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INTRODUCTION

 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.  Resources are used to produce goods and services: land or natural resources, human resources (including labor and entrepreneurship), and capital.

TASK

Student volunteers will participate in an exercise in class demonstrating scarcity.

PROCESS

Play musical chairs with your classmates.  Your teacher will explain how scarcity and resources relates to musical chairs.

CONCLUSION

Raise your hand and give examples of scarcity and resources to your teacher and classmates.Price

ASSESSMENT ACTIVITY

What happens to the costs of things when the resources to make the item are scarce?

EXTENSION ACTIVITY

seasonsThink about the seasons. Cut out some pictures of items that you find in the store in the winter, spring, summer, and fall. Bring the pictures to class and discuss with your teacher, which pictures belong in each season and why some items are scarce in different seasons.