Activities to Teach Students About Opportunity Cost
Opportunity cost is a crucial concept that students must understand as they grow up. The opportunity cost of a decision is the value of the best alternative choice that you must give up in order to make that decision. For example, if you choose to buy a new car, the opportunity cost could be a dream vacation. To help students learn more about opportunity cost, here are some activities that can be employed in the classroom:
1. Scavenger Hunt Game
This activity requires students to find a specific list of items within a certain time frame. The twist is that each item on the list comes with a price tag. For example, they might be asked to find a can of soda, but it costs $5. Alternatively, they might be asked to find a book, but it will cost them losing a chance to play a video game. At the end of the game, students should identify the opportunities they missed out on to acquire the items they found, and why they made such choices.
2. Decision-Making Game
In this game, students are presented with several choices. Each choice will have a benefit and an opportunity cost. For example, they might have to choose between studying for an upcoming exam or hanging out with friends. The benefit of studying is that they would do well on the exam, but the opportunity cost is missing out on time with friends. The goal of the game is for individuals to understand the opportunity cost of their decisions. This can become a group discussion and an open-ended question and answer session.
3. Project-Based Activities
Project-based activities can allow students to explore the meaning of opportunity cost in depth. For example, they could explore a real-world scenario where they must make a decision. They could evaluate the benefits and costs of each option, identify the opportunity cost of their choices and present their findings to the class. Their presentation may give their peers an opportunity to identify additional opportunity costs they might have overlooked, informing a well-rounded discussion.
These activities promote critical thinking, decision-making, and collaboration skills – all essential skills that students require to navigate the working world. By understanding opportunity cost, students can make informed decisions that consider the trade-offs of different actions, making them more successful in various aspects of life. It’s up to the teacher to evaluate which activity works best for their curriculum or which activity is most suitable for their students’ age or learning level.