Opportunity Cost Fill in the Blanks

4th Grade Social StudiesEconomics3 pages

About this worksheet

Leo gets twenty dollars for his birthday and cannot buy everything he wants, which sets up this 4th grade economics cloze. Students fill 12 blanks in his story from a 15-word bank that holds three extras. The words build in order, from scarcity and limited to trade-off, benefit, and opportunity cost, as Leo picks a comic book over putting money in savings. A final prompt asks students to write their own sentence using opportunity cost. It covers C3 Framework D2.Eco.1.3-5 over 3 pages, and the answer key lists every blank and the three distractors.

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Curriculum objectives covered

D2.Eco.1.3-5

โ€œCompare the benefits and costs of individual choices.โ€

Leo's story names the benefit of the comic book and the cost of the lost savings, and question 1 has students compare the two in their own choice.

What's inside this worksheet

Word Bank

Fifteen terms, including options, trade-off, savings, and value. Three of them, unlimited, expensive, and free, do not belong in the story.

Leo's Story

Three paragraphs with 12 blanks. Leo faces scarcity, weighs a comic book against his savings account, and learns that saving was the next best thing he gave up.

Your Own Sentence

Question 1 asks students to use opportunity cost in a sentence about a recent choice of their own.

Answer Key

The 12 words in order, the three distractors, and a soccer-over-TV example sentence.

How teachers use it

Preteach scarcity

Blank one is scarcity, and students who do not know the word stall on line one. Define it with a quick example before they start.

Cost or opportunity cost

In the last paragraph, cost and then opportunity cost come only a sentence apart. Expect students to swap them and check those two blanks first.

Partner reading

Once the blanks are filled, partners read the story aloud to each other. A wrong word usually sounds wrong.

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