Lesson: Scarcity- The Basic Economic Problem
Ca Content Standard Econ 12.1.1, 12.1.2, 12.1.4
Objective: SWBAT identify scarcity as the basic economic problem and understand its implications.
1. Warm Up- Discuss difference between wants and needs
2. Fill-in Notes
3. Section Assessment- if you use McDougal Littell Economics textbook
1. Warm Up- Checking for Understanding (informal assessment- I usually like to use whiteboards for this type of exercise)
2. Review Homework: Chapter 1, Section 1 Assessment
3. Introduce Opportunity Cost using the Story of the Squirrels
4. Exit Ticket: Present students with 2 options. Have them make a choice and identify the opportunity cost of that choice.
Scarcity- the Basic Economic Problem
Scarcity- Checking for Understanding