Normal Size Small Size show me how
ECONOMICS SS 3.9
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?
|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?
|If your choices are to buy a TOY or VIDEO GAME, but you choose a VIDEO GAME, what is the OPPORTUNITY COST?
|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)