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

Lesson

Grades 3-5, 6-8

The Costs and Benefits of Beans' Decisions

"Full of Beans" by Jennifer L. Holm tells a story about Beans Curry and his many decisions during the Great...
Key Concepts: Basic Economic Concepts, Decision Making, Incentives…
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 K-2

Every Penny Counts

In this personal finance lesson, students will evaluate wants and spending, realizing that sometimes there are more costs to consider...
Key Concepts: Basic Economic Concepts, Budgeting/Money Managment, Decision Making…
45 mins
Lesson

Grades K-2

Teach About Scarcity with "The Mitten"

This is a folktale retold by Jan Brett about a little boy whose grandmother knits him a pair of snow...
Key Concepts: Allocation, Allocation, Basic Economic Concepts…
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: Basic Economic Concepts, Decision Making, Goods and Services…
45 to 90 mins
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: Basic Economic Concepts, Budgeting/Money Managment, Decision Making…
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: Basic Economic Concepts, Personal Finance
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: Basic Economic Concepts, Decision Making, Firms and Production…
20 mins
Video

Professional Development

Grades K-2, 3-5

Scarcity - Playful Economics | Lesson and Demo

Watch this demonstration on how to use play dough to teach the concepts of scarcity and decision-making to elementary students...
Key Concepts: Basic Economic Concepts, Decision Making, Incentives…
Lesson