Economics - Opportunity Cost and Markets

What is opportunity cost?

• your choice
• what you give up to make a choice

Which one of these definitions best describe 'Opportunity Costs'?

• The cost of making one decision over another.

• The cost for the opportunity to buy anything you want.

• The opportunity that will cost you loads of money.

What is a want?

• A person
• Something you would like to have but don't need to live
• Purple
• Something you need to live

Tags

CCSS.RI. 9-10.2

CCSS.RI.11-12.2

CCSS.RI.8.2

CCSS.RL.11-12.2

CCSS.RL.9-10.2

A person who uses and buys goods and services 

• money 
• producer 
• consumer 
• economics 

Which of the following is not a service?

• Dry Cleaner
• Car Wash
• Clothes
• Babysitter

Which of these is a need?

• car
• water
• video games
• candy

There are four types of economic systems. Most economies are _____.

• Traditional

• Command

• Market

• Mixed

This type of government typically goes with the Command Economy.  

• Democracy
• Dictatorship
• Autocracy
• Communism

In this type of economy, the individual decides who to sell their products to.  

• Traditional 
• Mixed 
• Market
• Command

The government has little to no role in the production of goods in this type of economy. 

• Traditional 
• Mixed
• Command 
• Market