FOCUS QUESTIONS FOR THIS SECTION
Why can’t we have all of the productive resources we want?
Why are goods and services limited?
Section 4: Scarcity
SECTION DESCRIPTION
In these lessons, students will explore why scarcity exists, examine their roles as consumers and producers, and experience how resources are allotted.
In economics, scarcity can influence decision-making. Scarcity problems are created when there is a gap between the level of demand and the amount of resources necessary to fulfill the demand. The consumer and producer then must make choices.
LESSON OBJECTIVES
Define needs, wants, resources, goods, and services.
Define scarcity as the condition of not being able to have all goods and services one wants.
LESSON OBJECTIVE
Explain how scarcity exists because human wants for goods and services exceed the quantity of goods and services that can be produced using all available resources.
LESSON OBJECTIVES
Apply knowledge of scarcity to prepare an explanation of distribution of scarce resources.
LESSON OBJECTIVES
Apply knowledge of scarcity to prepare an explanation of distribution of scarce resources.
LESSON OBJECTIVES
Demonstrate scarcity by constructing a plan using all available goods and services.