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Opportunity Cost Flashcards | StudBud

Explore/Opportunity Cost

Opportunity Cost

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Financial Literacy for Middle School

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Questions 5

Answers

1
Which of the following would be a want rather than a need for most people?
Warm clothes for winter
A place to live
Nutritious food
A smartphone
2
Select the answer that best describes opportunity cost:
What you give up as a result of choosing one option versus another.
The amount of money a business makes every year from sales.
What you gain as a result of choosing one option versus another; a benefit.
The amount of money you put into savings each year.
3
Before buying a new computer, you do research to choose the best model. Where should you look for objective information?
The most popular computer company's website.
Paid advertisements in a technology magazine
An independent consumer organization that reviews and rates computers.
A salesperson at an electronics store who earns commission on each sale.
4
Which of the following expenses should be included in a typical budget?
Monthly cell phone bill
Savings
All of the above
Charitable giving
5
If you know the unit price of an item, you are better able to:
Determine the total cost of the purchase
Estimate how much money you will spend
Compare prices of two brands
Figure out the discount during a sale