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.
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Identify the problem of scarcity, and recognize their opportunity cost.
