Grade 5 · Social Studies · Lesson 17

Needs, wants and opportunity cost

Every single day you make CHOICES with your money, your time, and your attention. Economics is just the study of those choices. Two ideas do most of the heavy lifting: knowing the difference between a NEED and a WANT, and understanding the OPPORTUNITY COST of any choice you make. Get those two ideas right and you stop wasting money on stuff you do not really care about.

What this lesson teaches

1Define needs and wants in your own words
2Sort everyday items into needs or wants
3Identify the opportunity cost of a choice
4Make a trade-off and explain what you give up

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