Basic Personal Finance

Front

Tim wants some skittles and a fruit roll up. He chooses the fruit roll up. What is his opportunity cost?

Back

the skittles

Front

What does it mean when you save money?

Back

You put money away for later.

Front

What is something that would be a need? Options: a new video game, a place to live, a birthday party, a new television

Back

a place to live

Front

What is a want?

Back

something you can live without but hope you can get

Front

Michael has been invited by a friend to go fishing on Friday. His parents are going to a concert. Michael chooses to go fishing with his friend. What is his opportunity cost?

Back

going to a concert

Front

Opportunity cost

Back

what you give up to make a choice

Front

Scarcity is when

Back

there is not enough for everyone

Front

What is the opportunity cost of the bakery's decision to make cookies instead of muffins?

Back

muffins

Front

_____________ is another word for trading.

Back

Bartering

Front

Which would be a good trade for an apple? Options: A car, $100, An orange, a new bicycle

Back

An orange