Activity 11: Managing Scarce Resources Directions: Imagine it is Friday evening. You are very excited about spending time with your friends on Saturday. You decide to call two of your friends to discuss what
they want to do on Saturday. The three of you decide to go to an early movie (and get the early bird discount rate), then go to lunch at your favorite restaurant. You
estimate the cost for the movie ticket and lunch to be around $30.00. As you are getting ready to meet your friends on Saturday morning, your uncle calls to tell you he
has purchased tickets for the football game that is taking place on Saturday night. He is very excited
about getting the tickets and asks you to join him. His only request
is that you drive to the game and meet him at the entrance of the stadium. You estimate the cost of gasoline and parking
to be approximately $25.00. Finally, as soon as
the phone call with your uncle ends, the next door neighbor frantically knocks on the door. She has been called to work immediately and is willing to pay you $100.00 to
baby-sit for three hours starting right now! Think about how you would handle the problem of scarcity (in this case, your time). Using the Text Editor, answer the
following questions based on the situation you have just read and your understanding of opportunity costs and trade-offs:
1. How could you ration or distribute your time in order to do the things you want to do?
2. How could you see the movie without losing the discounted price?
3. Could you meet
all of your obligations? If so, how would you do it?
4. How could you make the most efficient use of your time?
5. What is the best alternative to your time dilemma?
7 Click here to open the Text Editor