Personal Finance Summative Review

Front

What is the term for the situation where there are not enough resources for all the wants?

Back

scarcity

Front

What is given up when a decision is made?

Back

opportunity cost

Front

Ben was given a choice between a purple popsicle and red popsicle. He chose the red popsicle. What is the opportunity cost?

Back

purple popsicle

Front

Mean Jean grabbed the jump rope from Mary on the playground. How was the resource allocated?

Back

Force

Front

Keegan used 5 tickets to buy a sweet treat from the treasure box. What does this represent?

Back

Price

Front

Andrew got the only Lego set because he was the first one to the store.

Back

First come, First serve

Front

What is the reason Ivan received a new set of markers?

Back

He won the art competition.

Front

What principle was used when most of the students voted for extra recess as the class reward?

Back

majority rule

Front

Why is it important to think about your decisions/choices?

Back

There is always a cost.

Front

Allocate means to give out.

Back

True