Economics Quiz on Wednesday

After looking over the quiz, I think the kids will be ready to take it on Wednesday. The following is all they will need to know

Because of limited resources (scarcity) people have to make choices. When they make a choice then the thing that they didn’t choose becomes their opportunity cost. The kids will be given a scenario and they will have to determine what choice was made and what the opportunity cost would be.

For example: If the ice cream store was closing up for the day and they had run out of your favorite ice cream (Superman), you would have to choose to buy your second choice (Blue Moon) or have no ice cream at all. The thing you don’t choose would be your opportunity cost.

We practiced this many times at school, so they should be fine. 

 

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