WorksheetsMaking Economic Choice and Opportunity Cost
Total questions: 15
Worksheet time: 15mins
Choices
Scarcity
Opportunity Cost
Choices
Scarcity
Opportunity Cost
bike
scooter
XBox One
Wii
trampoline
pool
drums
guitar
Snickers
Milky Way
Why do all societies have to make decisions about how resources will be used?
People are greedy
There are not enough resources for those who want them
Resources are too expensive for most people
Because there is a huge gap between the rich and poor
What is Opportunity Cost?
The item you didn't choose
The item you chose
True or false. People can have everything they want.
True
False
You have to make a choice between playing outside or playing Xbox. You choose to go outside. Playing Xbox is your_____________.
opportunity cost
fun
economic choice
happy place
At the bookstore you see a book you want to read and a magazine. The book would take all of your money. You buy the magazine. What is your opportunity cost?
You read book.
You gave up buying anything.
You gave up buying a book.
You got a cookie
What is scarcity?
not having enough resources
having too many resources
If you have two choices - either a box of Rice Krispies or Froot Loops - and you choose Froot Loops, what is your opportunity cost?
Rice Krispies
Froot Loops
Emma had the choice of pizza or a hamburger for lunch. She chose to eat pizza. What did she value more?
a hamburger
pizza
