G4 Q2 W2 Opportunity Cost Recap 1

We often have to choose between buying .................. or ....................

• expenses or a variable expenses

• scarcity or a budget

• necessity or luxury

• good or bad

Budgets help us decide:

• whether to save or spend.

• which expenses to pay first

• none of the above

• budget is useless

Most people have a (a)   income

What does "Most people have a limited income" mean?

• It means most people are poor

• It means they cannot afford to buy everything they want or need

• It means they can buy luxuries

• It means they can't buy luxuries all the time

What are the reasons people cannot always afford to buy or purchase something they want?

• Limited income

• They do not have time

• High price of the product

On making decisions on how to spend our money, we are practicing the idea of

• Poverty

• Opportunity Cost

• Scarcity

• Afford

What we give up when making a choice is called?

(a)  

Opportunity cost is the item ...............

• luxury

• available

• chosen

• not chosen

................ is another example of opportunity cost

• Hiding

• Buying

• Saving

• Budget

is a shortage of resources or goods and services

• Afford

• Opportunity cost

• Scarcity

• scarcity