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
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