Opportunity Cost

What is Opportunity Cost?

• your choice

• what you give up when you make a choice

Which one of these definitions best describes 'Opportunity Cost'?

• The cost of making one decision over another

• The opportunity that will cost you loads of money

• The cost for the opportunity to buy anything you want

What is a want?

• A person

• Purple

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

• Something you need to live

Which of these is a need?

• car

• video game

• water

• candy

What is a trade-off?

• The option someone chooses

• The option someone does not choose

What is an example of an opportunity cost if someone chose to to buy new shoes instead of a heater?