3rd Grade SS SOL 3.10

• What are decisions we make about how to use our resources called?

• economic choice

• opportunity cost

You have two choices: getting a toy or a book. If you choose the toy, what is the opportunity cost?

• The cost of the toy

• the book

You have $10 to spend on Saturday. Choice A: Go to the movies ($10). Choice B: Buy ice cream ($5) and save $5. What's the opportunity cost of buying ice cream?

• A: The cost of the movie

• D: There is no opportunity cost

You have two options: taking a nap or spending time with your family. If you choose to take a nap, what is the opportunity cost?

• The time you spent napping

• The time you missed out on spending with your family

What's the opportunity cost of your choice?

• Giving up the next best option

• The time spent on making the decision

What we give up when we make a choice is called...

• economic choice

• opportunity cost

• money

• idea

Why can't we have everything we want?

• Limited resources (money and time)

• We can have everything we want

• There is not enough for everyone

What we give up or spend is called the

• cost

• benefit

what we gain or enjoy is called the

• cost

• benefit

This chart shows that we have 2 choices: ice cream or popcorn. We chose ice cream. What is the opportunity cost?

• Popcorn

• Ice cream

• Pizza

• Hot dogs