Opportunity Cost Practice

Teacher Guide

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When presenting students with the OC Practice, students will have to create a couple of alternate opportunities and some are given to them.

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Remember to have students thinking, what is the, “next best attractive alternative!”

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This serves great as a warm up practice or as an exit ticket after a lesson on OC.

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Opportunity Cost Practice

Opportunity Cost is the cost of the next-best use of your money or time, when you choose to do one thing rather than another. Look at the options below, and decide what the opportunity cost is.

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Example: A student decides to go to the concert instead of studying for this Economics Test, his opportunity cost here will most likely be a bad grade or a grade lesser grade then what he would have gotten had he skipped the concert and studied. His OC here was his missed good grade.

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1. You going to school every day, your opportunity cost is: ___________________________________________________

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• You joining the military, your opportunity cost is: ___________________________________________________

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• You got tickets to a Broncos game, and you decide to spend time with your family instead, so you give your tickets away. What is your opportunity cost?

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• You got a full ride scholarship to college, but you join the military instead, What is your opportunity Cost? ______________________________________________________________________________________________________
• You get a medical degree, and decide to work for a non profit in Africa, versus join the medical team at UC Denver. What is your opportunity cost? ______________________________________________________________________________________________________