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

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: Scarcity
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 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

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, Opportunity Cost, Saving
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, Decision Making/Cost-Benefit Analysis, Saving
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: 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