Scarcity, Choice, and Opportunity Cost
Grade 3rd Grade · Social Studies · 30 min
What's Included
Learning Objective
I can explain how scarcity, choice, and opportunity cost affect what we make and buy.
Warm-Up Video
Federal Reserve Bank of St. Louis · 4:09
Scarcity and Opportunity Cost | Economics Explained
Guided Notes
3 key concepts
- 1
When resources are limited and cannot satisfy all wants, it is called scarcity, which forces people to make choices.
- 2
Opportunity cost is the next best thing that is given up when making a choice.
- 3
Because land is scarce, the school board had to choose between a larger playground and more parking space.
Practice Questions
3 questions · Multiple choice & Short answer
Exit Ticket
Quick comprehension check
“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?”
Complete Lesson Package
Get all 3 ready-to-use resources:
