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ALICIA KUNKEL

Opportunity Cost Lesson Plan

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Decision Making Lesson

Standards:

Minnesota:     B.  Economic Choices

The student will understand basic principles of economic decision-making.

 

National:         VII.       Production, Distribution, & Consumption

j.  use economic reasoning to compare different proposals for dealing with contemporary social issue such as unemployment, acid rain, or high quality education.

 

Content of Lesson/ Essential Questions:

  • Opportunity Cost
  • What is opportunity cost?
  • How does opportunity cost affect your decision making?

 

Learning Outcomes:        

  • Students will identify what opportunity cost is.
  • Students will be able to analyze how opportunity cost affects them in their decision-making.

 

Materials and Resources:

  • Table of salaries
  • Notes
  • Chalkboard

 

Procedures:

Grouping/ location:  The students will be in the classroom in original configuration until later, then they will be split into four groups.

Introduction/ Set:  Time:  2-3 minutes.

Activity: 

Time needed for each step

What the teacher will do

What the student will do

Monitoring. Checking for understanding, Assessment

5 minutes

Give a brief explanation of opportunity cost.

Take notes and listen.

Ask for questions, re-explain, ask a student to explain in their own words.

10 minutes

Ask for volunteers for donut exercise.

Give out donuts.

Volunteer for the donuts.

 

Closure: Re group the class.  Ask questions, show data, answer any questions.

 

Differentiation/ Learning Styles

  • Using hands on visuals for students who need more concrete examples.
  • Use lectures for students who like lectures.
  • Make sure to describe the rules before activity.

 

Evaluation

  • Informal assessment with questions directed at entire class.

 

References

  • Class notes

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