1. Have out: Module 1 notes and worksheet
Scarcity
Have out: Module 1 notes and worksheet

2. Today’s objective After today’s lesson, students will be able to…
Define scarcity and correctly identify examples and non-examples
Essential Skill:
Demonstrate understanding of concepts

3. But first…A review What is a trade off?
Give an example of something in everyday life that when you choose it, you are giving something else up.

8. What is a tradeoff from this morning?
Whenever scarcity of time or money forces you to make a choice, you face a tradeoff

9. Economics: What is it?
How we attempt to fulfill unlimited wants with limited resources.
Facts on Human existence
We have unlimited wants
There are only so many resources on earth
Something that all human civilizations have in common

10. Scarcity Book definition: To be scarce an item must be:
We desire more than we can have
To be scarce an item must be:
1. Limited aka finite aka NOT INFINATE
2. DESIRED – PEOPLE MUST WANT IT
*Must meet both criteria!!!*

11. Scarcity worksheet Find a partner
Using our new definition try to identify which items are scarce and which are not Scarce
Explain why

12. summary Scarcity does not equal rare
Economists are interested in truly scarce resources, because that is when people have to make choices
We make rational decisions; thinking about the impact of our choices

13. Dialysis worksheet Directions: Make 2 priority lists
List 1: Who is getting hours on the machine in order of deserving
List 2: Waiting list in priority order

14. Basic economic concepts
People choose for good reasons
People are rational and self-interested
Try to maximize utility/benefit

15. Basic economic concepts
Incentives matter
People’s self-interest will override other factors

16. Basic economic concepts
Everything has a cost
You must give up something to get what you want.
Nothing in life is free