The item that you give up in order to choose something else.
200
Is an American Girl Doll a need or a want?
Want
200
Good or Service:
Getting your hair cut
Service
200
Lisa wants ice cream. She has the choices of vanilla or chocolate. She chooses chocolate. What is her opportunity cost?
Vanilla
300
Is shelter a need or a want?
Need
300
List a good that you might get with your allowance. How do you know it's a good?
Answers will vary. Because it's something you buy that you can touch.
300
Susie wants a Lego set and a coloring book. She can only get one, so she gets a coloring book. What is her opportunity cost?
Lego set
400
Is ice cream a need or a want?
Want
400
List a service that you might do in order to earn extra money. How do you know it's a service?
Answers will vary. It's a service because it's a job to help other people.
400
Brian is saving for a bike. He normally gets a comic book everytime he goes to the store, but he decides he is going to use that money for his savings goal. What is his opportunity cost?
Comic book
500
List 3 things you need to survive.
Air, Food, Water, Shelter
500
Give an example of some place that performs both a good and a service. What is the good, and what is the service.