Scarcity- The Basic Economic Problem

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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.

Day 1:

1. Warm Up- Discuss difference between wants and needs

2. Fill-in Notes

3. Section Assessment- if you use McDougal Littell Economics textbook

Day 2:

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

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Fill-in Notes

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Scarcity- Checking for Understanding

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