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Practical Econ, U1, Packet 1 Scarcity
Practical Econ, U1, Packet 1 Scarcity
Practical Econ, U1, Packet 1 Scarcity
Practical Econ, U1, Packet 1 Scarcity
Practical Econ, U1, Packet 1 Scarcity
Practical Econ, U1, Packet 1 Scarcity
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Practical Econ, U1, Packet 1 Scarcity

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  • Scarcity sheet -part A – complete!
  • Ask students to define “Scarcity” – use with “Scarcity” sheet part B, then complete the rest of this section. The following day, or at the end of class, start the station activity.
  • Transcript

    • 1. What do these items have in common?
    • 2. Scarcity
      • Today, we’ll be analyzing scarcity and examine how it can be used to analyze human behavior.
    • 3. Scarcity
      • 2 definitions
        • A situation in which human wants are greater than the available resources to provide for those wants.
        • A situation in which a resource has more than one valuable use.
        • Are these the same as yours?
    • 4. Scarce?
      • Old econ books collected in a bookcase near the teacher’s desk with a sign that says “Free books, take as many as you want.” The books have been there for three years.
      • Old econ textbooks collected in a bookcase with a sign that says “Free books, take as many as you want.” Another sign posted in the hallway says $10 paid for any recycled textbook. Bring books to Principal’s office.”
      • One econ book, five students who wish to do well in their econ course, and an important test the next day.
      • One econ book, five students who are not taking economics, and an important test the next day.
      • Petroleum in Japan, a country without its own oil fields and without oil reserves.
      • Petroleum in Saudi Arabia, a country with many oil fields and oil reserves.
    • 5. Scarcity and Abundance
      • Resources can be both scarce and abundant at the same time.
      • Scarcity/Abundance depends upon many things:
        • Situation
        • Perspective
        • Location
        • Amount of resources available to “spend”
    • 6. Why is there a lot of food wasted in the cafeteria?
      • Using what you’ve learned today about scarcity, supply a thorough, reasoned answer to this question. (Think about things like – do students pay for the food with their own money? Can they store it? Resell it? What are the valuable uses of the food in the cafeteria?)

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