📚 Part 1: Understanding Economic Concepts

1. What is economic scarcity?

Having too many resources available

Limited resources but unlimited wants

When everyone has enough money

Only having expensive items

2. Which of these are NEEDS? (Tick all that apply)

Food and water

Gaming console

Shelter

Designer clothes

Healthcare

3. Sarah has $20. She can either buy a new book ($15) or go to the movies ($18). If she chooses the book, what is her opportunity cost?

$15

$18

Going to the movies

The book

4. Complete this sentence: Opportunity cost is ________________________________

_________________________________________________________________

✏️ Part 2: Applying Economic Thinking

5. Your school has $5,000 to spend on either new sports equipment OR new library books. Explain why this is an example of scarcity and describe what the opportunity cost would be for each choice.

6. Think about a recent choice you made where you had to give up something else. Describe the situation and identify your opportunity cost.

7. A family has a weekly budget of $150 for groceries. List three ways they could allocate these resources and explain which allocation would best meet their needs.

🤔 Part 3: Economic Decision-Making

8. Your local community has received a $50,000 grant. They can use it for ONE of the following options:

Option A: Build a new playground

Option B: Install solar panels on the community centre

Option C: Create a community garden

Which option would you choose and why? Consider the needs and wants of your community in your answer.

9. Explain how understanding opportunity cost can help you make better decisions in your daily life. Give at least two examples.

Economics Exploration Week 1

Economics Exploration Week 1

📚 Part 1: Understanding Economic Concepts

✏️ Part 2: Applying Economic Thinking

🤔 Part 3: Economic Decision-Making

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