SS2E1

What is opportunity cost?

• your choice

• what you give up when making a choice

What is scarcity?

• having too much of a resource

• not having enough of a resource

Which is an example of scarcity?

• A teacher had a bag of 32 chocolates to give out for Valentine's Day. There are 24 students in her class.
• Sara went to buy new basketball shoes. The store didn't have any in her size.
• Jack bought the amount of fruit he needed at the grocery store.
• There were seats still available at the State football game.

A consumer is ____.

• someone who pays for goods and services

• someone who provides goods and services

A producer is ___.

• someone who uses a good or receives a service

• someone who provides a good or service

Because of scarcity, we must make ____.

I have enough money to buy a Snicker or a Hershey bar. I chose a Snicker bar. My opportunity cost is the ____.

• Hershey

• Snicker

I have enough money to buy an orange or an apple. I bought the apple. What is the opportunity cost?

• orange

• apple

John is going to the store to buy groceries. John is a ___.

• consumer

• producer

• opportunity cost

• economic choice

Sally owns a store. She sells fresh produce and juice. Sally is a _____.

• producer

• consumer

• opportunity cost

• economic choice