Understanding Scarcity and Choices

What does scarcity mean?

• Having more than enough of something

• Not having enough of something

• Having everything you want

• Sharing everything equally

Why do we need to make choices?

• Because we have too much of everything

• Because we can't have everything we want

• Because we don't like sharing

• Because we always have enough

What is an opportunity cost?

• The thing you get when you make a choice

• The thing you give up when you make a choice

• The money you spend on something

• The time you save by making a choice

Which is an example of using price to share things?

• Voting on a game to play

• Buying ice cream at the store

• Sharing crayons in the classroom

• Lining up for lunch

How does majority rule work?

• The first person to arrive gets the item

• The choice with the most votes wins

• Everyone gets an equal share

• The person who pays the most gets the item

What is an example of sharing things through a contest?

• Sharing crayons in the classroom

• Voting on a game to play

• Winning a prize at a school fair

• Lining up for lunch

What does "first-come-first-served" mean?

• Everyone gets an equal share

• The first person to arrive gets the item

• The choice with the most votes wins

• The person who pays the most gets the item

If you choose to play outside instead of watching TV, what is your opportunity cost?

• Playing outside

• Watching TV

• Eating a snack

• Doing homework