Making Economic Choice and Opportunity Cost

• Choices

• Scarcity

• Opportunity Cost

• Choices

• Scarcity

• Opportunity Cost

• bike

• scooter

• XBox One

• Wii

• trampoline

• pool

• drums

• guitar

• Snickers

• Milky Way

Why do all societies have to make decisions about how resources will be used?

• People are greedy

• There are not enough resources for those who want them

• Resources are too expensive for most people

• Because there is a huge gap between the rich and poor

What is Opportunity Cost?

• The item you didn't choose

• The item you chose

True or false. People can have everything they want.

• True

• False