I'll work through each question step by step to find the correct answers.
Question 1: What is opportunity cost?
- A) your choice
- B) what you give up to make a choice
Opportunity cost is about what you sacrifice when you make a decision. It's not just "your choice" - it's specifically what you lose or give up by choosing one thing over another.
Answer:
B
Question 2: Which of these definitions best describes 'Opportunity Costs'?
- A) The cost for the opportunity to buy anything you want
- B) The opportunity that will cost you loads of money
- C) The cost of making one decision over another
Option C correctly captures the concept - it's about the cost (what you give up) when you choose one option instead of another.
Answer:
C
Question 3: What is a want?
- A) Something you would like to have but don't need to live
- B) Something you need to live
- C) A person
- D) Purple
A "want" is something desirable but not essential for survival. Option A describes this perfectly.
Answer:
A
Question 4: A person who uses and buys goods and services
- A) consumer
- B) producer
- C) economics
- D) money
Someone who purchases and uses products/services is called a consumer. Producers are the ones who make them.
Answer:
A
Question 5: Which of the following is NOT a service?
- A) Babysitter
- B) Dry Cleaner
- C) Car Wash
- D) Clothes
Services are actions performed for someone. Babysitting, dry cleaning, and car washing are all services. Clothes are physical items/goods, not services.
Answer:
D
Question 6: Which of these is a need?
- A) video games
- B) water
- C) car
- D) candy
Needs are essentials for survival. Water is necessary to live. Video games, cars, and candy are wants - nice to have but not essential.
Answer:
B
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Final Answer:
1. B
2. C
3. A
4. A
5. D
6. B
Parent Tip: Review the logic above to help your child master the concept of opportunity cost worksheet.
