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WorksheetsWants vs Needs & Opportunity Cost - Test
Total questions: 50
Worksheet time: 58mins
Water
Want
Need
Candy
Want
Need
A big, nice house
Want
Need
Video games
Want
Need
Sunlight
Want
Need
Fresh air
Want
Need
Education
Want
Need
Sleep
Want
Need
Money to pay bills
Want
Need
Medicine
NEED
WANT
The newest cell phone
NEED
WANT
Family
NEED
WANT
Netflix or other cable packages
NEED
WANT
Puppy
NEED
WANT
Food
NEED
WANT
Vacation
NEED
WANT
A coat (in the winter)
WANT
NEED
Fruits and vegetables
WANT
NEED
shoes
WANT
NEED
bottled water
WANT
NEED
a place to live
WANT
NEED
Jewelry
NEEDS
WANTS
What is a need?
Something we cannot survive without
Something that we would like, but is probably over and above what we need to survive
What is a want?
Something we cannot survive without
Something that we would like, but is over and above what we need to survive
Which are examples of needs? Choose the BEST answer.
Water and oxygen
food and water
Basic Clothing
Food, water, oxygen and basic clothing
Which are examples of wants? (Choose all that apply)
Car
Smartphone
Designer Clothes
Washing Machine
What are the top two important needs?
Oxygen and Water
Car and Smartphones
TikTok and Snapchat
Which of the following is a need
Which of the following is a want
Which of the following is NOT a need?
Pet
Food
Clothing
Shelter
Clothing is considered a need.
True
False
Wants are things that make our life _____________.
more difficult
not fun
expensive
easier
You can live without some of your needs, so go ahead and purchase your wants instead.
True
False
You should always take care of your needs before your wants.
True
False
What might be some good reasons that a computer is a need and not a want? (Pick 2)
To check Facebook
To do work for a job
To do homework
To play games on the internet
To watch Netflix
You have to choose between a chocolate bar or an ice cream cone. You choose the ice cream cone. What is the opportunity cost?
chocolate bar
ice cream come
You have to choose between getting a new t-shirt or going to the movies. You choose the t-shirt. What is the opportunity cost?
getting a new t-shirt
going to the movies
Which one of these definitions best describe Opportunity Costs?
The cost of making one decision over another.
The cost for the opportunity to buy anything you want.
The opportunity that will cost you a lot of money.
Alex is studying for his math quiz, but his favorite TV show just started. If he studies for the quiz, he will miss out on watching the show. Alex decides not to watch the show and continue studying for the quiz. What is the opportunity cost of his decision?
studying for a quiz
watching TV
eating dinner
taking a nap
Which of these is NOT an example of a need?
Water
Food
Cell phone
Shelter
You are having a difficult time deciding if you should spend your money on tickets to see a new movie or going bowling with your friend. You decide to go to the movies, so bowling with your friend would be considered an opportunity cost.
True
False
When you make a choice, you often have to give up other options...those things are called the...
Opportunity Cost
Missed Opportunities
Which one of the following is an example of opportunity cost?
You stay out late and your parents ground you.
You run a red light and you get a ticket.
You choose to study for math instead of hanging out with friends.
Michael has been invited by a friend to go fishing on Friday. His parents are going to a concert. Michael chooses to go fishing with his friend. What is his opportunity cost?
fishing with a friend
going to a concert
Jason has been asked by his son to go ride 4-wheelers this weekend. His boss has asked him to work overtime and get paid double. Jason chooses to go ride 4-wheelers with his son. What is his opportunity cost?
ride 4-wheelers with his son
making extra money by working overtime
Lydia brought a salad for lunch today. Michelle is ordering pizza and asks Lydia is she would like to order. Lydia decides to eat her salad, what is her opportunity cost?
salad
pizza
eating healthy
Jaleigh is going shopping with her Aunt and has $20. She wants to buy a pair of jeans and a shirt. The jeans are $15 and the shirt is $20. Jaleigh decides to buy the jeans, what is her opportunity cost?
jeans
shirt
saving money
If you have the choice between going to a party or going to bed, and you choose to go to bed, the Trade Off would be..
Going to Bed
Going to the Party
seeing the Grand Canyon
Tonya had a hard time deciding between the Mexican Food and the Chinese, her two favorites. She chose the Mexican: What was her opportunity cost?
Chinese
Mexican
