Scarcity limited factors of production
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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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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: Limited Factors of Production


Scarcity game

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

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

Who Won?

  • Lets see the “completed” tasks…

    • Quality vs quantity

  • What does the class think?

  • Why did that country win?


Questions

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

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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