Choices and Opportunity Cost

What is opportunity cost?

• the choice you make

• what you give up when you make a choice

What does value mean?

• the cost of giving something up

• the importance given to a choice made

What is scarcity?

• not having enough resources

• having too many resources

Thomas goes the store to buy a Snickers bar. When he gets to the store they have 2 for 1 sale on Twix bars, so he buys the Twix. What is Thomas's opportunity cost?

• the Twix bars

• the Snickers bar

Lainie goes the ice cream shop. She has two favorite flavors, chocolate and strawberry. When she gets to the shop, her mother says she can only have one scoop. Lainie picks strawberry. What is Lainie's opportunity cost?

• strawberry ice cream

• chocolate ice cream

Mrs. Smith goes to Dillard’s to buy a pair of shoes. At the store she sees two that she likes- a red pair and a blue pair. Since red is her favorite color, she buys the red pair of shoes. What pair of shoes does Mrs. Smith value more?

• the red pair

• the blue pair

Dante goes to Game Stop to buy the Minecraft game for his Xbox. When he gets to the store he notices that the new NBA 2K game has come out, he decides to still buy the Minecraft game. What game does Dante value more?

• NBA 2K

• Minecraft

If you have two choices - either a box of Rice Krispies or Froot Loops - and you choose Froot Loops, what is your opportunity cost?

• Rice Krispies

• Froot Loops

The Tibbetts family had the choice to either put a swimming pool in their back yard or go to the beach. They chose to buy a swimming pool. What was their opportunity cost?

• the beach vacation

• the swimming pool

Emma had the choice of pizza or a hamburger for lunch. She chose to eat pizza. What did she value more?

• a hamburger

• pizza