economic choices

Why do people have to make economic choices?

• Because people need to get what they want.

• Because people can't get everything so they need to decide.

• Because people like to spend their money.

• Because they like to make trade-offs.

What does adjust mean?

• giving up one thing for another.

• the price needed to get something.

• to change or shift.

When we adjust we change what we expect to get.

• True

• False

The book costs $10.

$10 is the _________.

• cost

• opportunity cost

• want

• trade-off

You have some money to buy slime or a ball You can't buy both, so you choose to buy the slime. The ball is the _________________.

• cost

• opportunity cost

• trade-off

• need

If there is a cost to something, why would you buy it?

• Because it's free.

• Because it costs a lot of money.

• Because it has a benefit.

What is a benefit?

• a useful result.

• something you give to get something else.

• the price needed to get something.

• able to be trusted to do something right.

What could be an example of buying a book?

When you are ______________, you are able to be trusted to do what is right.

• responsible

• cost

• want

• need

A choice that can be made is an ______________.

• cost

• option

• opportunity cost

• want