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Alexander Who Used To Be Rich Last Sunday

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Lesson Plan Title:
Alexander, Who Used to Be Rich Last Sunday: Understanding Opportunity Costs

Grade Level:2, 3, or 6th

Duration: three 50-minute class periods

Student Goal:
To understand that there is an opportunity cost to every economic decision and that these costs come as a result of limited resources.

Student Objectives
Students will:

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Identify "opportunity costs" in the story and in their own lives.

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Create an opportunity costs bar graph as a whole class.

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Complete a table of personal spending and savings information.

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Write an original story about how they spent and saved their allowance and what they gave up or their "opportunity costs" in order to reach their goals.

Materials:

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a …show more content…

Jot their ideas on chart paper.

Step 3:
Show students the cover of of Alexander, Who Used to Be Rich Last Sunday. Read the title and author's name aloud. Tell students that this is a story about a little boy named Alexander who receives $1.00 from his grandparents. Instead of saving his money for something he really wants, he ends up spending it on silly things. Explain that Alexander is the youngest of three, and unlike his older brothers, he doesn't understand about saving his money. Ask students if they have younger siblings like Alexander. Or, were they like Alexander when they were younger.

Step 4:
Read the book aloud. As you read, invite students to keep track of what Alexander spends his money on. To do this, you may want to create a table on the chalkboard. Each time he spends money, students can volunteer to go up to the board to write down what Alexander bought and what it cost. At the end of the story, invite students to add up the cost of each item to see how much he spent. Encourage students to explain whether they think Alexander spent his money wisely.

Step 5:
Check students' comprehension — especially the economic concept of opportunity cost — by leading a class discussion. Use these guiding questions to prompt the discussion:

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Based on Alexander's behavior throughout the story, why do you think his brothers have more money than him at the beginning of the story? (Alexander is not good at saving money.)

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Why do you think Alexander has a more

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