The municipal government of Yokohama designated 15% of its undeveloped public land specifically for the construction of high-density affordable housing. Consequently, the city had to cancel plans to establish a new metropolitan ecological park on that same land, despite growing resident demands for urban green spaces.
With reference to the information above, explain what is meant by 'opportunity cost'.
85 exam-style questions on Edexcel A A Level Economics 1.1 Nature of economics, covering 1.1.1 Economics as a social science, 1.1.2 Positive and normative economic statements, 1.1.3 The economic problem, 1.1.4 Production possibility frontiers, 1.1.5 Specialisation and the division of labour, and 1.1.6 Free market economies, mixed economy and command economy. Each one has a worked solution and a mark scheme showing where the marks go.