A1
What is an opportunity cost?
The thing you give up when you choose something else.
What is the opportunity cost?
Raul chose pizza at lunch instead of PB and J.
The PB and J sandwich
What is allocation?
How you give something out
What is bartering?
Trading one good or service for another
What is a BENEFIT to spending money?
A. You will have less money.
B. You won’t be able to have what you want.
C. It is fun and helpful to buy new things.
C. It is fun and helpful to buy new things.
Which is an example of FIRST COME- FIRST SERVED allocation?
A. Josue grabs the toy away from his little brother.
B. Josue’s family vote on if they should go to McDonald’s or Wendy’s
C. Josue logs in early and is able to buy concert tickets before they sell out.
C. Josue logs in early and is able to buy concert tickets before they sell out.
Which is an example of PRICE allocation?
A. Jeremy buys an orange for $1.25
B. Jeremy splits an orange in half for his two kids.
C. Jeremy wins a race and gets an orange as a prize.
A. Jeremy buys an orange for $1.25
Which is an example of Sharing allocation?
A. Jeremy buys an orange for $1.25
B. Jeremy splits an orange in half for his two kids.
C. Jeremy wins a race and gets an orange as a prize.
B. Jeremy splits an orange in half for his two kids.
Which is an example of CONTEST allocation?
A. Jeremy buys an orange for $1.25
B. Jeremy splits an orange in half for his two kids.
C. Jeremy wins a race and gets an orange as a prize.
C. Jeremy wins a race and gets an orange as a prize.
What is a COST to spending money?
A. You will have less money in your savings.
B. You will have more money later.
C. It is fun to buy new things.
A. You will have less money in your savings.
Why can’t we have everything we want?
Scarcity
Why do you have to think before making a choice?
Each choice has a cost.
Why is bartering a difficult system to use?
A. Each item has a different value to different people.
B. Not everyone has money.
C. People will steal.
A. Each item has a different value to different people.
7. Which is an example of MAJORITY RULE allocation?
A. Mat grabs the toy away from his little brother.
B. Mat's family vote on if they should go to McDonald’s or Wendy’s
C. Mat logs in early and is able to buy concert tickets before they sell out.
B. Mat's family vote on if they should go to McDonald’s or Wendy’s
Which is an example of AUTHORITY allocation?
A. Jocelyn is able to ride the roller coaster because she meets the height requirement.
B. Rose’s name is drawn out of a bucket to win a prize.
C. Rose’s teacher chooses one student to read the learning target.
C. Rose’s teacher chooses one student to read the learning target.