G4 Q1 W6 Opportunity Cost

One factor that can affect opportunity cost is ___________.

• Scarcity

• Income and Scarcity

• Income

• Income and taxes

One factor that can affect opportunity cost is ___________.

• Scarcity

• Income and Scarcity

• Income

• Income and taxes

When do people suffer from poverty?

• When they are unable to buy luxuries

• When they are very rich

• When they can't afford food

• None of the answers is correct

Due to living in a world of scarcity, it affects the decisions people make while _____________.

• Spending money

• Opportunity cost

• Losing everything

• Creating a monthly budget

What is an important part of personal finance?   

• Buying luxuries

• Saving all the money

• Spending all the money

• Making decisions

What does opportunity cost apply to other than money?

• It applies to time spent

• It applies only to money

• It only applies to time spent

• It doesn't apply to time

Are people forced to make choices? Why?

• No, they are not

• Never

• Yes, they are

• Only sometimes

What happens if you spend money to buy a new CD?  

• You spent your money on a basic need

• The amount you spend is money you could have saved

• You were able to save the money you spent

• None of the answers is correct

How many people have a limited income?   

• All of the people

• Most of the people

• Nobody has limited income

• Everyone has limited income

Sarah went to the store to buy Apples. She didn’t find any. She went to another store, she still didn’t find any. She kept asking and she knew that there is a shortage of Apples.

What do we call that?

• Saving

• Poverty

• Scarcity

• Opportunity cost