Scarcity and Opportunity Cost
Introduce the term "scarcity".
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Lessons & Activities
46-60 min
Uncle Jed's Barbershop
OVERVIEW
This activity uses Uncle Jed's Barbershop to understand concepts like saving and opportunity cost. The students participate in a card game to further investigate what it takes to reach a savings goal.
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Differentiate between productive resources and intermediate goods.
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Learn about wants, choice, and scarcity.
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Students learn what goods and services are.
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Production Profit and Loss
Calculate total revenue and profit or loss.
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The Berenstain Bears: Get the Gimmies
Identify the problem of scarcity, and recognize their opportunity cost.
