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.
Curated OER
Scarcity and Choice: Mercantilism - the relationships between England, Africa, and the Americas
Learners trace the meaning and importance of mercantilism; past and present.
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...
Curated OER
Scarcity & Choice
In this economics worksheet, students respond to 16 fill and the blank and multiple choice questions about scarcity and choice.
Federal Reserve Bank
Choices Are Everywhere: Why Can’t We Just Have It All?
Here is a resource covering a range of terms and concepts regarding scarcity, opportunity cost, and government debt in economics.
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...
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
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
Scarcity, Choice and Decisions
Students 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 worksheets...
Curated OER
Scarcity and Choice
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...
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...
Sharp School
Real Life Economics 101
Your learners will take key economic concepts, such as identifying needs versus wants and the four factors of production, and design a video to explain their topic choice to the class. Rather than have one person in charge of dispensing...
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
Money Smart Choices
Young scholars make choices regarding money management. In this personal finance lesson, students explore budgets, incomes, and expenses as they learn vocabulary regarding personal finance and consider how to create personal...
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.
Visa
A Plan for the Future: Making a Budget
From fixed and variable expenses to gross income and net pay, break down the key terms of budgeting with your young adults and help them develop their own plans for spending and saving.
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
Choice, Opportunity, Cost and Decisions
High schoolers 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 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...
Curated OER
Economic Activity and Markets
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...
Curated OER
Location of Resources in Early Civilizations
Sixth graders define scarcity and opportunity costs.
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...
Council for Economic Education
Great Civilizations Develop around Rivers
If you lived in prehistoric times, what kinds of choices could your family make to increase their chance of survival? By making similar decisions in a simulation game, participants discover how specialization creates both opportunity and...