Scarcity limited factors of production
1 / 6

Scarcity: Limited Factors of Production - PowerPoint PPT Presentation

  • Uploaded on

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….

I am the owner, or an agent authorized to act on behalf of the owner, of the copyrighted work described.
Download Presentation

PowerPoint Slideshow about ' Scarcity: Limited Factors of Production' - lorna

An Image/Link below is provided (as is) to download presentation

Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author.While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server.

- - - - - - - - - - - - - - - - - - - - - - - - - - E N D - - - - - - - - - - - - - - - - - - - - - - - - - -
Presentation Transcript
Scarcity limited factors of production

Scarcity: Limited Factors of Production

Scarcity game
Scarcity Game impact economic decision making

  • 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
Tasks to Complete impact economic decision making

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
Who Won? impact economic decision making

  • Lets see the “completed” tasks…

    • Quality vs quantity

  • What does the class think?

  • Why did that country win?

Questions impact economic decision making

  • 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 impact economic decision making

  • 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?