UNIT ONE: Toward Independence
Lesson 45
ECON 101: THE PROBLEM OF SCARCITY AND THE IMPORTANCE OF CHOICE
LEFT SIDE PAGE 96
1 WARM UP! What does the title of this lesson lead you to think?
What does the title of this lesson lead you to think?
4 Draw and Label a Picture that Illustrates the "Problem of Scarcity". Use at least THREE colors.Write a caption to explain your drawing.
Use at least THREE colors.Write a caption to explain your drawing.
6 Draw and Label a Picture that Illustrates the "Importance of Choice". Use at least THREE colors.Write a caption to explain your drawing.
RIGHT SIDE PAGE 97
2 OBJECTIVE: Explain the purpose of an economy.
3 NOTES: The Basics of Economics
CLICK HERE to Download a Copy of the Graphic Organizer "The Basics of Economics".
The Siutation - Houston, We Have a Problem with Scarcity! Remember, Resources are Anything that can be used to satisfy a need or desire Scarce Resources A resource is SCARCE if the amount people desire exceeds the amount that is available Unlimimted Wants The Example of the Genie People will always want more and more
5 The Importance of Choice A Choice Is Required Unlimited Wants but Scarce Resources creates a dilemma How do we BEST use our scarce resources? What goods and services will be produced? How will the goods and services be produced? Who will get the goods and services? An Economic System is the different ways a society ANSWER the what, how, and whom questions.
Add the Following Items to Your Glossary (105-107) Supply Demand Scarcity