Scarcity; The Economic Choice: Opportunity Cost

The choice that is made among alternatives or possibilities?

• economic choice

• opportunity cost

What is the next best choice that is given up when a choice is made?

• economic choice

• opportunity cost

You go to Target and pick 2 shirts. You only have enough money for 1 of them. One of them is on sale and the other is full price. You pick the one on sale. What is you economic choice?

• the money

• the full price shirt

• the on sale shirt

• Target

True or false: People can have everything they want.

• True

• False

True or False: All choices require giving up something else.

• true

• false

You have to make a choice between playing outside or playing Xbox. You choose to go outside. Playing Xbox is your _________________.

• opportunity cost

• economic choice

• fun

• happy place

What is opportunity cost?

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

What is scarcity? 

• Having too many resources 
• Not  having enough resources 

A popular bakery has only a few ingredients left to make their products.  They could bake muffins or cookies, but they can’t make both.  The bakers decide to make cookies for their customers.  What is the opportunity cost of their decision?

• muffins 
• cookies 

The Welch family has saved some money.  They can spend it on a vacation to the Grand Canyon or build a swimming pool in their back yard.  They decide to spend the money on a swimming pool.  What is the opportunity cost of their decision?

• vacation 
• swimming pool