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18 questions
What is opportunity cost?
your choice
what you give up to make a choice
money people earn to buy things
everything you need
Scarcity is when
there is not enough for everyone
when there is a lot of extra left over
having too much money
when you can buy everything you want
Mom says I can have chocolate or strawberry ice cream. I choose chocolate, so chocolate is my ____________________.
opportunity cost
scarcity
_______________________ are things that we buy that we can hold and touch.
Services
Goods
When you pay someone to do something for you.
Services
Goods
Someone who provides goods or services to sell is a ________________.
producer
consumer
Someone who buys goods and services is a __________________.
producer
consumer
These are all examples of how goods and services are _________________.
producers
allocated
opportunity cost
When we take a vote on indoor or outdoor recess, the most votes wins. This is called ______________________.
force
sharing
majority rule
An example of ________________ would be a basket of crayons on the table and everyone gets to use them
sharing
forcing
lottery
You are first in line for lunch so you get the biggest slice of pizza. This is called ______________________________.
authority
first-come, first-served
contest
Your dad tells your sister to give you the game controller. This is called ______________________________.
personal characteristics
contest
authority
There is a ride at Disney that says "You Must Be This Tall to Ride". This is called ______________________________.
lottery
personal characteristics
price
Trading a good or service that someone else wants or needs for a good or service you want or need is called _____________________.
spending
saving
bartering
Which is an example of bartering?
paying money for candy bar
using a credit card to buy shoes
giving a friend your pretzels for a bag of chips
Choose 3 correct answers:
How is money easier to use than bartering?
Carrying money to spend is easier than carrying a cow to barter.
It is the ONLY way to get what you need.
You do not have to have the exact item someone else wants to barter, everyone can use money.
Money has the same value for everyone.
Choose 3 correct answers:
What are some benefits of spending?
Making someone else happy with a gift right away.
Ability to make a larger purchase later.
Using the good you purchased.
Happiness or joy from getting something you want or need.
Choose 2 correct answers:
What are benefits of saving money?
to buy something that cost more
make a larger purchase later
for emergencies
getting what you want right away
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