Cost-Benefit Analysis of a Town Decision
Written by Adi Ackerman, Head Teacher
"Cost-Benefit Analysis of a Town Decision" is written for 7th Grade (Ages 12-13), and it covers C3 Framework D2.Eco.1.6-8. A 6th grader who is already steady on Economics and Money can use it too, and an older student can use it as a short review.
2 pages in this set
7th grade social studies worksheet: weigh explicit and implicit costs and benefits of a bike path, a parking lot and a bus. Answer key included. Part of our needs, wants and choices economics and money collection. Aligned to C3 Framework standards.
How do I use this worksheet?
Start with the allocation sheet to introduce scarcity, then move to opportunity cost and cost-benefit analysis.
What students will practice
- Students will tell explicit costs from implicit costs.
- Students will find total costs, total benefits and net benefit over several years.
- Students will name who gains and who pays for each option.
Curriculum Links
C3 Framework for Social Studies State Standards
Social Studies · 7th Grade
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Browse the grade, subject, and topic this belongs to.
FAQ
How do I use this needs, wants and choices worksheet?
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Start with the allocation sheet to introduce scarcity, then move to opportunity cost and cost-benefit analysis.
What does this worksheet teach?
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Weigh explicit and implicit costs and benefits of a bike path, a parking lot and a bus. The directions on the page read: Complete each table and write your answers on the lines. Use only the sample figures on these pages. An answer key is included.
Can I use this needs, wants and choices worksheet for homeschool or classroom?
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Yes, both. We made it for 7th grade Economics and Money, and it works the same at home or at school. At home, a student can work through it alone and then go over it with you, which shows quickly what is solid and what needs another look. In class it works as independent practice, homework or a warm-up, and you can print one copy or a full set.
What is an implicit cost?
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An implicit cost is what is given up with no money paid, such as lost rent.
What is a production possibilities curve?
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It shows the most of two goods an economy can make if it uses all its resources. Points on the curve are efficient, and points outside it are unattainable.
How can scarce goods be shared?
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The sheet names five methods: price, first come, lottery, authority and need. Students decide who benefits and who loses under each.
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Worksheet Details
| Grade | 7th Grade |
| Subject | Social Studies |
| Topic | Economics and Money |
| Standard | D2.Eco.1.6-8 |
| Pages | 2 pages |
| Difficulty | Medium |
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