Students make a choice between a cookie and an ice cream cone and state the opportunity cost of their decisions. They then listen to the story Something from Nothing and identify all the items Grandpa makes his grandson Joseph, beginning with a blanket. Using a sheet of paper that represents Joseph's blanket, students cut out the various items Grandpa made and identify the opportunity cost for each item they cut out.
This lesson plan is designed for teaching grades 3, 4, and 5.
Book written by Phoebe Gilman / ISBN 0-590-47280-1. This book is in print and available.