Costs and Benefits Analysis
This worksheet helps Grade 7 students understand and analyze the concepts of costs and benefits in decision-making.
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Costs and Benefits Analysis
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Read each question carefully and provide your best answer. Think about the positive outcomes (benefits) and negative outcomes (costs) of each situation.
1. Which of the following is an example of a benefit when deciding to buy a new bicycle?
The cost of the bicycle
Increased exercise and fresh air
The time spent learning to ride
The need for a helmet
2. What is an opportunity cost?
The total cost of a product
The best alternative given up when a decision is made
The money saved by making a good decision
The profits earned by a business
3. A is something that must be given up to get something else.
4. When making a decision, it's important to weigh the against the .
5. All decisions have both costs and benefits.
True
False
6. A cost-benefit analysis only considers the monetary aspects of a decision.
True
False
7. Describe a time you made a decision and had to consider the costs and benefits. What was the decision, and what were some of the costs and benefits you thought about?
Imagine your school is considering whether to implement a new policy: requiring all students to participate in an after-school tutoring program twice a week.
8. List at least two potential benefits of this new policy for students.
9. List at least two potential costs of this new policy for students.