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Students are divided into groups and given a limited amount of resources (e.g., paper, markers, etc.). Each group must then make choices on how to allocate their resources to complete a task such as building the tallest tower. Discuss afterwards how scarcity and choices affected their decisions and outcomes.

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Show a video explaining the concept of opportunity cost. After viewing, students will write a reflection on a personal experience where they had to make a choice and consider the opportunity cost. Students share their reflections with the class.

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The Opportunity Cost of Going to College

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Provide students with a real-world case study that illustrates scarcity, choice, and opportunity cost (e.g., a country deciding where to spend its national budget). Students analyze the case study and make a recommendation, presenting their findings to the class.

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Create a set of role-playing scenarios where students must make decisions based on limited resources. Each student takes on a role (e.g., a farmer, government official, etc.) and must explain their choices to the class, highlighting the opportunity costs involved.

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Organize a class debate around a scenario involving scarcity and choice (e.g., 'Should a country prioritize healthcare over education during a resource shortage?'). Assign students to teams to argue for different sides. Discuss the opportunity costs after the debate.

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Utilize an online interactive simulation that demonstrates the effects of scarcity and the need for choice (such as a resource management game). Students play the simulation in class and discuss their decision-making process and the opportunity costs of their choices.

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PhET Interactive Simulations: OERs for STEM Education

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Students create a collage that depicts different choices they can make (college, travel, work) and the opportunity costs associated with each choice. This visual representation helps in understanding that choosing one option often means giving up another.

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Invite a local business owner or government official to discuss how they deal with scarcity and make choices. Students prepare questions in advance and engage in a Q&A session with the guest, focusing on real-world applications of opportunity cost.

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Assign students to groups and have each group research a country of their choice. They must analyze how that country deals with scarcity and opportunity costs, presenting their findings in a report and a class presentation.

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Conduct a workshop where students must create a personal budget based on a hypothetical income. They must make choices on spending, saving, and investing, and identify the opportunity costs of their financial decisions.