , 3rd , 4th , 5th , 6th
Types:
Worksheets , Assessment , Printables
FREE
1 Rating

4.0

Digital Download

DOCX ( 13.36 KB )

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Goods and Services: Economics Skill Sheets

Goods and Services: Economics Skill Sheets
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by

Lessons4Now
This updated download contains two (2) ready-to-use economics activities.

* Each includes teaching suggestions and a full-sized answer key. Just print and copy!

These fun and easy activities can be used to introduce, review, and/or assess understanding of GOODS and SERVICES. The lesson includ

Subjects:
Vocabulary , Business , Economics
Grades:
3rd , 4th , 5th
Types:
Lesson Plans (Individual) , Worksheets , Homework
CCSS:
RI.3.1 , RI.3.2 , RI.4.4 , RI.5.4
FREE
96 Ratings

3.9

Digital Download

PDF ( 574.27 KB )

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Natural Resources Match

Natural Resources Match
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by

Briahna Weiss
This is a simple match worksheet that includes several different natural resources. The students draw a line to match the natural resource to what can be made from it.
Subjects:
Earth Sciences , Environment , Economics
Grades:
2nd , 3rd
Types:
Worksheets
FREE
18 Ratings

3.9

Digital Download

DOC ( 1.92 MB )

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Natural Resources Lesson Plan--Cotton

Natural Resources Lesson Plan–Cotton
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by

NeesieNoodle Designs
This lesson plan is for grades 2-3. Students discuss plants as natural resources and examine the properties of cotton. A worksheet is included.
Neesienoodle
Subjects:
Science , Economics
Grades:
2nd , 3rd
Types:
Lesson Plans (Individual) , Worksheets , Activities
FREE
10 Ratings

3.9

Digital Download

PDF ( 56.86 KB )

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Government Leaders

Government Leaders
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by

MH Douglas
Review of of State Government Leaders, including mayor, governor, and president.

Subjects:
Social Studies – History , Other (Social Studies – History) , Economics
Grades:
Kindergarten , 1st , 2nd , 3rd
Types:
Worksheets , Handouts , Assessment
FREE
9 Ratings

3.9

Digital Download

PDF ( 1.07 MB )

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Economics Review: Barter, Scarcity, Resources

Economics Review: Barter, Scarcity, Resources
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by

Myra Roberts
These are simple assessments (or small group teaching resources) for Virginia Social Science SOL 2.7, 2.8, and 2.9. The scarcity and bartering or exchanging money scenarios could be extended by asking students to act out or draw what is happening in order to justify student answers and make connecti
Subjects:
Social Studies – History , Economics
Grades:
2nd , 3rd , Homeschool
Types:
Worksheets , Assessment , Homework
FREE
9 Ratings

3.9

Digital Download

PDF ( 53.3 KB )

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Goods and Services- Using VersaTiles

Goods and Services- Using VersaTiles
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by

Kelly Rister
Students learn the difference between goods, services, and service providers. This is to be used with VersaTiles, but can also function as a review worksheet if you don't have the VersaTile cases!
Subjects:
Government , Economics
Grades:
Kindergarten , 1st , 2nd , 3rd
Types:
Worksheets , Activities , Assessment
FREE
8 Ratings

3.9

Digital Download

PDF ( 92.86 KB )

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Economic Choice and Opportunity Cost Introduction

Economic Choice and Opportunity Cost Introduction
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by

Ashleigh Smith
Students and teachers can use this half sheet to introduce economic choice and opportunity cost. Students make write which item was their economic choice and which item was their opportunity cost.
Subjects:
Social Studies – History , Economics
Grades:
Kindergarten , 1st , 2nd , 3rd , 4th
Types:
Worksheets , Activities , Printables
FREE
5 Ratings

3.9

Digital Download

PDF ( 386.99 KB )

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FREE MONEY LESSONS Financial Literacy K – 3rd grade - Teaching Needs vs Wants

FREE MONEY LESSONS Financial Literacy K – 3rd grade – Teaching Needs vs Wants
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by

Making Cents of Money
A requirement for k – 3: One of the greatest lessons we can teach our children is the difference between needs and wants. This concept is very difficult! We tend to confuse what we think is a need when it's only a want! Needs are necessities for living, for life – food, shelter, water, clothing. Wa
Subjects:
Other (Math) , Economics
Grades:
Kindergarten , 1st , 2nd , 3rd
Types:
Worksheets , Minilessons
FREE
1 Rating

3.9

Digital Download

PDF ( 194.41 KB )

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More Free Economics Lesson Plans for Kids

More Free Economics Lesson Plans for Kids
avatar

by

Econ for Kids
New! These are the free companion lesson plans to the award-winning novel, Striker Jones and the Midnight Archer, the exciting second installment in the Striker Jones economics series for kids. Use them with the novel or on their own.

Topics covered include wants vs. needs, buying behaviors, comple

Subjects:
Social Studies – History , Business , Economics
Grades:
3rd , 4th , 5th , 6th , Homeschool
Types:
Worksheets , Lesson Plans (Bundled) , Activities
CCSS:
RL.3.1 , RL.4.1 , RL.5.1 , RI.3.1 , RI.3.3 , RI.3.4 , RI.4.1 , RI.4.3 , RI.4.4 , RI.4.8
FREE
3 Ratings

3.8

Digital Download

PDF ( 506.19 KB )

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