Scarcity and Choice Teacher Resources
Find Scarcity and Choice educational ideas and activities
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In this economics activity, students respond to 16 fill and the blank and multiple choice questions about scarcity and choice.
An impressive lesson plan produced by The Washington Post on various aspects of economics. This nine-page page lesson has an amazing variety of activities embedded in it for high school students. There are great worksheets, websites, articles, and in-class economic simulations embedded in this plan. Highly recommened for secondary learners.
After reading the book A Bargain for Frances, young economists discuss how money is exchanged for goods or services. They demonstrate effective financial decision-making by listing ways to save money for a product they would like to buy.
Basic economics, according to this narrator, is based on human actions. This is a very academic video that describes economics in terms of means and ends, scarcity and choice. Note: This clip may be a bit dry for some students and is best used with those in the 11th or 12th grade.
Students define economics and explain the importance and process of making economic choices and decisions. Students participate in four lessons revolving around economics and select activities to complete.
Students explore the economic forces of scarcity and choice. They examine how these forces affect the management of personal financial resources, shape consumer decisions, and the economic well-being of society. Students research stock choices and track their stocks over a period of time. They evaluate their stock market experiences and relate that to the Great Depression.
Students participate in a role play as producers of two goods, allowing students to experience scarcity. They make choices about using their scarce resource to produce both or one of two goods. Then they construct production-possibilities curves.
First graders gain an understanding of the scarcity of resources and how it affects the choices that we make in our everyday lives. Students will participate in a variety of activities such as literature analysis, shopping, journal writing and class discussions.
Fifth graders build upon knowledge and skills that allow them to understand the concept of opportunity cost. In this mathematical economics instructional activity, 5th graders define opportunity cost, and analyze situation where economical choices must be made. Students learn the concepts of supply and demand and apply number sense as it relates to their inferences and data. Students complete worksheets and work in journals to practice this concept.
Introduce your class to the world of economics in this ELD lesson plan, which takes them through a market simulation. They work in teams to create businesses and produce products or services. Each team must buy materials as well as pay off loans and make hourly wages. This is supposed to last for two weeks, with the tasks of each day carefully detailed in the plan. It states that the lesson plan is for 2nd and 4th grade, but it might be more successful in a junior high or high school class.
Students practice the economic concepts of scarcity and opportunity cost. They imagine creating their own businesses and brainstorm what they need to know in order to determine when the business is profitable.
Eleventh graders study the history of world trade. In this economics lesson plan, 11th graders collaborate to research how world events have affected world trade through the years. Students present their findings to 9th grade students and write reflection papers about the project.
Students research patterns and networks of economic interdependence. They work cooperatively to create 3-dimensional representations of common objects and charts describing the objects' components and countries of origin. Students identify where raw materials originate and are manufactured, and find countries at all stages of the process on a world map.
Students consider how new technology is incorporated into an economic system. In this economics lesson, students analyze advertising images form the 19th and 20th century to discover the economic connections between advertising, inventions, markets, and industrial growth that characterize the modern era.
Students participate in a scenerio in which they are assessed on the material in previous lessons. In groups, they prepare a presentation based on their solutions to the given problem. They develop their critical thinking skills applying terms to a real-world issue.
Pupils examine the production of goods and services and the development of economic systems. After discovering how scarcity drives production, they identify people in their communities who produce goods and services. Next, students create collages of goods and services from the past up to the present.
Students examine the dual roles of producers and consumers in people by creating fictional stories that include examples of both. Their stories include descriptions of the tools and skills needed for the jobs of their characters and responses to price changes for those materials.
High schoolers identify and interpret that economic activity involves making choices in the face of scarcity, therefore making choices involves a cost. They also identify that individuals interact in markets by inducing one another, through the prices they offer, to supply the goods each wants, and that there is nothing mysterious about this process.
Students review the economic concepts and terms introduced in previous lessons. They analyze several scenarios in which they must review business records. They conduct a detailed report covering the steps necessary to start a business.