Worksheet designed to teach the concept of opportunity cost by comparing different activities and their alternatives.
A worksheet titled "Opportunity Cost" with a table listing various activities and columns for alternative possibilities and opportunity costs.
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Show Answer Key & Explanations
Step-by-step solution for: Opportunity Cost Worksheet | PDF
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Show Answer Key & Explanations
Step-by-step solution for: Opportunity Cost Worksheet | PDF
Let’s go step by step to fill out the table correctly.
We are asked to think about each activity and then:
1. List three alternative things you could do with that time or money instead.
2. Pick your #1 best alternative — that’s your opportunity cost for doing the original activity.
Remember: Opportunity cost is what you give up when you choose one thing over another — specifically, the *next best* thing you could have done.
---
Alternatives (what else could you do with 8 hours on Saturday?):
- Go to a friend’s birthday party
- Study for an upcoming test
- Sleep in and relax all day
Your #1 alternative? Let’s say you really wanted to go to the birthday party → That’s your opportunity cost.
→ Opportunity Cost: Going to a friend’s birthday party
---
Alternatives (what else could you do in those 2 hours?):
- Do your homework early
- Practice guitar
- Help your mom cook dinner
Your #1 alternative? Maybe you should’ve done homework so you’re free later → That’s your opportunity cost.
→ Opportunity Cost: Doing your homework
---
Alternatives (what else could you do instead of going to college right away?):
- Get a full-time job and start earning money
- Travel the world for a year
- Start your own small business
Your #1 alternative? Maybe getting a job and making $30,000/year → That’s your opportunity cost.
→ Opportunity Cost: Getting a full-time job and earning money
*(Note: This is a big-life decision — opportunity cost here includes both money earned and experiences missed.)*
---
Alternatives (what else could you buy or do with $50?):
- Buy 5 books for school
- Save it for a future trip
- Treat yourself to a nice dinner with friends
Your #1 alternative? Maybe saving it for a concert ticket next month → That’s your opportunity cost.
→ Opportunity Cost: Saving $50 for a concert ticket
---
Alternatives (what else could you do during that class time?):
- Nap in the library
- Text your friends
- Review notes for another subject
But wait — skipping class means you miss learning something important. So maybe the real opportunity cost isn’t just “napping” — it’s falling behind in class and having to study harder later.
Actually, let’s think differently: What’s the BEST thing you could be doing instead? Probably attending class and learning → But since we’re skipping, the opportunity cost is the value of what you lose by not being there.
So alternatives:
- Learn economics concepts that will help on the test
- Ask the teacher questions live
- Take good notes to review later
Your #1 alternative? Learning the material so you don’t fail the quiz → That’s your opportunity cost.
→ Opportunity Cost: Missing key lessons that will hurt your grade
*(Alternatively, if you want to keep it simple: “Attending class and learning”)*
---
Alternatives:
- Exercise at the gym
- Read a book
- Call your grandma
Your #1 alternative? Maybe exercising because you’ve been sitting too long → That’s your opportunity cost.
→ Opportunity Cost: Exercising for 3 hours
---
Now let’s put it all together neatly in the table format as requested.
Final Answer:
| Activity | Three alternative possibilities of what you could do with that time/money | The Opportunity Cost (your #1 alternative) |
|-----------------------------------------------|--------------------------------------------------------------------------------------------------|--------------------------------------------------------|
| Working 8 hours this Saturday | - Go to a friend’s birthday party<br>- Study for a test<br>- Sleep in and relax | Going to a friend’s birthday party |
| Watching your favorite TV show for 2 hours | - Do homework<br>- Practice guitar<br>- Help cook dinner | Doing your homework |
| Going to college right after high school | - Get a full-time job<br>- Travel for a year<br>- Start a business | Getting a full-time job and earning money |
| Spending $50 on a new pair of jeans | - Buy 5 books<br>- Save for a trip<br>- Have dinner with friends | Saving $50 for a concert ticket |
| Skipping Economics class | - Nap<br>- Text friends<br>- Review other subjects | Missing key lessons that will hurt your grade |
| Playing video games for 3 hours | - Exercise<br>- Read a book<br>- Call grandma | Exercising for 3 hours |
We are asked to think about each activity and then:
1. List three alternative things you could do with that time or money instead.
2. Pick your #1 best alternative — that’s your opportunity cost for doing the original activity.
Remember: Opportunity cost is what you give up when you choose one thing over another — specifically, the *next best* thing you could have done.
---
1. Working 8 hours this Saturday
Alternatives (what else could you do with 8 hours on Saturday?):
- Go to a friend’s birthday party
- Study for an upcoming test
- Sleep in and relax all day
Your #1 alternative? Let’s say you really wanted to go to the birthday party → That’s your opportunity cost.
→ Opportunity Cost: Going to a friend’s birthday party
---
2. Watching your favorite TV show for 2 hours after school today
Alternatives (what else could you do in those 2 hours?):
- Do your homework early
- Practice guitar
- Help your mom cook dinner
Your #1 alternative? Maybe you should’ve done homework so you’re free later → That’s your opportunity cost.
→ Opportunity Cost: Doing your homework
---
3. Going to college right after high school
Alternatives (what else could you do instead of going to college right away?):
- Get a full-time job and start earning money
- Travel the world for a year
- Start your own small business
Your #1 alternative? Maybe getting a job and making $30,000/year → That’s your opportunity cost.
→ Opportunity Cost: Getting a full-time job and earning money
*(Note: This is a big-life decision — opportunity cost here includes both money earned and experiences missed.)*
---
4. Spending $50 on a new pair of jeans
Alternatives (what else could you buy or do with $50?):
- Buy 5 books for school
- Save it for a future trip
- Treat yourself to a nice dinner with friends
Your #1 alternative? Maybe saving it for a concert ticket next month → That’s your opportunity cost.
→ Opportunity Cost: Saving $50 for a concert ticket
---
5. Skipping Economics class
Alternatives (what else could you do during that class time?):
- Nap in the library
- Text your friends
- Review notes for another subject
But wait — skipping class means you miss learning something important. So maybe the real opportunity cost isn’t just “napping” — it’s falling behind in class and having to study harder later.
Actually, let’s think differently: What’s the BEST thing you could be doing instead? Probably attending class and learning → But since we’re skipping, the opportunity cost is the value of what you lose by not being there.
So alternatives:
- Learn economics concepts that will help on the test
- Ask the teacher questions live
- Take good notes to review later
Your #1 alternative? Learning the material so you don’t fail the quiz → That’s your opportunity cost.
→ Opportunity Cost: Missing key lessons that will hurt your grade
*(Alternatively, if you want to keep it simple: “Attending class and learning”)*
---
6. You think of an activity: Let’s pick “Playing video games for 3 hours”
Alternatives:
- Exercise at the gym
- Read a book
- Call your grandma
Your #1 alternative? Maybe exercising because you’ve been sitting too long → That’s your opportunity cost.
→ Opportunity Cost: Exercising for 3 hours
---
Now let’s put it all together neatly in the table format as requested.
Final Answer:
| Activity | Three alternative possibilities of what you could do with that time/money | The Opportunity Cost (your #1 alternative) |
|-----------------------------------------------|--------------------------------------------------------------------------------------------------|--------------------------------------------------------|
| Working 8 hours this Saturday | - Go to a friend’s birthday party<br>- Study for a test<br>- Sleep in and relax | Going to a friend’s birthday party |
| Watching your favorite TV show for 2 hours | - Do homework<br>- Practice guitar<br>- Help cook dinner | Doing your homework |
| Going to college right after high school | - Get a full-time job<br>- Travel for a year<br>- Start a business | Getting a full-time job and earning money |
| Spending $50 on a new pair of jeans | - Buy 5 books<br>- Save for a trip<br>- Have dinner with friends | Saving $50 for a concert ticket |
| Skipping Economics class | - Nap<br>- Text friends<br>- Review other subjects | Missing key lessons that will hurt your grade |
| Playing video games for 3 hours | - Exercise<br>- Read a book<br>- Call grandma | Exercising for 3 hours |
Parent Tip: Review the logic above to help your child master the concept of opportunity cost worksheet.
