Costs and Benefits Analysis
This worksheet helps students understand the concepts of costs and benefits in decision-making, exploring economic choices and their outcomes.
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Costs and Benefits Analysis
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Read each question carefully and answer to the best of your ability. Think about the positive and negative outcomes of different choices.
1. What is a 'cost' in an economic decision?
Something you gain from a choice
Something you give up or lose from a choice
The money you earn from a job
A type of fruit
2. Which of the following is an example of a 'benefit'?
Spending money on a new toy
Losing an hour of playtime to do chores
Gaining a new skill from taking a class
The price of a movie ticket
3. When making a decision, you should always weigh the against the .
4. The best decision is usually the one where the outweigh the .
5. Describe a time you made a decision and considered the costs and benefits. What was your decision and what were some of the costs and benefits?
6. Every decision has only benefits and no costs.
True
False
7. Your family is deciding whether to go on a vacation or save money for a new car. List two potential benefits of going on vacation and two potential costs.
Benefits of Vacation:
Costs of Vacation: