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Home : 2003 : Oct : 15
I hadn't even heard of opportunity cost until this week. We have to teach it as part of a 4th grade economics unit. If we understood the meaning coorectly, we see opportunity cost as choosing how to spend money best on certain criteria. In a lesson we found, it starts with a story about a boy who got $ for his birthday and goes to the mall to spend it. He has to choose 4 things, so he gives himself criteria to follow and see if the items meet his criteria (less than $15, will last long, Mom would approve, etc.). He creates a table to organize his info. Then we will discuss how this relates to their lives, and how opportunity cost affect others. We haven't taught it yet, but this is our plan. Are we even close to what opportunity cost actually means?
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