Free Printable WorksheetSocial StudiesGrade 8Social Studies CurriculumECO.8.73

8.73 Scarcity, Choice, and Opportunity Cost Worksheet

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Worksheet Overview & Skills Covered

Core academic competencies and curriculum alignment

This Grade 8 Social Studies worksheet provides structured practice on 8.73 Scarcity, Choice, and Opportunity Cost. Students are guided through targeted exercises that build foundational understanding, computational accuracy, and critical thinking skills.

Scarcity, Choice, and Opportunity Cost - Explain how scarcity and trade‑offs drive choices for individuals and societies. (C3 D2.Eco.1.6–8; CEE Economics Std 1)

Whether you are an educator preparing classroom handouts, a tutor reinforcing weekly topics, or a parent supporting homeschool learning, this printable resource gives students the deliberate practice required to achieve subject fluency and master state standards.

Grade

Grade 8

Subject

Social Studies

Domain

Social Studies Curriculum

Formats

PDF & DOCX

Sample Practice Problems

Preview the types of problems and questions covered in this worksheet

Below are sample questions representative of the exercises included on this worksheet and related 8.73 Scarcity, Choice, and Opportunity Cost skill assessments:

Problem 1Difficulty: Mastery

A student has $250 for a weekend trip and is comparing two bundles: - Bundle 1: Train ticket $90 + hotel $140 + museum $20. - Bundle 2: Bus ticket $50 + hotel $160 + concert $60. Assume both bundles fit the budget only if at most $250 is spent. Which bundle is feasible, and what is the opportunity cost of choosing it?

AOnly Bundle 2 is feasible; opportunity cost is $10.

BBoth bundles are feasible; opportunity cost is zero.

CNeither bundle is feasible; opportunity cost is $250.

DOnly Bundle 1 is feasible; opportunity cost is giving up the next best feasible alternative (Bus + cheaper lodging or skipping the concert).

Solution & Explanation:Bundle 1 totals $90+$140+$20=$250 (feasible). Bundle 2 totals $50+$160+$60=$270 (not feasible). The opportunity cost of choosing Bundle 1 is the best alternative the student could have afforded instead.

Problem 2Difficulty: Mastery

A government has scarce construction crews for either building 50 miles of rural roads or 5 new clinics this year. Studies estimate the roads would increase farm income by $12 million/year, while the clinics would reduce healthcare costs by $9 million/year and prevent $5 million/year in lost work time. If the government chooses the clinics, what is the opportunity cost in annual economic benefit?

A$14 million

B$4 million

C$12 million

D$0

Solution & Explanation:Clinics’ annual benefit is $9M + $5M = $14M. Roads’ annual benefit is $12M. Opportunity cost of choosing clinics is giving up the roads’ $12M benefit.

Problem 3Difficulty: Mastery

A student is choosing between two dorms. - Dorm A: $600/month rent, 10-minute walk to classes each way. - Dorm B: $480/month rent, 40-minute bus commute each way. Assume 20 school days per month and value time at $8/hour. What is the monthly opportunity cost of choosing Dorm B instead of Dorm A, including time valued as money?

A$160

B$40

C$120

D$0

Solution & Explanation:Dorm B saves $120 in rent ($600−$480) but adds 60 extra minutes per day (80−20)=1 hour/day. Over 20 days, that’s 20 hours worth $160. Net cost = $160 − $120 = $40.

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Frequently Asked Questions

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QWhat grade level and standards does this worksheet align with?

This worksheet is designed specifically for Grade 8 Social Studies students. It aligns with educational standard ECO.8.73 (Develop understanding of Scarcity, Choice, and Opportunity Cost through grade 8 social studies practice.).