Question

scarcity and opportunity cost practice activitiesdirections: for each of the following examples, underline what is scarce. circle the opportunity cost.1. joey and taniesha arrive to school thirty minutes early. joey wants to go to the corner store. taniesha wants to see if any of her teachers are at school early for extra help. they decide to go up to extra help instead of going to the corner store.2. davonte has $150.00 to spend at the mall. he decides to buy a pair of new balance sneakers instead of saving the money in his bank account.3. the maryland general assembly has $1 million to spend in designing the upcoming budget. state legislators decide to spend most of that money on new curriculum to be used in schools, rather than restoring vacant homes.directions: for each of the following scenarios, identify the opportunity cost by circling the correct choice.4. a city government decides to spend money on new stoplights instead of new textbooks for schools.what is the opportunity cost of this decision?protecting the safety of citizenspromoting the education of citizens5. a teacher decides to spend time grading homework assignments instead of making phone calls to parents.what is the opportunity cost of this decision?giving students feedbackcommunicating with the families of students6. the united states congress spends $3.2 million on supporting our army, navy, marines, and coast guard instead of on public assistance programs.what is the opportunity cost of this decision?our countrys national securityensuring the welfare of all citizens

Explanation:

For scenarios 1-3: Scarcity refers to the limited resource (time/money) that forces a choice, and opportunity cost is the forgone alternative. For scenarios 4-6: Opportunity cost is the option not chosen when making a decision.

Answer:

1. Scarce (underline): Thirty minutes of early time at school

Opportunity cost (circle): Going to the corner store

1. Scarce (underline): $150.00

Opportunity cost (circle): Saving the money in his bank account

1. Scarce (underline): $1 million

Opportunity cost (circle): Restoring vacant homes

1. Opportunity cost (circle): Promoting the education of citizens
2. Opportunity cost (circle): Communicating with the families of students
3. Opportunity cost (circle): Ensuring the welfare of all citizens