Opportunity Cost

Opportunity Cost

Any time you buy something, whether you realize it or not, there is an opportunity cost. When you choose something at a store, you also choose not to buy something else – this is your opportunity cost. Businesses also have opportunity costs. When a business chooses to make one product instead of another, the product they choose not to make is their opportunity cost.​

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Definition

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Multiple Select

When a business decides to make teddy bears instead of wooden toys, what is their opportunity cost?

Multiple Select

A farmer decides to grow wheat this year instead of corn. What is the opportunity cost for the farmer?

Multiple Choice

At the ice cream parlor Daniel has the choice between Rocky Road or Moose Tracks. He decides on Rocky Road, what is his opportunity cost?

Open Ended

You have $3 to spend on a candy bar at the movies. What candy bar would you choose?

Open Ended

What could be your opportunity cost?

Poll

You have the following choices of board games. Which would you choose?

Open Ended

What would your opportunity cost be?

Monopoly

Life

Clue

Connect Four

Poll

When you go to the store to pick out new school supplies, your mom tells you that you have to choose between a new binder and a new lunch box. Which would you choose?

Open Ended

What was your opportunity cost?

binder

lunch box

Poll

You are starting your own business and have to choose between producing shoes and producing shirts. Which do you choose

Open Ended

What was your opportunity cost?

Open Ended

You can go to Walmart and buy ONE of any item you want. What would you buy and what could be an opportunity cost?