Terms and Definitions
This is when there is not enough of a good or service for everyone.
What is Scarcity?
Patrick chose a red pencil instead of blue. The opportunity cost is....
What is blue pencil?
Maurice's mom made a cake for his class to celebrate his birthday. Every student was given a slice of cake. Maurice's mom used this type of allocation.
What is sharing?
One benefit of using money instead of bartering
This is what you miss out on when you make a choice
What is opportunity cost?
Ariyanna chose to read a book instead of going on her chromebook. Her opportunity cost is....
What is her chromebook?
Charlene ran the fastest and won the race. She received a gift card from Chick-fil-a for winning. This type of allocation is...
What is contest?
One benefit of spending money is...
What is it is helpful to buy the things you need
This is when you distribute things to people
What is allocation?
Cameron picked between a jolly rancher and a skittle. He chose the skittle. His opportunity cost is....
What is the jolly rancher?
Johnny won a new bike because his name was pulled out of a basket of everyone's name. The bike was allocated by....
What is lottery?
One benefit of saving money is...
This means to trade things
What is bartering?
Manha decided to save her money instead of spending it on a new toy. Her opportunity cost is....
What is getting a new toy?
Ms. Smith gave out gotcha cards to the best behaved students. This type of allocation is called....
What is authority?
We make choices while spending money because...