Keystone Economic Principle™ #2 – There Ain’t No Such Thing As A Free Lunch™
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Monthly Teaching Theme Student Assessment – Primary
Name _________________________________ School________________________________
Date _________________ Grade_____________________
I. Understanding Concepts
1. You decide that you want your grass to be trimmed nicely. Circle the picture that best shows the cost of a pretty lawn?
2. You decide that you want to earn some money to buy a brand new bicycle. What picture best shows the cost of the bicycle?
3. Please rate the change that studying about choices has had on your life. Circle the number below:
0 – No change on my life
1 – A little change
2 – Moderate amount of change – I might consider it
3 – Quite a bit of change – I see how it fits and appreciated learning about it
4 – Great change – I understand how important it is to my life and will use the information I learned
What Am I Giving Up?
Keystone Principle #2 – There Ain’t No Such Thing As A Free Lunch
Monthly Teaching Theme Student Assessment – Elementary
Name _________________________________ School________________________________
Date _________________ Grade_____________________
I. Explain in writing why the statement below is not true.
“If my brother gives me a ticket to see a movie, then seeing the movie doesn’t cost me anything.”
II. Vocabulary
Match each word with its definition.
____ 1. Cost ____ 4. Tangible Cost
____ 2. Opportunity cost ____ 5. Intangible Cost
____ 3. Trade-off ____ 6. Price
a. The amount of money that people are charged and pay when they buy a good or service; the amount they charge or receive when they sell a good or service.
b. The giving up of one benefit or advantage in order to gain another that is better.
c. Something you cannot see or touch that you give up in order to get something else you want more.
d. An amount that must be paid or spent to buy or obtain something. The effort, loss, or sacrifice necessary to achieve or obtain something.
e. Something you can touch or see that you give up in order to get something else you want more.
f. The second-best alternative (or the value of that alternative) that must be given up when scarce resources are used for one purpose instead of another.
III. Write the cost represented in each of the following sentences.
Instead of going to the fireworks show with his family, Dwayne went to bed
at 8pm.
What was the cost of Dwayne going to bed at 8 pm? ____________________
Sue gave up her seat on the overbooked flight for a round-trip credit voucher.
What was the cost of Sue getting a round-trip credit voucher? ________________
Even though she really wanted an iPod, Terrica gave her birthday money to
her favorite charity.
What was the cost of Terrica giving her birthday money to her favorite charity?
________________________________________________________________
Felipe offered Brian a new skateboard, but Brian decided to keep his old
worn-in board.
What was the cost of Brian’s decision to keep his old board? _________________
Greg spent Saturday morning helping his neighbor with his yard work.
What was the cost of Greg’s helping his neighbor? _________________________
Where do you see yourself using the information you learned about TANSTAAFL™ particularly in terms of what experiences you are giving up or what things you decide not to purchase?
Please rate the impact that studying about TANSTAAFL™ has had on your life. Circle the number below:
0 – No Impact
1 – A little impact
2 – Moderate amount of impact – I might consider it
3 – Quite a bit of impact – I see how it fits and appreciated learning about it
4 – Great Impact – I understand how important it is to my life and will use the information I learned