1. You don’t have to spend a buck to have a cost
Opportunity cost revisited

2. In economics costs include (if you choose to go to the movies)
Out of pocket expenses
Referred to as explicit costs
(the ticket, popcorn, soda)
The value of resources that could have been used elsewhere
Referred to as implicit costs
(Pay you could have earned at a job, study-time)

3. List two explicit costs and implicit costs for
You decide to Explicit Implicit
go to college _________________ _________________ _________________ _________________ _________________ _________________ _________________

4. List two explicit costs and implicit costs for
You take a Explicit Implicit
Job after school _________________ _________________ _________________ _________________ _________________ _________________ _________________

5. List two explicit costs and implicit costs for
You study for and Explicit Implicit
Take an AP exam _________________ _________________ _________________ _________________ _________________ _________________ _________________

6. List two explicit costs and implicit costs for
A stay-at-home Explicit Implicit
Dad returns to work _________________ _________________ _________________ _________________ _________________ _________________ _________________