SS2 Unit 1 Personal Finance Review

What is opportunity cost?

• your choice

• what you give up to make a choice

• money people earn to buy things

• everything you need

Scarcity is when

• there is not enough for everyone

• when there is a lot of extra left over

• having too much money

• when you can buy everything you want

Mom says I can have chocolate or strawberry ice cream. I choose chocolate, so chocolate is my ____________________.

• opportunity cost

• scarcity

_______________________ are things that we buy that we can hold and touch.

• Services

• Goods

When you pay someone to do something for you.

• Services

• Goods

Someone who provides goods or services to sell is a ________________.

• producer

• consumer

Someone who buys goods and services is a __________________.

• producer

• consumer

These are all examples of how goods and services are _________________.

• producers

• allocated

• opportunity cost

When we take a vote on indoor or outdoor recess, the most votes wins. This is called ______________________.

• force

• sharing

• majority rule

An example of ________________ would be a basket of crayons on the table and everyone gets to use them

• sharing

• forcing

• lottery