Economics

My choices are ice cream or candy. My economic choice was ice cream.
What is my opprotunity cost?

• ice cream

• toy

• save money for later

• candy

My choices are toy or going to the movie. My economic choice was going to the movies.
What is my opprotunity cost?

• ice cream

• toy

• save money for later

• candy

My choices are saving money or spend now. My economic choice was spend money now.
What is my opprotunity cost?

• ice cream

• toy

• save money for later

• candy

Economic choice is ...

• What is given up when an econimic choice is made.

• Choosing one thing over another.

Opprotunity cost is ...

• What is given up when an econimic choice is made.

• Choosing one thing over another.

Lauren wants to earn money to buy a new video game. She can either open a lemonade stand or have a bake sale to raise money.  She does not have time to do both. What is the opportunity cost for Lauren if she decides to open a lemonade stand?

• 
  She will never be able to buy the video game

• She cannot have a her bake sale

• She will not earn any money

• She cannot sell any lemonade

Michael went to the movies with his friend.  He had $3.50 saved from his allowance.  Michael wanted to buy a hamburger, a hotdog, fries, and a soda.  What will Michael most likely do?

• He will not order anything because he is upset that he doesn't have enough money for everything.

• He will order everything, call his mother, and ask her to bring him some more money.

• He will have to make a choice and choose the 3 items he wants the most.

• He will ask to borrow money from his friend.

Noah has $20.00 to spend. He has a choice to make. He can either spend $20 on a pizza for him and his friends. Or he can buy the textbook he needs to study for his upcoming social studies test. He chooses to buy the social studies book. This is an example of ________________________.

• opportunity cost

• consumer choice

• scarcity

• economic choice

Jasmin has $20.00 to spend. She has a choice to make. She can either spend $20 on a giant squishy bear. Or she can buy a new coat for the cold days of winter. She chooses to buy the coat she needs. This is an example of...

• opportunity cost

• consumer choice

• scarcity

• economic choice

Grace went to the game with her friend. She had $3.50 saved from her allowance. Grace wanted to buy a hamburger, fries, and a juice. What will she most likely do?

• 1. She will have to make a choice and choose the 2 items she wants the most.

• 1. She will not order anything because she is upset that she doesn't have enough money for everything.

• 1. She will ask to borrow money from her friend.

• 1. She will order everything, call her mother, and ask her to bring him some more money.