General Information
Title: Scarcity, Choices
and Trade-Offs
Subject Area: Social
Studies/Economics
SOL 7.6 - Virginia Standards
of Learning
The Students will explain the
structure and operation of the United States economy as compared with other
economies, with emphasis on:
-
the basic concepts of free market,
as described by Adam Smith, and of communism, as described by Karl Marx;
-
the concepts of supply and
demand, scarcity, choices, trade-offs, private ownership, incentives, consumer
sovereignty, markets, and competition;
-
private and public financial institutions
-
the economic impact of consumption,
saving and investment, and borrowing by individuals, firms and governments;
and
-
the differences between free market,
centrally planned, and mixed economies.
Grade Level: 8
Lesson Topic: Scarcity,
Choices and Trade-Offs
Descriptive Overview:
The central problem in the economics of any country is scarcity. When wants
are greater than the resources to satisfy them, problems can arise ranging
from trade-offs to rebellion.
Advantages of Medium:
On-line research
Lesson Specifics
Lesson Objectives/Goals:
The student will:
-
identify conditions when prolonged
scarcity becomes a long-term problem
-
differentiate choices that are
acceptable trade-offs and those that are not
-
identify factors that lead to
scarcity of resources
-
discuss the allocation of resources
in different countries
Assumed Skills or Prerequisite
Skills: Students must be familiar with unit vocabulary and concepts
Learning Environment:
Computer lab for on-line research
Instructional Set
The teacher will present the economic
fundamentals of Virginia (appropriate State) to the class.
http://www.census.gov/epcd/www/prof92ec.html
Gaining Attention: Not
applicable
Orienting the Lesson:
Not applicable
Stimulating Recall of Prerequisites:
Not applicable
Key Questions:
-
What are the country's natural
resources?
-
How does the tourist industry
affect the country?
-
What are the primary goods produced
in the country?
-
How does the country compensate
for their scarcity of resources with trade-offs?
Teaching Strategies
-
Print the Virginia
Economy Worksheet.
-
The teacher will provide a
list of countries to research.
-
Print Scarcity
of Resources Worksheet.
-
Hand out Scarcity of Resources
Worksheet and review criteria.
-
Students will research the Internet
and answer questions about their country's economy at http://www.emulateme.com/
-
Students will answer the questions.
Terminology/Vocabulary:
Scarcity
Choices
Trade-offs
Practice: Students will
practice on-line research techniques.
Assessment: Students
will present finding to class and justify their decisions from a geographic
point of view.
Enhancements
-
Students could research more than
one country.
-
Students can compare and contrast
their finding of other states.
-
Students can compare and contrast
developed and undeveloped countries economies.
Extensions
Not applicable