Understanding Opportunity Cost
A Grade 6 social studies worksheet on opportunity cost, helping students identify and analyze trade-offs in decision-making.
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Understanding Opportunity Cost
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Read each question carefully and answer to the best of your ability. Think about what you give up when you make a choice.
1. What is opportunity cost?
The money you save when you buy something on sale.
The cost of all the choices you could have made.
The next best alternative you give up when you make a choice.
The total cost of an item, including taxes.
2. You have $10. You can buy a new book or go to the movies. If you buy the book, what is your opportunity cost?
The $10 you spent on the book.
The enjoyment of watching the movie.
Both the book and the movie.
Nothing, because you got a new book.
3. Opportunity cost is what you when you make a choice.
4. Every decision involves a because resources are scarce.
5. Only big decisions have an opportunity cost.
True
False
6. When you choose to spend your allowance on a toy, the opportunity cost is the next best thing you could have bought with that money.
True
False
7. Describe a situation from your own life where you experienced an opportunity cost. What was the choice you made, and what did you give up?