next gen personal finance career econ: scarcity, college, and income the choices we make are constrained by the resources and means to which we have access. the more of those that are available to us, the more options we have when making decisions. in this activity you will learn about the differing level of resources and means available to households in the united states and how they impact college enrollment and future earnings. part i: scarcity & time watch this video to learn more about scarcity. then, answer the questions. 1. think about your average week and list some of the things you do that consume your time. 2. when we spend our time doing one thing, it means we’re not spending that time doing any number of other things. a. what does the video call the things we miss out on as a result of the choices we make? b. look back at the list you made in question one. what are some of the things you are not doing as a result of choosing to do the things in that list? 3. we are often faced with tough decisions regarding how to spend our time (like working a part-time job rather than joining a sport or club). describe a time in your life when you’ve had to make a decision involving how to spend your time and the opportunity costs that were involved.

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Accepted Answer

### Question 1
# Brief Explanations:
This question asks for a personal list of time - consuming activities in an average week. Common activities include school - related tasks (like attending classes, doing homework), personal care (sleeping, eating), leisure (watching TV, playing video games), and household chores (cleaning, doing laundry). For example, a student might list: attending school (about 30 hours a week), doing homework (10 hours), sleeping (56 hours as 8 hours per night), eating (14 hours as 2 hours per day), watching TV (5 hours), and doing laundry (2 hours).
# Answer:
- Attending school (classes)
- Doing homework
- Sleeping
- Eating meals
- Watching television
- Doing laundry
- Exercising
- Hanging out with friends

### Question 2a
# Brief Explanations:
In economics, when we make a choice, the value of the next - best alternative that we give up is called the opportunity cost. The video about scarcity should introduce this concept as the things we miss out on due to our choices.
# Answer:
Opportunity cost

### Question 2b
# Brief Explanations:
First, we refer to the list from question 1. If, for example, in question 1 we listed doing homework, then the things we are not doing could be things like playing a sport, reading for fun, or going to the movies. If the list included attending school, we might be missing out on traveling or taking a long - term vacation during that time.
# Answer:
If the list from question 1 includes doing homework:
- Playing a sport (like basketball or soccer)
- Reading non - school - related books for fun
- Going to the movies

If the list includes attending school:
- Taking a long - term vacation
- Working a full - time job (during school hours)

### Question 3
# Brief Explanations:
We need to recall a personal experience where a time - related decision was made and identify the opportunity cost. For example, a student might choose to work a part - time job instead of joining a school club. The opportunity cost would be the benefits of joining the club, like developing new skills, making more friends, or having a structured leisure activity.
# Answer:
Last year, I had to decide whether to work a part - time job at a local café or join the school's debate club. I chose to work the part - time job. The opportunity cost of this decision was the chance to improve my public speaking skills, participate in debate competitions, and build a close - knit group of friends within the debate club. Another example: I decided to spend my summer studying for the SAT instead of going on a family vacation. The opportunity cost was the time spent with family, the new places I could have visited, and the relaxation I could have had during the vacation.

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Explanation:

Question 1

Answer:

Question 2a