Economic Decision Making Lesson Plan - Intro to Econ

This FREE economics lesson plan introduces Economic Decision Making through videos, interactive exercises, and classroom activities.

This step-by-step 45-minute lesson has everything you need to use it immediately, including activity sheets, Google slides, and answer key. We also include ways for you to tailor the lesson to your class by providing additional resources like assessment questions, teacher tips, and engaging extension activities. 

Learning Objectives

Students will be able to:

• Discuss how differences in opportunity cost explain everyday choices.
• Define economics as the study of infinite wants and limited resources.
• Identify sunk costs.
• Apply marginal thinking to everyday decision making. 

Economic Concepts Introduced

• Opportunity Cost is the value of the next best alternative.
• Economics: unlimited wants, limited resources.
• Sunk Costs are costs that are in the past that can’t be recovered. 
• Marginal Thinking compares the additional value from a little more of something (marginal benefit) to the additional cost (marginal cost).