Remember: The cost of a choice is the next best thing you give up. Ask yourself: if I skip this, what would I pick instead?
Read and answer
Read the story first, then answer.
Sam's SaturdayOne Saturday in Pennyfield, Sam woke up with eight coins and a free afternoon. Three things at the fair caught Sam's eye: a boat kit for eight coins, art pens for six and a sticker book for two. The eight coins would buy the boat kit, or the pens and the book, but not all three. Sam made a list, best first: the boat kit, then the pens and the book, and last of all, saving the coins. Sam picked the boat kit. Eight coins went across the counter and the pouch was empty. What did Sam give up? Not everything at the fair, but only the next best choice: the pens and the book. That is the opportunity cost, the next best thing you give up. Time has a cost too. The boat took the whole afternoon, and football with friends was the next best use of it. Ana also had eight coins. She bought the pens and the book, so for her the boat kit was the cost.
1
Sam has 8 coins. The art pens cost 6 and the sticker book costs 2. Together they cost coins.
2
Sam buys the boat kit. What is Sam's opportunity cost in coins?
The boat kit itselfEverything at the fairThe pens and the book
3
Circle the two things Sam gave up by choosing the boat kit and spending the afternoon on it. (circle every one)
The pens and the bookFootball with friendsThe boat kitA toy in a shop Sam never sawEverything in the whole world
4
Put Sam's list in order, best first.
The boat kit
Saving the coins
The pens and the book
5
Ana buys the pens and the book. What is her opportunity cost?
The boat kitThe pensHer coins
6
Two people with the same 8 coins always have the same opportunity cost.
TrueFalse
Think and fix
7
Sam has 8 coins. Circle every choice Sam can afford.
The boat kit (8)The boat kit and the art pens (8 + 6)The art pens and the sticker book (6 + 2)The boat kit and the sticker book (8 + 2)All three things
8
The boat kit and the sticker book cost coins together, but Sam has only 8.
9
Fix the mistake. Ana says: when I pick the pens and the book, my cost is everything else at the fair. Is Ana right?
YesNo
10
Sam builds the boat all afternoon. What else did that choice cost?
Nothing, time is freeThe sticker book onlyFootball with friends
11
Stretch: Sam wants any two of the three things. Only one pair costs 8 coins or less. Which pair?
Boat kit and art pensBoat kit and sticker bookArt pens and sticker book
12
Write one choice you made, and the next best thing you gave up.
13
Draw Sam at a fork in the path: the boat kit on one path, the pens and the book on the other.
Scan the code at the top to mark this sheet on screenTake a photo of your answers or type them. It is marked for you automatically, and your score is kept.
Answer key · Set A
What you give up
18 6 + 2 = 8 coins, exactly what Sam has.
2The pens and the book The cost is the next best thing Sam gave up: the pens and the book.
3The pens and the book, Football with friends Sam gave up the next best use of the coins (the pens and the book) and the next best use of the time (football). The boat is what Sam chose.
41, 3, 2 Sam's list was the boat kit, then the pens and the book, and last saving the coins.
5The boat kit For Ana the boat kit was the next best choice, so it is her cost.
6False Sam's cost was the pens and the book. Ana's was the boat kit.
7The boat kit (8), The art pens and the sticker book (6 + 2) The boat kit costs 8 and the pens and book together cost 8. Every other choice costs more than 8.
810 8 + 2 = 10, which is more than 8.
9No The cost is only the next best choice, not everything else.
10Football with friends Football with friends was the next best use of the afternoon. Time has a cost too.
11Art pens and sticker book Pens and book cost 6 + 2 = 8. The boat kit with either one costs more than 8.
12Your own words: a grown-up reads it.
Mark each answer, count the right ones and write the score on the sheet.