Economic Activity - Comprehension Check

What principle is best demonstrated in the image from the Video Game Store?

• Opportunity Cost

• Incentives

• Consumer Sovereignty

• Scarcity

Mrs. Penny is planning the lunch menu for February, using what we know of consumer sovereignty, which of the following is likely to happen?

• Pizza will be offered less in the next month.

• The amount of spaghetti ordered will be reduced.

• Cheeseburgers will no longer be on the menu.

• Steak and gravy will be offered the most often of any choice.

Which of the following principles can best explain the graphic shown?

• Choice

• Opportunity Cost

• Scarcity

• Incentives

Scarcity leads to what in the marketplace?

• Less Businesses

• More Choices Being Made

• Lower Prices

• Less Demand

Danielle has been saving for a new TV, her friends ask her to go to a concert. Danielle spends the money she had saved to buy the ticket. What does the T.V. become?

• Her choice

• Her incentive

• Her opportunity cost

• Her consumer sovereignty

Opportunity cost is ...

• the amount of money that is exchanged for a good or service

• the choice that wasn't made or given up in an economic decision.

• the inability to meet all needs and wants

• the lack of choices that consumers have in goods and services

This image is an example of what economic principle in action?

• Consumer Sovereignty

• Choice

• Incentive

• Opportunity Cost

All of the following would be considered an incentive EXCEPT?

• A guarantee of your money back if you are not satisfied with the product.

• An offer of buy one product get one free on the purchase of two products.

• A contract that shows the limitations that a company has on liability.

• A coupon for half off your next purchase on a return visit.

Paula went into Baskin Robbins and looked at all of the different flavors on the menu. Paula got a cone of mint chocolate chip. Paula used what economic principle?

• Choice

• Incentives

• Opportunity Cost

• Consumer Sovereignty

Room To Think: Explain in your own words what has happened according to the image. What is the reason for the change? Connect it to something we have learned in class.

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