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.
  • Practical Econ, U1, Packet 1 Scarcity

    1. 1. What do these items have in common?
    2. 2. Scarcity <ul><li>Today, we’ll be analyzing scarcity and examine how it can be used to analyze human behavior. </li></ul>
    3. 3. Scarcity <ul><li>2 definitions </li></ul><ul><ul><li>A situation in which human wants are greater than the available resources to provide for those wants. </li></ul></ul><ul><ul><li>A situation in which a resource has more than one valuable use. </li></ul></ul><ul><ul><li>Are these the same as yours? </li></ul></ul>
    4. 4. Scarce? <ul><li>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. </li></ul><ul><li>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.” </li></ul><ul><li>One econ book, five students who wish to do well in their econ course, and an important test the next day. </li></ul><ul><li>One econ book, five students who are not taking economics, and an important test the next day. </li></ul><ul><li>Petroleum in Japan, a country without its own oil fields and without oil reserves. </li></ul><ul><li>Petroleum in Saudi Arabia, a country with many oil fields and oil reserves. </li></ul>
    5. 5. Scarcity and Abundance <ul><li>Resources can be both scarce and abundant at the same time. </li></ul><ul><li>Scarcity/Abundance depends upon many things: </li></ul><ul><ul><li>Situation </li></ul></ul><ul><ul><li>Perspective </li></ul></ul><ul><ul><li>Location </li></ul></ul><ul><ul><li>Amount of resources available to “spend” </li></ul></ul>
    6. 6. Why is there a lot of food wasted in the cafeteria? <ul><li>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?) </li></ul>

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