What's the consequence? (cost and benefits)

Penny has saved $500 over the past six months. She has been searching for a leather jacket. At the store, she can get a new, fancy stylish one for $398. Or she can get one of lesser quality at Walmart for only $210. If she goes to a second hand store she would find one that fits well and it only cost $88. Penny chooses to buy the jacket at the Walmart.

What are the benefits to her decision?

• She gets a new jacket and saves some money for another purchase.

• She didn't get a new jacket.

• She got the newest jacket and lots of compliments.

Penny has saved $500 over the past six months. She has been searching for a leather jacket. At the store, she can get a new, fancy stylish one for $398. Or she can get one of lesser quality at Walmart for only $210. If she goes to a second hand store she would find one that fits well and it only cost $88. Penny chooses to buy the jacket at the Walmart.

What are the cost of her decision?

• The cost is not getting a jacket.

• The cost is $210 she won't have for another purchase and not getting a fancy new jacket.

• No jacket at all.

Lenny O'Coin has been searching for a job. He was offered a job cooking at Mc'Donald's. The schedule is a hard one. He would work hours 7-11am and 4-8 pm, five days a week. He would make $12 an hour.

The other job he was offered is for pet care. He can set his own schedule and work 40 hours a week for $10 an hour. He chooses the pet care job.

What are the benefits of this choice?

• He will make less pay.

• He will work a terrible schedule.

• He will get better pay, more hours, and have a better schedule.

• He will only work 20 hours a week, but have insurance.

Ali has been saving her allowance for 2 months to buy a new bicycle helmet. Today her favorite singer has put out his new song and she wants to buy it on i tunes, but it will take away $5 from the money she has saved. She decided to spend the money for the new song anyway. What is the cost to her decision?

• It cost her the new song.

• It cost her $5 of her saved money, and time to save enough for the helmet.

• It cost her time to save money.

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

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 

Emelia has been invited to a sleep over at Chloe’s house for this Saturday.  Emelia has tickets to see her favorite band in concert that same night.  She decides to give the tickets to her sister and go to Chloe’s house.  What is the opportunity cost of her decision?

• seeing her favorite band 
• spending time at a friends house 

There is a new movie James' wants to go see with his friends. If he goes to the movies with his friends he won't have enough money to buy his mom a birthday present. He decides to not go to the movie. What is the cost of his choice?

• The cost is the seeing the movie with his friends.

• The cost is his mom's birthday present.

• The cost is having no money at all