Virginia SOL 3.10.d
The Standard
identifying examples of making an economic choice and explaining the idea of opportunity cost
Virginia Standards of Learning for History and Social Science
Teacher's field guide
What This Standard Means
What Students Need to Do
- Students choose between two or more options when time, money, or resources are limited. They identify the next best option they gave up as the opportunity cost.
What Mastery Looks Like
- Students can name a choice, explain why a choice was needed, and identify what was given up. They can do this with examples involving money, time, or classroom materials.
Common Misconceptions
- Students may think opportunity cost means the money paid for something. They may list every rejected option instead of naming the next best option given up.
How to Assess It
- Give this exit ticket: “Maya has $5 and chooses a book instead of a toy. What is her choice, and what is her opportunity cost?”
Lesson moves
Ways to Teach It
Give pairs ten tokens and picture cards with prices, then have them buy one item and name the item they gave up.
Ask students to write about choosing between two recess activities and explain the opportunity cost of their choice.
Play Choice Corners by labeling room corners with options, then have students move, choose, and name their next best option.
Plan a class party with a fixed budget, choosing between snacks, decorations, and games while recording each opportunity cost.
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Printable 3.10.d Worksheet
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Related Standards
- CE.11.a
explaining that because of scarcity, consumers, producers, and governments must make economic choices, and understanding that all choices have an opportunity co...
- S.WG.g
using economic decision-making models to analyze and explain the incentives for and consequences of a specific choice;
- S.VS.g
using economic decision-making models to make informed economic decisions and to explain the incentives and consequences of a specific choice
- S.USI.g
using economic decision-making models to make a decision and explain the incentives and consequences of a specific choice
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