We recently completed an introduction to economics in easy to understand, 5th grade language. Students studied goods, services, and different types of resources needed to run a business. They also learned about opportunity cost-- what do you give up when you have a limited amount of capital to spend-- and they caught on quickly to this concept. To apply opportunity cost to the real world, we played an ice cream shop activity. Students were given $5.00 to spend on ice cream and a variety of toppings, all set at different prices. What type of sundae could they create with their $5.00? No one could pick everything on the shop list, and therein lay the opportunity cost. This little activity was a fun way to see opportunity cost in action, and enjoy a tasty treat during testing week!

Susannah Joyce