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
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.
