Costs and Benefits

When making decisions, it’s important to think about what you’re getting and what you’re giving up. Learn to evaluate the costs and benefits of choices you make in this informative economics worksheet! The introduction explains that costs are what you lose or spend when you decide to do something, while benefits are what you get or save in that decision. To complete the worksheet, students will need to evaluate four situations and decide what the costs and benefits are for each decision. 

This worksheet is designed to fit into fourth and fifth graders’ economics education. The accessible examples can illustrate the concept of costs and benefits in a way that students can relate to. Learners will rely on this concept as they learn more about economics, and they may even start to think more about costs and benefits as they make their own purchases and decisions! 

To learn more about fundamental ideas in economics, check out What Is Opportunity Cost?, How Does Demand Affect Prices?, and Identify Natural, Numan, and Capital Resources.