Virginia SOL CE.11.a
The Standard
explaining that because of scarcity, consumers, producers, and governments must make economic choices, and understanding that all choices have an opportunity cost
Virginia Standards of Learning for History and Social Science · The student will apply history and social science skills to analyze how economic decisions are made in the marketplace and in daily life by
Teacher's field guide
What This Standard Means
What Students Need to Do
- Students explain how limited money, time, labor, and materials force consumers, producers, and governments to choose. They identify the next best option given up as the opportunity cost.
What Mastery Looks Like
- Students can analyze a choice, name the scarce resource, and identify realistic alternatives. They correctly state the opportunity cost as the next best option not chosen.
Common Misconceptions
- Students may call every rejected option an opportunity cost instead of naming only the next best option. They may also think scarcity means having nothing, or that only consumers face scarcity.
How to Assess It
- Give this exit ticket: “A town spends $50,000 on a playground instead of its preferred alternative, road repairs. Identify the scarce resource and the opportunity cost.”
Lesson moves
Ways to Teach It
Give groups 20 tokens and a menu of school improvements, then require them to choose purchases and name each opportunity cost.
Ask students to write about one choice they made yesterday because time or money was limited and identify the next best alternative.
Play a budget challenge where teams choose among consumer, business, and government options, earning points for correctly naming opportunity costs.
Compare two city budget proposals and have students explain what residents gain and what preferred project each proposal gives up.
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Printable CE.11.a Worksheet
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Related Standards
- CE.12.e
explaining the role of consumers, producers, and government interactions on the economy;
- 3.10.d
identifying examples of making an economic choice and explaining the idea of opportunity cost
- 2.13.d
explaining that scarcity (having limited resources) requires people to make choices about producing and consuming goods and services.
- S.VS.g
using economic decision-making models to make informed economic decisions and to explain the incentives and consequences of a specific choice
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