Needs vs Wants
Something you must have to live
Need
A good result from a choice you make?
if you choose pizza instead of a hamburger, the hamburger is the ______
Opportunity Cost
The park cost this much money.
$0
Step 1 in the flow chart.
Picking lemons
Something you would like to have but do not need?
Want
Things that people make or grow.
Goods
If you go the park instead of watching TV, what did you give up?
Watching TV
One benefit of going to the park is you can do this...
Step 2 in the flow chart
Making lemonade
Food, water, and shelter are examples of what?
Needs
A person who buys and uses goods.
Consumer
Choosing one thing means you must give up this.
Another choice/opportunity cost
The board game cost this much...
$10
Step 3 in the flow chart
Selling lemonade
A new toy or video game is an example of what?
Want
things you give up when you make a choice
Opportunity Cost
If you buy a board game instead of a toy, the toy is the _______
Opportunity Cost
One benefit of the board game is...
Use it for a long time/ share with friends.
The person who sells the lemonade is the ____
Producer
If you buy ice cream instead of a jacket, the ice cream is a ______
Want
Someone who makes or grows goods.
Producer
Opportunity Cost means the thing you give up when you make a ______
Choice
if you choose the park, you give up this activity....
Playing the board game
The person who buys the lemonade is the ____
Consumer