Lesson
Making Economic Decisions
Guiding question
What is scarcity?
When we hear the term “economics,” we tend to think about ups and downs in the economy as well as graphs mysteriously depicting supply and demand. In reality, economics is vitally important subject because it is the study of making choices. More specifically, it is the study and practice of making choices in a world of limited resources (scarcity). You cannot go for a day without making economic decisions. For this reason, an understanding of economic thought makes you a more successful citizen.
Guiding Questions
- What is scarcity?
- What are opportunity costs?
- How do these things factor into making economic decisions?
Objectives
- Students will describe and give examples of scarcity.
- Students will describe and give examples of opportunity costs.
Materials
Educator Resources
Student Handouts
Lesson Components
ActivityHandout A: The Economic Problem
ActivityHandout B: Opportunity Costs
EssayEssay: Making Economic Decisions
When we hear the term “economics,” we tend to think about ups and downs in the economy as well as graphs mysteriously depicting supply and demand. In reality, economics is vitally important subject because it is the study of making choices. More specifically, it is the study and practice of making choices in a world of limited resources (scarcity). You cannot go for a day without making economic decisions. For this reason, an understanding of economic thought makes you a more successful citizen.
Lesson plan
75 minClick a phase to open it
Key Terms
- Scarcity
- opportunity cost
- resources
- wants