SITUATION

• Scarcity=Time
• Alternatives=$10 or Fun
• Choice= $10
• Opportunity Cost= To have fun

My situation was to have fun with family and friends OR, do my chores and earn $10 and not get in trouble

INSTEAD I CHOSE....

MY CHOICE

• Earn $10
• Not get in trouble

OPPORTUNITY COST...

MY OPPORTUNITY COST WAS...

• Give up having fun
• Hanging out w/ friends and family

SCARCITY...