School | Video Games | Shopping |
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Scarcity
Your class is having a drawing competition but you only have one box of crayons!!!
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Opportunity cost
You are playing minecraft and you find diamonds you could make a diamond pickaxe to mine obsidion and go to the nether or you could make a diamond sword to protect yourself.
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Opportunity cost
You would buy nice shoes but they cost $60 or you could buy used shoes for $30.
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Economics
During lunch students tend to get hot lunch more when it is chicken nuggets.
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Economics
Video games are one of the most bought products in the united states.
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Supply and Demand
You go to Costco with your mom and you go to the paper towel aisle they have a huge wall of paper towel but you see 5 other people in line waiting to grab some
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Opportunity Cost
You can chose to either wake up now and get to school on time but be sleepy or you can sleep 30 more mins but get to school late.
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Scarcity
When the PS5 came out it was and still is completely out of stock.
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Scarcity
You walk into the best buy and you see they only have one Xbox Series X left.
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Supply and Demand
At the begining of school the school year everyone needs to buy school supplies so stores buy much more school supplies.
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Opportunity Cost
You could buy Super Smash bros. Ultimate or you could buy Legend of Zelda Breath of the Wild.
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Economics
Stores log how much of certain products people buy and figure out how much of that they need per week.
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Scarcity
People keep losing their pencils and have to ask their friends for pencils. The pencils are slowly running out
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Supply and Demand
This term does not apply to downloadable video games. (Hint: There are infinite copies of online games)
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Opportunity Cost
You could go to costco which is cheeper but you get to much stuff or you go to walmart but it costs more.
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