51
Lesson 51 of 84 · Economics
Opportunity Cost: Every Choice Has a Trade-Off
Opportunity cost is what you give up when making a choice. Spending your allowance on a book means you cannot also buy a toy. Every decision involves trade-offs.
Key Facts
1
Needs are different from wants.
2
Supply and demand affect prices.
3
Trade connects people globally.
Check Your Understanding
Question 1
1 of 2What is the difference between needs and wants?