Costs & Benefits Review

What is a cost?

• the item you receive after you pay
• giving up one thing for another
• the amount of money paid for something

What is a benefit?

• the item you receive after you pay for it
• giving up one thing for another
• the amount of money paid for something

Should the decision to buy something be made on cost alone?

• Yes
• No

What is an example of a benefit?

• the capital resources a company has
• the cost of an item
• extra time you have when you buy a leaf blower

What is a trade-off?

• the item you receive after you pay
• giving up one thing for another
• the amount of money paid for something

You want to buy a new video game and a new pair of sneakers. You only have enough money to buy one of them. If you buy the video game, what is your trade-off?

• The money you spend on the video game
• The video game
• The sneakers

What is an example of a cost?

• What you gain from buying a Transformer
• What you pay to buy some Shopkins
• How much you get for an allowance

Which do people compare in order to make choices?

• Costs & Benefits
• Supply & Demand
• Buying & Selling
• Apples & Oranges

Does it take a long time to save up for expensive things?

• Yes
• No

Why might someone save up for an item?

• They have the money to buy it now
• It is expensive
• They don't like it