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Read each situation and identify the benefit, opportunity cost, risks and responsibilities.

  1. Jamal wants to buy his mom an outfit for her birthday. The suit, shoes, purse, and jewelry will cost about $200. Jamal only has $100 saved, so he decides to buy the outfit on credit.

    Benefit:

    Opportunity cost:

    Risks:

    Responsibilities:

  2. Guadalupe needs a video camera for her new job. The one she wants costs $499, but she only has $200. She'll have to use credit.

    Benefit:

    Opportunity cost:

    Risks:

    Responsibilities:

  3. Seth is saving for a new CD player. He has $50, and the one he likes is on sale right now for $129. To get the sale price, he must buy it before Saturday. He decides to buy it on credit.

    Benefit:

    Opportunity cost:

    Risks:

    Responsibilities:

  4. Dr. Porada would like to buy a new X-ray machine for her clinic. It costs $5000, and the clinic has only $3000 in the budget at this time. A new machine will probably mean more business, so Dr. Porada thinks it would be a good idea to buy it as soon as possible, so she must use credit.

    Benefit:

    Opportunity cost:

    Risks:

    Responsibilities:

  5. The teachers at Amelia Earhart School want to buy some new video equipment to use at school performances. The cost, $2000, is more than the PTO can afford right now. The school board suggests that they use credit.

    Benefit:

    Opportunity cost:

    Risks:

    Responsibilities:

  6. The Nguyen family wants to take a vacation to California. Mr. Nguyen just got a new job and a big raise, but he does not have enough money saved to afford the trip. If they don't go now, it will be a whole year before he can use his vacation time again. So they decide to use credit to pay for the $4000 trip.

    Benefit:

    Opportunity cost:

    Risks:

    Responsibilities: