Cost and Benefits

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

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

Do you understand what we learned today?

• yes

• no

• kind of

You choose to study for a test instead of going to a movie with friends. What is you cost?

• getting a good grade on the test

• spending money

• not going to the movie with friends