Opportunity Cost Assignment Name:___________
Opportunity Cost Assignment Name_____________________In your own words explain opportunity cost. Create your own example to support your explanation.Does money have to be involved when you talk about opportunity cost? Why or why not?For each of the examples explain the opportunity costs for each decision:You want a car but in order to have one you must work a part-time job Saturdays and Sundays to pay for the vehicle. What are your opportunity costs related to the following items?1. Getting the car2. Taking the busB. You decide to go to a house party instead of babysitting Friday night. What are your opportunity costs?C. Fresh out of high school you take a year off school and work a minimum wage job. What are your opportunity costs?D. What impact does money have on the decisions you make? Think of 3 important decisions you will make that money is not the most important factor.Score 4 3 2 13.1.12- identify a student’s opportunity costs that are associated with earning real income or trying to increase itYou have shown an in-depth understanding of opportunity costs, your reasoning clearly reflects your knowledge of the importance of opportunity costsYou have shown some understanding of opportunity costs, your reasoning somewhat reflects your understanding of the importance of opportunity costsYou have attempted to demonstrate your understanding of opportunity cost, however your reasoning does not support the conceptYou have failed to complete the assignment3.1.1- define opportunity costYou have shown an in-dept understanding of opportunity cost, reflected in your clear and concise definition as well as your supports providedYou have defined opportunity cost and your example supports your definitionYou have attempted to define opportunity cost however your definition is inaccurateYou have failed to define opportunity cost ................
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