This is a basic lesson of scarcity and resources that can be used for elementary students or students with special needs. Scarcity - is a condition that exists because human wants exceed the capacity of available resources to satisfy those wants; also a situation in which a resource has more than one valuable use. Students often get confused with the term resources. The basic kinds of resources used to produce goods and services: land or national resources, human resources (including labor and entrepreneurship), and capital. The following exercise gives the students a kinesthetic approach to the concepts of scarcity and resources. It is a musical chairs approach to learning these economic principles.
This is a folktale retold by Jan Brett about a little boy whose grandmother knits him a pair of snow-white mittens. While the boy is outside playing, he loses one of the mittens and some animals find it and move thinking that it looks warm and would make a good home. The events of the story illustrate the concept of scarcity-in this case, scarcity of space.
Young Booker T. Washington had a dream. That dream was to use the resources at his disposal to earn the money necessary to get an education that would allow him and others to become financially secure. This lesson based on the picture book "Fifty Cents and a Dream: Young Booker T. Washington" by Jabari Asim challenges young students to make connections between history and economic concepts.
The following lessons come from the Council for Economic Education's library of publications. Clicking the publication title or image will take you to the Council for Economic Education Store for more detailed information.
This publication contains 16 stories that complement the K-2 Student Storybook. Specific to grades K-2 are a variety of activities, including making coins out of salt dough or cookie dough; a song that teaches students about opportunity cost and decisions; and a game in which students learn the importance of savings.
16 out of 18 lessons from this publication relate to this EconEdLink lesson.
Designed primarily for elementary and middle school students, each of the 15 lessons in this guide introduces an economics concept through activities with modeling clay.
9 out of 17 lessons from this publication relate to this EconEdLink lesson.
This revised and updated "how to" guide is a great way to start a classroom business with your students.
2 out of 7 lessons from this publication relate to this EconEdLink lesson.