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

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

Grades 3-5, 6-8

Learning Economics with Minecraft: Choices, Costs and Benefits

In this economics lesson, students will use cost-benefit analysis to build their own Minecraft shelter.

Key Concepts: Decision Making/Cost-Benefit Analysis, Opportunity Cost

90 mins

Lesson

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Grades K-2, 3-5

Teach Money Skills and Graphing with "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

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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: Scarcity

30 mins

Lesson

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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

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Grades K-2

Costs and Benefits of 'The Three Little Pigs'

In this economics lesson, students examine the choices made in the story of The Three Little Pigs.

Key Concepts: Decision Making/Cost-Benefit Analysis

60 mins

Lesson

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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

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Grades K-2, 3-5

Buying a New T-Shirt - Costs and Benefits Drag'n'Drop

In this economics activity, you will learn about costs and benefits via drag and drop classification.

Key Concepts: Benefit, Costs

Activity

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Grades 3-5, 6-8

The Perfect Pet Decision-Making Activity

In this economics interactive, students will learn about decision making while shopping for a fish.

Key Concepts: Decision Making, Economics

15 mins

Activity

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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

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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

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Grades K-2, 3-5

Scarcity - Playful Economics | Lesson and Demo

Shanan Riegle, an award-winning teacher from Yorktown Elementary School in Indiana, demonstrates how to use play dough to teach the...

Key Concepts: Scarcity

Lesson

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Lesson

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Video

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