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 Printable Version
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Libby Grubb
11/7/97
Title: You have to give up something!
Grade Levels: 2nd or 3rd
Length: 1 hour
Performance expectation: The students will write down which items
were opportunity costs and why they chose those particular items.
Materials: The Ox-Cart Man, old catalogs and magazines, paper,
scissors, glue, pencils, calculators, markers
Procedures:
Introduction:
Read the story Ox-Cart Man aloud to the class. As you read discuss
the items the characters must give up in order to receive something
that they want. Discuss the term opportunity cost (items that
are given up in order to receive something else) as it relates
to the story. For example, the ox-cart man gave up wool, a shawl,
mittens, and candles in order to get a kettle, needle, knife,
and candy.
Development:
Each student will be given a large piece of white paper, scissors,
glue, and an old catalog. Students will cut out items that they
would like to have, along with their price, from the catalogs.
Next students will glue the items and prices to their paper.
After students have completed this the teacher will inform the
class that they only have $5 to spend (this price can vary depending
on the average cost of the items children choose). The students
will then decide which of the items they feel they would most
like to have. Students should circle the items they would buy
while putting an 'x' through items they would no longer purchase.
Closure:
After students have made their decisions they should find a partner.
With their partner the students will discuss which items they
chose to give up and why.
Assessment: After students have shared their decisions with a
partner, on a separate piece of paper, they will list their opportunity
costs along with a brief explanation. I will check the students'
papers to determine if they appropriately labeled the items which
they crossed out as opportunity costs. I will also read their
explanations to determine if they are logical and appropriate.
Adaptions/Considerations: Some children may have difficulty,
depending on their experience, using the calculator. Some instruction
on the use of decimal points and the calculator may be necessary.
This lesson would tie in nicely as extension of the terms goods
and services.
References: K. Sicht, personal communication, winter semester,
1997
L. Grubb, October, 4, 1997
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