Scarcity and Opportunity Cost
Introduce the term "scarcity".
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Lessons & Activities
1 Hour+
Monster Musical Chairs
OVERVIEW
In this lesson, students listen to the story and identify the scarcity problem the monsters had—not enough chairs for every monster to have one. Students learn that a good can satisfy a want and that, because of scarcity, not everyone's wants are satisfied.
Related Resources
VIDEO Q&A
0-15 MIN
LESSONS & ACTIVITIES
46-60 MIN
Tortilla Factory
Differentiate between productive resources and intermediate goods.
CURRICULUM UNITS
The Bridge Home
Introduce basic economic concepts like decision-making, opportunity cost, and employment.
LESSONS & ACTIVITIES
46-60 MIN
Betty Bunny Wants Everything (Lesson 1)
Learn about wants, choice, and scarcity.
LESSONS & ACTIVITIES
31-45 MIN
Nizzy and Cooper's ABC Adventure (Lesson 2)
Students learn what goods and services are.
LESSONS & ACTIVITIES
46-60 MIN
Production Profit and Loss
Calculate total revenue and profit or loss.
