You have $50. You can either buy a new book for $50 or go to the movies with friends. What is the opportunity cost of buying the book?
The fun experience you would have had at the movies
You have one free hour. You can either study for an upcoming test or go out to play basketball. What is the opportunity cost of studying for the test?
The time spent playing basketball
You are given $100. You can either buy a pair of shoes for $100 or save the money for a future trip. What is the opportunity cost of buying the shoes?
The future trip you would have been able to take
You have a weekend free. You can either visit your grandparents or go on a weekend road trip with friends. What is the opportunity cost of visiting your grandparents?
The fun you would have had on the road trip
If a farmer decides to grow potatoes instead of tomatoes, what is the opportunity cost?
The value of the tomato crop
"Scarcity" in economics mean? A) There’s too much pizza at the party ......B) There’s not enough pizza for everyone at the party ..........C) You can never find your socks ........D) You can have all the pizza you want
There’s not enough pizza for everyone at the party
If your parents offer to buy you a new video game if you finish your homework, what is that an example of?
That’s an incentive! They’re giving you a reward for doing something.
What’s the opportunity cost of choosing to play video games all day instead of going outside to play with friends?
The opportunity cost is missing out on fun time with your friends and fresh air.
Why do you have to make decisions in economics?
Because there aren’t enough resources to go around, so you have to choose between different options, like having a cookie or a candy bar but not both.
If you choose to eat a donut instead of going to the gym, what might you miss out on?
You might miss out on getting stronger or feeling healthier from exercising.
What might be an incentive for cleaning your room?
You might get a reward like extra screen time or a treat, or you might avoid being grounded!
