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.
Student volunteers will participate in an exercise in class demonstrating scarcity.
Play musical chairs with your classmates. Your teacher will explain how scarcity and resources relates to musical chairs.
Raise your hand and give examples of scarcity and resources to your teacher and classmates.
What happens to the costs of things when the resources to make the item are scarce?
Think 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.