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Economics Study Guide
Use this resource as a basic review of economic principles. There are six questions relating to the factors of production, opportunity costs, wants and needs, tangibles and intangibles, and more.
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Hurricane causes Scarcity
Assign this PowerPoint to your students to give them a place to explain how a hurricane can cause "scarcity" in a community or area. The directions instruct students how to save their slide. Tip: Instead of completing this on the...
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Sharing is Caring
Learners sharpen their problem solving skills. In this service learning lesson, students work collaboratively to solve a problem involving scarcity.
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Jamestown's Economy
Students identify items made in Jamestown and draw conclusions about their economy. For this Jamestown economy lesson, students use the internet to complete a worksheet which required them to look at photographs of goods made in and...
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Economics during the Civil War
Students synthesize the concepts of scarcity, supply, and demand, pertaining to the Civil War time period. In this economics lesson, students gain understanding of economic terms through read-alouds, Venn diagrams, (comparing lifestyles...
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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...
Council for Economic Education
Tapped Dry: How Do You Solve a Water Shortage?
Students, after evaluating different allocation methods for water, determine the costs and benefits of each method.
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.
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The Mitten
Students read the book, The Mitten and make a list of animals that moved into the mitten. For this literature lesson, students discuss why we like to have nice, warm places to live, and what happens when there isn't enough space for...
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Popcorn Economics
Young scholars examine the concept of scarcity. For this economics lesson, students define scarcity and take part in an activity that illustrates the concept as it relates to goods and services.
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Do You Think Like an Economist?
How can you tell if your students think like economists? Test their knowledge with this worksheet, which provides ten opportunities for your students to exercise critical thinking in the subject of economics. Each question could...
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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...
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What is Economics?
Students define economics; Explain the importance and process of making economic choices and decisions; Identify the factors of Production; Determine the goal of entrepreneurship. Students identify and describe the difficulties...
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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...
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If the World Were a Village
Pupils examine the conditions of the global economy. As a class, they discuss the political, economic and cultural differences around the world. They review the concepts of distribution and scarcity and identify the costs and benefits...
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Teaching Economics Using LUNCH MONEY
Learners, after reading the book "Lunch Money" by Andrew Clements, explore money and different saving places. They research different ways in which productivity has increased over the years, they examine products to determine if the...
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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...
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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.
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The Game of Business
High schoolers 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.
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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...
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Introduction to Economics
Students discover the basic economic problem: scarcity; examine how "there is no such thing as a free lunch" (opportunity costs); and define economics. They act out a play demonstrating basic economic principles.
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Andersonville Prison: A Civil War Economic Microcosm
Students develop the concept of economic systems. In this economic system lesson, students create command and market economic systems.
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Edwin Perkins: A Nebraska Success Story
Fourth graders explore the life of the inventor of Kool-Aid to unearth concepts of a market economy. Vocabulary presented helps support the learning process.
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Water, Water, Everywhere (High School)
Young scholars view different types of water to make the point that salt or polluted water isn't useful for drinking water. They chart causes, consequences and solutions to water scarcity based on internet research. They write an essay...