This notion that resources are limited is an important aspect of the opportunity cost concept since, if resources were unlimited, you would not have to choose at all. The opportunity cost of a choice reflects the real consequences you expect will follow from making a particular decision. This cost is usually the difference between your first and second choices. Some of these consequences may not be apparent for quite a while. Business and government decisions have opportunity costs as well, as their limited resources are needed to accomplish many tasks.
Economic wants exceed limited resources.
In this lesson, students will collect and use information from the web to evaluate the opportunity cost of purchasing a good. Students will share their decisions with others. The first exercise is a very simple application of opportunity cost and the second is more complex. Time Required One or two class periods. Materials Student access to a computer connected to the World Wide Web.