What Is Opportunity Cost?

You know about cost in money, but did you know that every choice has a cost in opportunity? The introduction in this worksheet explains that opportunity cost is what you give up when you choose to do something. Learners will be asked to read through a set of situations and determine what the opportunity cost of each decision is. 

This worksheet is designed for fourth and fifth graders learning basic concepts in economics. An understanding of opportunity costs can reframe how students think about the decisions they make in their lives. This concept is vital for early economic literacy and can help students better understand why people make certain choices. 

Learn more fundamental economic concepts with these worksheets: What is Scarcity?, Identify Producers and Consumers, and How Does Supply Affect Prices?