Opportunity Cost

Opportunity Cost

I can describe opportunity cost and decision-making during World War II.

Open Ended

How many choices have you made so far today? Thinking of one of those choices, what did you give up when you make your decision?

Open Ended

You have a test tomorrow in Biology, a paper due tomorrow in Government, and a quiz in math. You have two hours to spend total on studying tonight.

How would you divide your time?

What is your opportunity cost?

Open Ended

Joe wants to buy new sneakers. He has $100 to spend. Here are some sample prices:

Jordans $100

Sperrys $15

Converse $60

Adidas $85

Which shoes should he buy?

What is your opportunity cost?

Multiple Choice

Use this quote to answer the following question.

“I love eating cereal with milk for breakfast, but factories aren't producing cereal anymore because of the war. Now, I can only eat toast for breakfast.”

—Susie Smith, 9 year old Georgia resident

Which of the following economic concepts BEST describes Susie’s current situation?

• trade

• price incentive

• specialization

• opportunity cost