Scarcity: Limited Factors of Production Understand and explain how scarcity of factors of production impact economic decision making Analyze a “resource.

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Presentation transcript:

Scarcity: Limited Factors of Production Understand and explain how scarcity of factors of production impact economic decision making Analyze a “resource scarcity” simulation to determine economic solutions to resource problems Understand how countries overcome scarcity of resources Remember yesterday…

Scarcity Game Your “country” vs. everyone else 15 minutes to complete all/as many “tasks” that you can Rules: – You may not use anything that is in the room other than the materials in your group’s envelope – Since you are an island nation, you may not share your resources

Tasks to Complete Food: four 3-inch strips of green paper Shelter: 2-inch white square attached to a yellow triangle Clothing: a four color paper chain Education: a four page book with color cover

Who Won? Lets see the “completed” tasks… – Quality vs quantity What does the class think? Why did that country win?

Questions Why were the envelops different? Define “resource” Classify the items your envelope had? Did any group “have it made”? Did anyone use the envelope? Resources not needed? Useless? Could you have created another product?

Conclusion What did it take for those countries with fewer resources to succeed? How could you have used the resources in more than one way? Solve issues of scarcity? How did scarcity drive all your economic decisions? How can/do people overcome scarcity?