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Social Studies SOL 3.9 Economic Choices

Why do people make CHOICES of what to buy? People cannot have everything they want. They don't have all the money in the world.
What is it when you give up something else when making 1 choice to buy something? OPPORTUNITY COST?
What is an ECONOMIC CHOICE? The choice of or decision among alternatives or possibilities
If your choices are to buy ice cream or popcorn, but you choose ICE CREAM, what is the OPPORTUNITY COST? POPCORN
If your choices are to buy a TOY or VIDEO GAME, but you choose a VIDEO GAME, what is the OPPORTUNITY COST? TOY
If your choices are to spend MONEY now or save for the future (SAVINGS), and you SPEND NOW, what is the OPPORTUNITY COST? SAVINGS (for future)
Goods are things we _____ or ______. NEED or WANT
When we save money in the bank, what can we EARN? INTEREST (more money)
Created by: ccyndimolina