Opportunity Cost

Front

What is opportunity cost?

Back

what you give up to make a choice

Front

What is scarcity?

Back

Not having enough resources

Front

A need is something we can't live without.

Back

True

Front

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

Back

muffins

Front

A want is something we would like to have but could live without it.

Back

True

Front

Which items should you pay for before buying something you want? Options: rent, utilities, groceries, all of the above

Back

all of the above

Front

Which is a need? Options: iPhone, medication, coffee, Ray-Ban sunglasses

Back

medication

Front

What is Michael's opportunity cost when he chooses to go fishing with his friend instead of attending a concert?

Back

going to a concert

Front

What is Jason's opportunity cost when he chooses to ride 4-wheelers with his son instead of working overtime for his boss?

Back

work overtime for his boss

Front

Kason goes to the store to get a snack. He wants chips and a drink but he only has $2.00. The chips are $1.00 and the drink is $1.50 so he doesn't have enough to buy both. He buys the drink, what is his opportunity cost?

Back

chips