Personal Finance Summative Review

There are not enough resources for all the want.

• opportunity cost

• scarcity

• resources

What is given up when a decision is made.

• opportunity cost

• scarcity

• resources

Ben was given a choice between a purple popsicle and red popsicle.   He choses the red popsicle. What is the opportunity cost?

• red popsicle

• purple popsicle

Mean Jean grabbed the jump rope from Mary on the playground. How was the resource allocated?

• Force

• Price

• First come, First serve

• Contest

Keegan used 5 tickets to buy a sweet treat from the treasure box.

• Force

• Price

• First come, First serve

• Contest

Andrew got the only Lego set because he was the first one to the store.

• Force

• Price

• First come, First serve

• Contest

Ivan received a new set of markers because he won the art competition.

• Force

• Price

• First come, First serve

• Contest

Most of the students voted for extra recess so that was the class reward.

• Force

• majority rule

• First come, First serve

• Contest

Why is important to think about your decisions/choices?

• There is always a cost.

• A choice can be fun.

• A decision can lead to other decisions.

Allocate means to give out.

• True

• False-it means to take in.

• False-it means to give in.