12th Grade Opportunity Cost Lesson Plan Example (Social Studies)

Topic: Opportunity Cost

Objectives & Outcomes

• To be able to calculate the opportunity cost of a decision or choice and graphically illustrate the concept.

Materials

• Graph paper
• Pencils
• Calculator

Warm-up

• Ask the students if they have ever faced a situation where they had to choose between two or more alternatives. For example, choosing between studying at home or at the library, or choosing between going on a vacation or saving the money for future use.
• Ask them to think about the reasons that led them to make the choice they made.
• Ask them to share their experiences with the class and discuss the reasons they gave for their choices.

Direct Instruction

• Introduce the concept of opportunity cost, explaining that it is the cost of the next-best alternative that is given up when a particular choice is made.
• For example, if a student chooses to study at home instead of at the library, the opportunity cost is the benefit that could have been obtained by studying at the library (e.g. access to more resources, less distractions).
• Explain that opportunity cost can be calculated by subtracting the value of the next-best alternative from the total cost of the chosen alternative.
• For example, if the total cost of studying at home is $100 and the total cost of studying at the library is $200, the opportunity cost is $200 - $100 = $100.
• Demonstrate how to graphically illustrate opportunity cost using a table, where the chosen alternative is on the x-axis and the next-best alternative is on the y-axis. The difference between the two represents the opportunity cost.

Guided Practice

• Provide students with a scenario and ask them to calculate the opportunity cost.
• For example, a student might be given the choice between studying at home or at the library and asked to calculate the opportunity cost of each option.
• Have them work with a partner to solve the problem and explain their reasoning.

Independent Practice

• Provide students with a number of scenarios and ask them to calculate the opportunity cost.
• For example, a student might be given the choice between attending a sports event or a music concert and asked to calculate the opportunity cost of each option.
• Have them create a project presentation (e.g. a poster, a slide presentation, a short report) to present their solutions to the class.

Closure

• Review the concept of opportunity cost and how it can be calculated.
• Ask students to share their project presentations with the class and discuss the different opportunity costs they encountered.

Assessment

• Observe students during the group activity and independent practice to assess their understanding of opportunity cost.
• Collect and grade the written calculations and graphs submitted by students as reflective of their understanding of opportunity cost.