Opportunity Cost Worksheet
A Grade 9 Social Studies worksheet on the concept of opportunity cost, including definitions, examples, and application questions.
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Opportunity Cost Worksheet
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Read each question carefully and answer to the best of your ability. This worksheet will test your understanding of opportunity cost.
1. Opportunity cost is the value of the next best that was not taken when a decision was made.
2. When you choose to spend money on a new video game, the opportunity cost might be the you could have bought with that money.
3. Scarcity forces individuals and societies to make choices, and every choice involves an cost.
1. Which of the following best defines opportunity cost?
The monetary cost of a choice.
The benefits gained from a choice.
The value of the next best alternative not chosen.
The total cost of all alternatives.
2. Sarah has $20. She can either buy a new book or go to the movies with her friends. If she chooses to go to the movies, what is her opportunity cost?
The $20 she spent.
The enjoyment of the movie.
The new book she could have bought.
The friends she went with.
1. Describe a personal decision you made recently and identify the opportunity cost associated with that decision.
2. Explain why governments often face difficult decisions regarding opportunity cost when allocating public funds.
1. Opportunity cost only applies to financial decisions.
True
False
2. Making a choice means having an opportunity cost.
True
False