Scarcity and Opportunity Cost

What does the term "scarce" mean as discussed in the video?

• There is a lot of land available.

• There isn't enough land for everything we want.

• Land is free to access.

• Land is owned by the government.

What is the opportunity cost mentioned in the video?

• The cost of building new equipment.
  
  
  

• The next best thing given up when a choice is made.

• The money spent on the playground.

• d. The time spent measuring land.

What items did the students want to include on the new playground?

• Only swings and slides

• Just a basketball hoop

• A variety of equipment including swings, slides, and climbing ropes

What did the school board decide to do with the empty lot next to the school?

• Create more parking space

• Build a larger playground

• Sell the land to developers

• Leave it empty

What did the class plan to do to find out how much space is needed for their playground items?

• Guess the sizes

• Search online for space requirements

• Ask the principal for advice

• Measure the land only