Scarcity and Opportunity Cost
Introduce the term "scarcity".
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Lessons & Activities
1 Hour+
Who Are Economists and What Do They Study?
OVERVIEW
This lesson plan introduces elementary school level students to economics and economists through readings, vocabulary, and biography projects. Assessment included requires pairs to create career day posters explaining economists' work and topics studied.
Related Resources
VIDEO Q&A
0-15 MIN
LESSONS & ACTIVITIES
Fifty Nifty Econ Cards
Use these vocabulary cards in your classroom to make economics and personal finance fun!
CURRICULUM UNITS
The Bridge Home
Introduce basic economic concepts like decision-making, opportunity cost, and employment.
LESSONS & ACTIVITIES
46-60 MIN
Tortilla Factory
Differentiate between productive resources and intermediate goods.
LESSONS & ACTIVITIES
31-45 MIN
Rock, Brock, and the Savings Shock
Learn about decision-making, scarcity and opportunity cost.
LESSONS & ACTIVITIES
46-60 MIN
Betty Bunny Wants Everything (Lesson 1)
Learn about wants, choice, and scarcity.
More in This Series
CURRICULUM UNITS
Federal Reserve Economic Fundamentals: Elementary Curriculum
Introduce basic economic concepts that are designed for elementary school learners with ten independent hands-on lesson plans.
LESSONS & ACTIVITIES
1 HOUR+
Four Feet, Two Sandals Book & Lesson on Scarcity
Learn about allocating scarce resources using a story.
LESSONS & ACTIVITIES
1 HOUR+
Ox-Cart Man
Simulate the circular flow of the economy.
LESSONS & ACTIVITIES
46-60 MIN
What's Price Have to Do with It?
Learn about consumers, goods, services, and price.
LESSONS & ACTIVITIES
46-60 MIN
Characteristics of Money
Teach the six characteristics of money through video, hands-on investigation, and group activities.
LESSONS & ACTIVITIES
46-60 MIN
Hometown Bank Makes a Loan
Teach about banks' community impact through an interactive role-play simulation demonstrating loan ripple effects.
LESSONS & ACTIVITIES
1 HOUR+
What Makes a Community?
Learn about creating a community and the role of government and taxes.
LESSONS & ACTIVITIES
46-60 MIN
How Many Beverages Will Consumers Buy? Lesson on Demand
Learn about the law of demand and discover the relationship between price and quantity demanded.
LESSONS & ACTIVITIES
46-60 MIN
The Perfect Breakfast: Elementary Lesson Plan
Teach interdependence and trade concepts using yarn web activity, video, with assessment identifying trading countries.
LESSONS & ACTIVITIES
46-60 MIN
You Earn When You Learn
Learn about human capital through a classroom simulation activity and assessment.
