Economic Choice & Opportunity Cost

What is the choice that is made among alternatives or possibilities?

• Economic choice

• Opportunity cost

What is given up when a choice is made?

• Economic choice

• Opportunity cost

You go to Target and pick 2 shirts. You only have enough money for 1 of them. One of them is on sale and the other is full price. You pick the one on sale. What is your economic choice?

• Target

• The full price shirt

• The money

• The shirt on sale

True or False: All choices require giving up something else.

• True

• False

You have 30 minutes before dinner. You can either draw or play outside. You choose to play outside. Drawing is your ______.

• Opportunity cost

• Economic choice

Why do we make economic choices?