Scarcity and Opportunity Cost
Introduce the term "scarcity".
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Lessons & Activities
1 Hour+
Ox-Cart Man
OVERVIEW
In this lesson, students listen to the story Ox-Cart Man in which a father and his family use various resources to produce goods. They participate in a simulation of the circular flow of the economy and use examples from the story to apply the concepts learned.
Related Resources
VIDEO Q&A
0-15 MIN
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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.
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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.
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Four Feet, Two Sandals Book & Lesson on Scarcity
Learn about allocating scarce resources using a story.
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Who Are Economists and What Do They Study?
Learn about a career as an economist.
LESSONS & ACTIVITIES
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What's Price Have to Do with It?
Learn about consumers, goods, services, and price.
LESSONS & ACTIVITIES
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Characteristics of Money
Teach the six characteristics of money through video, hands-on investigation, and group activities.
LESSONS & ACTIVITIES
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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
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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.
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You Earn When You Learn
Learn about human capital through a classroom simulation activity and assessment.
