Scarcity and Choice Teacher Resources

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For this economics worksheet, students respond to 16 fill and the blank and multiple choice questions about scarcity and choice.
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.
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.
Students 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.
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 trace the meaning and importance of mercantilism; past and present.
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.
Learners take a virtual trip on the Mayflower to explore scarcity.  In this scarcity lesson, students choose items to take on a cross-sea journey. Learners discuss a trip on the Mayflower and the problems in a cross-sea trip at the time. Students answer questions about the virtual trip.
Fifth graders build upon knowledge and skills that allow them to understand the concept of opportunity cost.  In this mathematical economics lesson, 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.
Students research popular consumer products.  In this economics instructional activity, students research the process of creating, shipping, selling, and advertising a variety of popular products.  They examine the concepts of supply and demand and their effects on the overall economy.  Students use their research findings to develop advertisements related to common social justice issues.
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 use the internet to take a virtual tour of the Mayflower. Using that information, they decide what goods they would choose to take on the long voyage. They discover that space limits the choices they can make. They answer questions to end the lesson plan.
Students analyze how producers respond to incentives and allocate their scare resources to maximize profits. They write persuasive letters to government officials and others. They read "Dry Wells That Are Not So Dry." They take notes on information they can use in writing a letter to a state legislator from an owner of a dry oil well who would like financial help for oil well owners to reopen the dry wells during a time of rising oil prices.
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.
Students discover how to maintain successful businesses as they assume the roles of owners and drivers of their own ice cream trucks.
Young scholars, exercising knowledge, reasoning and communication complete a chart that is well-organized and well-detailed. They assess the Economic concepts of supply and demand and how that relates to production and sales. In addition, an example of a Chain of Events chart is provided.
Students read a recent article about the likelihood of a decrease or increase in prices of a specific consumer good. Using the Internet, they examine current events and make predictions about their effect on the economy. They write an essay expressing their thoughts and share it with the class.

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