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Discuss that whenever people buy something, they incur an opportunity cost. Opportunity cost is the value of the next best alternative that is given up when a person makes a choice.
Remarks
Present an example of a buying choice a person made and identify the opportunity cost of that choice.General Information
Subject Area: Social Studies
Grade: 4
Strand: Financial Literacy (Adopted in 2023)
Standard: Buying Goods and Services
Date Adopted or Revised: 06/14
Status: State Board Approved
Related Courses
This benchmark is part of these courses.
5021060: Social Studies Grade 4 (Specifically in versions: 2014 - 2015, 2015 - 2022, 2022 - 2023, 2023 and beyond (current))
7721015: Access Social Studies - Grade 4 (Specifically in versions: 2014 - 2015, 2015 - 2018, 2018 - 2023, 2023 and beyond (current))
Related Access Points
Alternate version of this benchmark for students with significant cognitive disabilities.
SS.4.FL.2.AP.4: Recognize a scenario that involves making an economic choice.
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