Scarcity & Opportunity Costs – Year 3 Reading Packet

Define scarcity, opportunity cost, goods, and services based on a reading passage

Match each vocabulary term to its correct definition

Apply the concept of opportunity cost to a concrete buying-versus-saving decision

Pair the vocabulary definitions page with the matching worksheet, since both use the same four terms — scarcity, opportunity cost, goods, and services.

Use the Lego-buying graphic organiser as a discussion starter before the multiple-choice questions, since it grounds opportunity cost in a scenario familiar to a young student.

Keep the second, answer-filled copy of the packet separate from student copies until marking time.

Vocabulary application — students write definitions for scarcity, opportunity cost, goods, and services, then locate the terms in a word search.

Term-to-definition matching — students match each vocabulary term to its correct definition.

Opportunity-cost reasoning — students identify what is given up under each choice in a Lego-buying scenario.