Economics

Michael 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

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

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

• salad

• pizza

Josh's birthday is coming up. He wants a pair of beats headphones and a PS4. His Mom says he can only get one item. He chooses the PS4, what is his opportunity cost?

• beats headphones

• PS4

Which of these is NOT an example of a need?

• Water

• Food

• Cell phone

• Shelter

Tom was shopping for a car. He has looked at a Ford, Honda, Toyota, and Dodge. After a lot of debate, he narrowed it down to either the Ford or the Honda. He selected the Ford, because he liked the interior a little better. What was his opportunity cost?

• Ford

• Honda

• Toyota

• Dodge

A _____________ is something you would like to have, but it is not required to live.

• need

• want

• choice

A ____________ is a good thing that occurs as a result of something else.

• benefit

• choice

• opportunity cost

• need