Social Studies
Objective: I can explain opportunity cost as the next-best thing I give up when I make a choice.
Standards: D2.Eco.1.3-5
Builds on: Needs Day 1 (every choice has benefits and costs) and Day 3 (a budget). One-minute check: ask "What is one cost of choosing to save your money?" (You do not get to buy something now.)
- opportunity cost – the next-best thing you give up when you make a choice
Materials: Notebook, Pencil, 3 index cards for the choice cards, 8 play $1 bills from Day 3, 3 paper slips for the kite, book and paint set
- Warm-Up · 5 min
Spaced review from Week 23. Ask: "Name two things a good proposal tells the council." (Sample: the problem, who it affects, a solution, a cost or a worry.) Then ask: "If you spend all your money on one thing, what happens to the other things you wanted?" Accept any answer.
- Mini-Lesson · 10–15 min
Say: "Every time we choose, we give something up. Opportunity cost is the next-best thing you give up." Your child counts out 8 play dollars. Write on three slips: kite $8, book $8, paint set $8. Say: "Maya has $8. Each thing costs $8, so she can buy only one." Say: "Maya ranks them. The kite is first, the book is second and the paint set is third." Put the slips in that order. Say: "She buys the kite." Your child pays $8 and takes the kite slip. Say: "Her opportunity cost is the book. Only the book. It was her next-best choice." Ask: "Why isn't the paint set her opportunity cost?" (It was her third choice. She would have picked the book next.) Say: "Time has an opportunity cost too. Jamal watches a show for 30 minutes. His next-best choice was playing outside." Ask: "What is Jamal's opportunity cost?" (30 minutes of playing outside.) Ask: "Can a choice that costs no money have an opportunity cost?" (Yes. You give up another way to use the time.) If stuck, say: "Ask: What was my second choice? That one, only that one, is the opportunity cost."
- Activity / Source Work · 15–20 min
Decision chart. 1) Write three choice cards. Card A: "You have $8. Buy a jump rope or a puzzle book." Card B: "After dinner: bake cookies with Grandma or play a board game with a cousin." Card C: "Save $5 toward a bike or buy a $5 snack now." 2) Your child draws a chart with five columns: Choice, Option 1, Option 2, I chose, Opportunity cost. 3) For each card, your child names one benefit and one cost of each option. Then choose, and name the opportunity cost. 4) Keep one thing the same on every card: only two options, and you cannot have both. 5) After each card, ask: "What is your evidence that this was the better choice for you?" (Look for a benefit your child named.) 6) Try a family example together, such as a movie night or a game night this weekend. Add it as a fourth row. Choices vary. Look for the pattern: the opportunity cost is always the option not chosen.
- Notebook Entry · 10 min
The decision chart stays in the notebook. Under it, your child finishes: "Thinking about opportunity cost helps me because ___." Sample: "Thinking about opportunity cost helps me because I compare what I get with what I give up before I choose."
- Exit Ticket · 5 min
Read the three questions aloud. Your child answers aloud or in the notebook. Praise answers that name only the next-best choice.
Watch for: Naming everything that was not bought as the opportunity cost, or naming the thing that was chosen.
Try: Ask: "What was your second choice?" Say: "That one, only that one, is the opportunity cost."
- Leo has time for one after-school club: chess or art. He picks art. What is his opportunity cost?
- Ava ranks three snacks: grapes first, crackers second and yogurt third. She picks grapes. What is her opportunity cost? Why is it not the yogurt?
- Sam naps instead of reading. No money is spent. Is there an opportunity cost? Explain.
Show answers
- The chess club.
- The crackers. They were her next-best choice. The yogurt was only her third choice.
- Yes. He gives up the reading time.
Support: Use two real snacks or toys. Your child picks one and hands back the other, saying: "This is my opportunity cost."
Extend: Your child thinks about a town that can pay for a new playground or a bridge repair. Name one benefit of each and the opportunity cost of the town's choice.
Homework: Your child tells a family member about one choice made today and its opportunity cost. Look for: the next-best option, not the thing chosen.
Practice page · Week 24, Day 4
Social Studies
I can name the opportunity cost of a choice.
Fill in the decision chart for each choice.
| Choice | Option A | Option B | I chose | Opportunity cost |
|---|---|---|---|---|
- 1.
Choice 1: A $6 paint set or a $6 puzzle. If you pick the paint set, what is the opportunity cost?
- 2.
Choice 2: Sunday morning at soccer practice or at the museum. If you pick the museum, what is the opportunity cost?
- 3.
Choice 3: Spend $4 on stickers now or save it for a scooter. If you save, what is the opportunity cost?
Answer the questions.
- 4.
What is opportunity cost?
- 5.
Is opportunity cost everything else in the store, or only the next-best choice?
○ everything else in the store○ only the next-best choice - 6.
Why is it helpful to think about opportunity cost?
Challenge: Write a family choice and its opportunity cost.
Materials: choice cards