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Math Lesson

Lesson Plan Title:
Alexander, Who Used to Be Rich Last Sunday: Understanding Opportunity Costs

Grade Level:2, 3, or 6th


Duration: three 50-minute class periods

Student Goal:
To understand that there is an opportunity cost to every economic decision and that these costs come as a result of limited resources.

Student Objectives
Students will:

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Identify "opportunity costs" in the story and in their own lives.

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Create an opportunity costs bar graph as a whole class.

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Complete a table of personal spending and savings information.

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Write an original story about how they spent and saved their allowance and what they gave up or their "opportunity costs" in order to reach their goals.


Materials:

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a copy of Alexander, Who Used to Be Rich Last Sunday, by Judith Viorst

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chart paper

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markers

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overhead projector

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transparency

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student handout: How I Spent & Saved My Allowance (included). This was provided by the teacher in which I was doing my participant observations with.



Set Up and Prepare:

1.
Use the book Alexander, Who Used to Be Rich Last Sunday, by Judith Viorst.

2.
Write the definition of the term "opportunity cost" on a sheet of chart paper and display for the class:

Opportunity Cost: what you give up when you decide to do or buy something

3.
Draw a bar graph on a transparency. Write the title "Opportunity Costs for a College Education" across the top. Label the horizontal axis "Opportunity Costs." Label the vertical axis "Number of Students."

4.
Print out copies of the student handout "How I Spent & Saved My Money" for each student to take home.


Directions: PART I:

Step 1:
Share with students a story about a time when you did not buy something you really wanted so that you could use or save the money for something more important. For example, maybe you didn't go on a vacation so you could save the money for a...