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

Lesson

Content Partner

Grades 3-5, 6-8

Costs and Benefits of Beans' Decisions

In this economics lesson, students will make decisions using a cost-benefit analysis.
Key Concepts: Cost-Benefit Analysis, Marginal Analysis
45 mins
Lesson

Grades K-2, 3-5

Intro to Scarcity

In this economics lesson, students will sing and play a game to learn about scarcity.
Key Concepts: Basic Economic Concepts, Decision Making, Firms and Production…
60 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 Payments, Cost-Benefit Analysis, Goods and Services…
Lesson

Activity

Content Partner

Grades 3-5, 6-8

PBS-NOVA Financial Lab

Managing money is hard! Even when you know what you should do, it can be hard to actually do it....
Key Concepts: Budgeting/Money Managment
45 min
Activity

Free publication

Grades K-2, 3-5

Personal Finance Printables

In this personal finance activity book, students will complete one-page handouts including sing-a-longs, matching, and drawings.
Key Concepts: Budgeting/Money Managment, Cost-Benefit Analysis, Marginal Analysis
190 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: Allocation, Basic Economic Concepts, Firms and Production…
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: AP Macroeconomics, AP Microeconomics, Basic Economic Concepts…
20 mins
Video

Professional Development