Economic Decision Making Quiz

What is a trade-off?

• Giving up one thing for another

• Getting something for free

• Never making a decision

• Having everything you want

What is the cost of getting a new kitten for $40?

• $40

• Feeding and taking care of it

• Buying a collar for your dog

• Nothing, it's free

What is opportunity cost?

• What you give up to have something else

• The benefit you get from a product or service

• The price you pay for something

• The cost of each option

What is a benefit?

• Something you give up to have something else

• The price you pay for something

• Something good that you get from a product or service

• The cost of each option

What should you consider when making a good choice?

• Whether the benefits are worth the costs

• Neither the benefits nor the costs

• Only the costs

• Only the benefits

What is the first step to help you make a good choice?

• Think about the possible benefits of each option

• List your options

• Think about the costs of each option

• Ask yourself if it's something you need or want

What is the second step to help you make a good choice?

• List your options

• Think about the possible benefits of each option

• Ask yourself if it's something you need or want

• Think about the costs of each option

What is the third step to help you make a good choice?

• Ask yourself if it's something you need or want

• Think about the costs of each option

• List your options

• Think about the possible benefits of each option

What does a benefit do?

• Decreases the cost

• Increases the cost

• Makes you feel good

• Makes you feel bad

What do your choices show?

• What's important to others

• What's not important to others

• What's important to you

• What's not important to you