Opportunity Cost

7 Items

Opportunity Cost

Introduction

Choosing to play Fortnight means choosing not to play Mario Party. Hanging a flatscreen TV means not using that same wall space to display a beautiful painting.

Resources (like our attention and our wall space) have alternative uses. Choosing our best alternative (Fortnight or the flatscreen TV) means not choosing our next-best alternative (Mario Party or the beautiful painting).

Seizing an opportunity means dropping our next-best opportunity. Every choice has an opportunity cost.

Learning Objectives

Students will understand that:

  • The opportunity cost of an action is the value of the next-best alternative use of the resources used.
  • Every action has an opportunity cost.

How to Use These Materials

Students can view the following essays and videos in any order, although we recommend starting with the next page. Teachers can use these as stand-alone lessons or plug them into your own lesson plan. Our quizzes can be taken here or embedded into your Google Classroom assignments.

If you have any questions, please email [email protected].