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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….

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Scarcity: Limited Factors of Production

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  1. 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: Limited Factors of Production

  2. 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

  3. 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

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

  5. 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?

  6. 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?

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