10/29 SS Quiz

Kevin wants to buy his mom a birthday present, and also wants to buy ice cream for himself. What should Kevin do in order to get the highest benefits?

• Choose not to buy his mom a present.

• Do some chores to earn extra money.

• List out his options.

• Decide that one of the items will be a trade-off.

What conclusion can you draw about a family who decide to buy a new puppy rather than a new car?

• The family sees the puppy as an opportunity cost.

• The family decided that puppies cost too much.

• The family thinks that the benefits of having a puppy are higher than the opportunity cost of not getting a new car.

• The family thinks that the cost of the puppy is higher than the benefit.

What is the vocabulary word that means "giving something up for something else"?

• opportunity cost

• trade-off

• sharing

• benefit

Brianna is at the store to buy a snack and a movie. She realizes she doesn't have enough money for both and only buys the snack. What is the movie?

• A benefit

• A need

• A gift

• An opportunity cost

True or False?

A " want " is something that you need in order to survive.

• True

• False

What is the definition of the word "benefit"?

• A useful result

• Something you must give up for something else

• Something that is bad

• The price that something costs

How would you compare "cost" and "benefit"?

• They are both needs.

• They are both wants.

• They are both a part gifts.

• They are both the result of buying something.

What is "Something that you must have to live"?

• A gift

• A trade-off

• A want

• A need

What is the difference between "costs" and "benefits"?

• The "cost" is the price of something and the "benefit" is something you have to give up.

• The "cost" is how a need is satisfied, and the "benefit" is the price of something.

• The "cost" is the price of something, and the "benefit" is the useful result of buying it.

• The "cost" is something that you need, and the "benefit" is something you want.

What does "opportunity cost" mean?

• What you have to give up in order to get something.

• Getting something other than the thing you wanted.

• Giving up one thing for another thing.