Opportunity Cost Practice

What is opportunity cost?

• the value of the next best option that is not selected when a choice is made.

• there is not enough of it.

• things people make to earn money.

• actions people do to earn money.

Doug has been invited by a friend to go fishing on Friday. His parents are going to a concert. Michael chooses to go fishing with his friend. What is his opportunity cost?

• fishing with a friend

• going to a concert

Andrea has planned a trip to the beach for her family on Labor Day. Her daughter has been invited to the mountains by a friend. Her daughter decides to go to the beach. What is her opportunity cost?

• a trip to the beach

• a trip to the mountains

Andrea has planned a trip to the beach for her family on Labor Day. Her daughter has been invited to the mountains by a friend. Her daughter decides to go to the beach. What is her opportunity cost?

• a trip to the beach

• a trip to the mountains

Jason has been asked by his son to go ride 4-wheelers this weekend. His boss has asked him to work overtime and get paid double. Jason chooses to go ride 4-wheelers with his son. What is his opportunity cost?

• ride 4-wheelers with his son

• work overtime for his boss

Ashton tried our for cheer leading and made the varsity team. She can choose to cheer for football or basketball. She chooses to cheer for football, what is her opportunity cost?

• to cheer for football

• to cheer for basketball

Maria brought a salad for lunch today. Aaron is ordering pizza and asks Maria if she would like to order. Maria decides to eat her salad, what is her opportunity cost?

• salad

• pizza

Michaela is going shopping with her Aunt and has $20. She wants to buy a pair of jeans and a shirt. The jeans are $15 and the shirt is $20. Michaela decides to buy the jeans, what is her opportunity cost?

• jeans

• shirt

Kason goes to the store to get a snack. He wants chips and a drink but he only has $2.00. The chips are $1.00 and the drink is $1.50 so he doesn't have enough to buy both. He buys the drink, what is his opportunity cost?

• drink

• chips

Liam's birthday is coming up. He wants a pair of beats headphones and a PS5. His Mom says he can only get one item. He chooses the PS5, what is his opportunity cost?

• beats headphones

• PS5