Scarcity, Choice, and Opportunity Cost
3rd GradeSocial Studies30 min
Learning Objective
I can explain how scarcity, choice, and opportunity cost affect what we make and buy.
Lesson Flow
Watch Video
Scarcity and Opportunity Cost | Economics Explained
Federal Reserve Bank of St. Louis
Guided Notes
Key concepts students will learn:
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When resources are limited and cannot satisfy all wants, it is called scarcity, which forces people to make choices.
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Opportunity cost is the next best thing that is given up when making a choice.
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Because land is scarce, the school board had to choose between a larger playground and more parking space.
Practice
3 questions • Multiple choice & Short answer
Exit Ticket
“The students wanted both swings and a slide on the playground, but there wasn't enough room for both. They chose to have the swings. What was their opportunity cost?”
Teacher Guide
Get the complete package:
- Answer keys for all questions
- Differentiation strategies
- Extension activities
- Printable student handouts
