Economics - Opportunity Cost

What is opportunity cost?

• your choice
• what you give up when you make a choice

Which one of these definitions best describe 'Opportunity Costs'?

• The cost of making one decision over another.

• The cost for the opportunity to buy anything you want.

• The opportunity that will cost you loads of money.

What is a want?

• A person
• Something you would like to have but don't need to live
• Purple
• Something you need to live

A person who uses and buys goods and services 

• money 
• producer 
• consumer 
• economics 

Which of the following is not a service?

• Dry Cleaner
• Car Wash
• Clothes
• Babysitter

Which of these is a need?

• car
• water
• video games
• candy

What is an example of an opportunity cost if you chose to attend the School camp rather than go on a family holiday?

Answer explanation

For example, if someone chose to buy a new shoes instead of a heater, an example of an opportunity cost could be that they will be cold during winter.

What is a Trade-Off?

• The option someone chooses

• The option that someone does not choose