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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.

Which of these is NOT an example of a need?

• Water

• Food

• Cell phone

• Shelter

A _____________ is something you would like to have, but it is not required to live.

• need

• want

• choice

True or false. People can have everything they want.

• True

• False

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

• True

• False

These are the things we desire to have.

• Wants

• Goals

• Opportunity Costs

An opportunity cost can be known as a

• trade-off

• trade secret

• tax

• tooth fairy

You have to make a choice between playing outside or playing Xbox. You choose to go outside. Playing Xbox is your_____________.

• opportunity cost

• fun

• economic choice

• happy place

_____________ means that we do not have enough of a good or service to meet all of the demand.

• opportunity cost

• scarcity

• wants

• resources