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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

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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