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Collection
Teaching the Fundamentals: Scarcity, Opportunity Cost, and Decision Making for Elementary School

Lesson

Grades K-2, 3-5

Alexander, Who Used to Be Rich Last Sunday

In the story, Alexander, Who Used to Be Rich Last Sunday, Alexander receives a dollar from his grandparents that he...
Key Concepts: Consumers, Decision Making/Cost-Benefit Analysis, Spend
Lesson

Grades K-2

The Mitten

This is a folktale retold by Jan Brett about a little boy whose grandmother knits him a pair of snow...
Key Concepts: Scarcity
30 mins
Lesson

Grades 3-5

The Grasshopper and the Ant

Understanding the concept of opportunity cost is critical for good decision making. The ability to identify the opportunity cost—the highest...
Key Concepts: Balance of Trade and Balance of Payments, Consumers, Decision Making/Cost-Benefit Analysis…
Lesson

Grades K-2

Vincent van Gogh's 'Flower Beds in Holland'

Students study a painting by van Gogh called "Flower Beds in Holland". The students recognize that this farmer made a...
Key Concepts: Choice, Decision Making/Cost-Benefit Analysis, Scarcity
Lesson

Activity

Grades 3-5, 6-8

The Perfect Pet

In this economics interactive, students will learn about decision making while shopping for a fish.
Key Concepts: Decision Making, Economics
15 mins
Activity

Video

Grades 3-5, 6-8, 9-12

Scarcity Video and Quiz

In this economics video, students will learn about scarcity and play a Kahoot! game.
Key Concepts: Economic Systems, Goods and Services, Scarcity
10 mins
Video

Grades 3-5, 6-8, 9-12

Opportunity Cost Video and Quiz

In this economics video, students will learn about opportunity cost and play a Kahoot! game.
Key Concepts: Choice, Decision Making/Cost-Benefit Analysis, Opportunity Cost
20 mins
Video

Professional Development