Financial Literacy Review

What is the definition of market?

• a place buyers and sellers exchange goods and services for money

• things that can satisfy people's wants

• things people like and desire

Want is...

• things you must have to live

• things people like and desire

• a place buyers and sellers exchange goods and services for money

What is a need?

• things people like and desire

• things you must have to live

• a place buyers and sellers exchange goods and services for money

Activities that can satisfy people's wants is...

• want

• goods

• need

• market

Activities that can satisfy people's wants is...

• services

• want

• need

• market

My sister gives me a gift on my birthday every year. What is this?

• choice

• market

• spending

• income

I love Fortnite. I save some of my allowance every week to save up for it. What is this?

• choice

• market

• saving

• income

Ms. M and Ms. J went to the store. They could not decide what cereal they would get but, Coco Puffs or Fruit Loops. They only have enough money for one. They choose Fruit Loops. What is their opportunity cost?

• Choosing one cereal

• Going to grocery store

• Choosing Fruit Loops

• Choosing Coco Puffs