Economics: Needs and Wants
Understand the concept of opportunity cost
Learn that choosing one thing means giving up another
Recognize that resources are limited
“For which of you, desiring to build a tower, does not first sit down and count the cost, whether he has enough to complete it?”
— Luke 14:28 (WEB)Jesus teaches about making wise choices and counting the cost before making decisions
Gather students in a circle and explain that today we'll learn about making choices and what we give up when we choose something.
When we choose one thing, we always give up something else. This is called opportunity cost. It's like having $5 and having to choose between a toy car or an ice cream cone.
Students will practice making choices with limited play money
Simpler: Limit choices to 2-3 items
Challenge: Add more complex pricing and multiple rounds
Recap the lesson about making choices and understanding opportunity cost
Dear God, help us be wise in how we use the resources You give us.
Coming up: Tomorrow we'll learn how our choices can honor God
“The plans of the diligent surely lead to profit, but everyone who is hasty surely rushes to poverty.”
— Proverbs 21:5 (WEB)🎯 Activity: Opportunity Cost Rhyme
Opportunity cost is a fundamental economic concept about making choices
Children may find it difficult to understand they can't have everything
Child's ability to explain giving something up to choose another
Great job completing today's lesson!