Saving
Economics
Savings is when you put
money
to
spend
Study Guide 2
away
later.
Name:
Keep this study
guide to review
and study for the
economic test.
Parent Guide
Preview of
Topics
Choices
Economic Choice
Opportunity Cost
Scarcity
Savings
Choices
v
People
make choices
Scarcity
Opportunity Cost
When you choose
Scarcity means that
because they cannot
between two things
have everything they
(candy or ice cream),
want . A choice
the opportunity cost is
resources
are
limited. People are
is made when goods,
the thing you DID NOT
not able to have all
services, or resources
choose.
the
are limited.
Making a choice
means you must
Choices
Choice
Made
Opportunity
Cost
ice cream
or
popcorn
ice cream
popcorn
wants
and
services they want.
You have a shortage.
give something up.
Economic choice is
spend
now
or
save for
the future
Examples:
spend
now
the choice you make
Make your own…
when you buy
Choices
goods,
services ,
or resources.
Choice
Made
save for
the future
Opportunity
Cost
1 pencil
2 boys
2 dolls
3 girls