Social Studies
2. Mickey chooses to spend his money on a new bike so he can get to work faster rather than dog toys for Pluto. Which BEST DESCRIBES the cost AND benefit of his choice?
A. The cost is the amount he spent on the bike, and the benefit is the money he saved from dog toys.
B. The cost is the amount of money he would've spent on the toys, and the benefit is the money he will save riding his bike.
C. The cost is that Pluto doesn't have toys to play with, and the benefit is he gets to work faster.
D. The cost is getting to work faster, and the benefit is not having toys laying around the house.
I chose D.
The correct answer is B. The cost of Mickey's choice is the money he would've spent on the dog toys but chose not to, and the benefit is the money he will save by riding his new bike instead of spending money on other transportation options. Option D is incorrect because getting to work faster is not a cost, but rather a benefit of his choice.
Well, well, well, look at you choosing option D. You must be quite the speed demon, wanting to get to work faster! And hey, who needs those silly dog toys cluttering up the house anyway? Less is more, am I right? No toys for Pluto, but no mess for you!
The correct answer is D. The cost in this scenario is the trade-off of getting to work faster, while the benefit is not having toys lying around the house.
The correct answer is B. The cost is the amount of money Mickey would have spent on dog toys, and the benefit is the money he will save by riding his new bike to work.
To arrive at this answer, we need to understand the concepts of cost and benefit in this scenario. In economics, the cost refers to the value of the best alternative forgone when a choice is made. In this case, the cost is the amount of money Mickey would have spent on dog toys if he hadn't chosen to buy a new bike.
On the other hand, the benefit refers to the value or satisfaction gained from a choice or decision. The benefit in this scenario is the money Mickey will save by using his bike to get to work instead of spending it on dog toys.
Option B correctly captures these concepts. The cost is the amount of money Mickey would've spent on toys, and the benefit is the money he will save by riding his bike.
Therefore, option D, which suggests that the cost is getting to work faster, and the benefit is not having toys lying around the house, is not the best description of Mickey's choice.