Curated OER
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.
Visa
Savvy Spending: Sharpening Money Decisions
Do you really need that new laptop/phone/dress/jacket/etc.? Financial decisions require us to distinguish between our wants and our needs. Through discussion and the evaluation of scenarios on provided worksheets, this resource will...
Curated OER
Make a Choice
Students investigate the Underground Railroad to determine the choices that people made. To help, to stay, to do nothing, to break the law to enforce the law, to feed runaways are some of the choices that made a difference. This...
Curated OER
Scarcity and Choice: Mercantilism - the relationships between England, Africa, and the Americas
Students trace the meaning and importance of mercantilism; past and present.
University of Texas
Scarcity
How can having too little of something impact your life? Scholars investigate the concept of scarcity in their own lives and in the overall picture of the economy. Brainstorming activities as well as student-parent work bring to light...
Carolina K-12
Factors of Production and Economic Decision-Making
Class members begin this engaging economics activity by listing all the resources used in producing a car and using that example to draw parallels to the four primary factors of production: capital goods, labor, natural resources, and...
Curated OER
Scarcity, Choice and Decisions
Young scholars study the basic economic trilogy (scarcity, choice, and costs). In this money management lesson, students use a scenario of a High School Prom to calculate how scarcity, choice and cost apply by completing provided...
Carolina K-12
Comparing Economic Systems
How do people make decisions in a world where wants are unlimited but resources are not? How do individuals and governments utilize scarce resources (human, natural, and capital) in different economic systems? Introduce your learners to...
Curated OER
Money Smart Choices
Students make choices regarding money management. For this personal finance lesson, students explore budgets, incomes, and expenses as they learn vocabulary regarding personal finance and consider how to create personal budgets.
Federal Reserve Bank
Monster Musical Chairs and Scarcity
Why can't we have everything we want? Youngsters are introduced to the concept of scarcity through a game of musical chairs and by discussing what it takes to satisfy our wants.
Council for Economic Education
A Perfect Pet
Students read the story "The Perfect Pet". They examine how scarcity is a problem in society when people can not have everything they want which forces them to make (economic) choices.
Curated OER
Choice, Opportunity, Cost and Decisions
Students discuss the definition of scarcity and tradeoffs, and the differences between choice and cost. They create budgets and must provide tradeoffs for some of their choices.
Curated OER
Scarcity and Choice
Young scholars 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...
Curated OER
Scarcity and Choices
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...
Education Fund
Fear the Scarce Resources
In a life or death situation, what resources would you choose to survive—and why? A zombie attack simulation teaches learners the concepts of scarcity and resources in regards to economics. The hands-on activity requires individuals to...
Curated OER
The Soviet Choice For Growth
Young scholars examine five major events in Soviet History to introduce the concept of opportunity cost. They identify considered alternatives at the time of decision and examine benefits and cost. They apply these ideas to a typical...
Center for Entrepreneurship and Economic Education
Popcorn Economics
Scarcity of resources is a fundamental economics concepts that kids need to understand. You'll use a large bag of popcorn to demonstrate this concept. Have the class come up row-by-row to fill their snack bags with popcorn. By the last...
Curated OER
Distribution of Goods
Students study the concept of scarcity and that it requires people to make choices when trying to satisfy their unlimited wants. Groups are given bags of items and must distribute the items in the bag in a way that is acceptable to...
Illustrative Mathematics
Field Day Scarcity
Introduce young mathematicians to concepts of financial literacy with this open-ended word problem. With seven dollars to spend during field day and given a list of available items and their prices, children must determine how they want...
Curated OER
Economics Unit I - The Basics
Twelfth graders access how scarcity requires individuals and institutions to make choices about how to use available resources. They explore the characteristics of different economic systems and institutions. Student are able to describe...
Curated OER
Location of Resources in Early Civilizations
Sixth graders define scarcity and opportunity costs.
Curated OER
Scarcity and Opportunity Cost - To Choose Is To Refuse
Students are introduced to scarcity and opportunity costs. They discuss how different societies allocate their resources differently based on their needs. Illustrating trade offs, they create a production possibility frontier. They...
Federal Reserve Bank
Lesson 1: Katrina Strikes
Most families have an emergency kit in their home with flashlights, water, and extra food. But what happens to your money when disaster strikes? An economics lesson focused on the aftermath of Hurricane Katrina in 2005 demonstrates the...
Curated OER
Economic Decisions
Students practice decision-making skills by planning vacation, including all proposed expenses. Students distinguish between needs and wants, identify difference between goods and services, and describe economic resources used in...