Scarcity and Choice: Making A Decision When There Isn’t Much How Scarcity Can Force You To Make Choices

UEQ and LEQ UEQ: What is an economy? How do wants, needs, scarcity, and choices affect an economy over time? LEQ: What is scarcity? How can scarcity force you to make a choice?

Vocabulary Scarcity Choice Opportunity Cost Trade-Offs Technology Shortage Cost

Warm Up Cartoon Based on the statement, what scarce item is the kid trying to talk to his parents about? In a family situation such as dinner, what happens with most food families do not eat? Why? Predict: Why might food be scarce in Ethiopia? Opinion: How would you solve food scarcity in a country if you were the leader?

Scarcity: What is It? Scarcity: The variety of items people want, cannot be fulfilled because resources are limited. Problem in rich and poor nations. Example: Taking farmland, cutting down forests, to build homes and housing developments. Once all land has homes on it, where will homes go? .…this……to…….this…..

Scarcity Worsened You will now see first hand how wanting so much and over using the land can lead people to suffer. Using the packet given to you titled, “Scarcity and the Great Depression Web-Search,” you will now see how wanting and using so much can lead to scarcity. Follow all directions given to you in the packet as you work through the websites.

Scarcity Today: Bees, Oil, and Water Scarcity can, will, and already does affect decisions that you make today and will make in the future, but how? In your assigned group read the article given to you: Time “A Buzz of Worry” USA Today “High Cost of Oil Could Put Many Jobs At Risk” Common Dreams “Water Scarcity Could Affect Billions” Answer questions on the next slide, by highlighting the answers and writing them into the Graphic Organizer.

Scarcity Today Continued… Highlight answers to these questions in your groups article. “What kind of problems are already occurring because of shortages of the item in the article?” “How is the item going to impact society if its scarcity continues without any solution?” One fact of significance that you think is interesting about the scarcity of the item that your group is reading about. What to fill in? Write down in the graphic organizer, some problems that are occurring, the impact of the scarcity of the item on society. Answer these questions using the information in the graphic organizer groups article together. “How does the scarcity of each of these three items, impact your overall life today? How can the scarcity of one, two, or all the items cause you to make different choices that relate to the scarce items?

Shortage: Different From Scarcity? Shortage: Short period of time when an item cannot be purchased. Reason: Not enough, everything was bought, or overused Examples: Workers, Athletes, Jobs, Food, Water Shortage Today

Scarcity or Shortage Read over the handout directions for “Scarcity or Shortage” As you read, try and figure out which scenario deals with shortage and which scenario deals with scarcity. Write the word scarcity or shortage next to the scenario you think is representing one of the words. Discussion of answers.

Scarcity or Shortage? Not Enough Parents

Scarcity or Shortage? The Day After Christmas

Scarcity or Shortage? No Cash!!!

Scarcity or Shortage? Drought

Scarcity or Shortage? Low on Blood: Donate!!

Choices Choice: Decision made whether to do something, use something, of buying something. Everyone makes choices everyday Economic Choices: Made daily in an economy. What to make and how much to make? Who to give/sell goods to and for what price? How to use technology to help get/make more at a low cost.

Is this Really True? Predict: What kinds of choices do you think this picture is talking about as far as good/bad/right/wrong?

Choices: What You Must Weigh Benefits What you gain. Example: New Shoes Look Better Costs What you lose. Example: Seeing A Movie Only get to see one.

Consider Marriage Choices Complete “Are the Best Things in Life Free” short reading activity. Read the song “The Best Things in Life are Free” and continue following the directions, while answering short questions. Finish the activity by completing the final three questions that summarize the short activity.

What choices do you make??? Consider the life that you have right now. Every minute, of every hour, of every day, you make choices that ultimately determine where you are going in life. Can you figure out what major choices you make? Fill in the “Choices You Make” Graphic Organizer to see what major choices you make. Label the large center circle “Choices” and fill in the smaller circles with major choices that you make or you have made in the past.

The Decision-Making Chart Buying a New Cell Phone Definition: Chart that helps you see your decision, by allowing you to fill in options, benefits, and costs when you make a choice. Options: Buy, Don’t But, Get Later Benefits: New Phone, Save Cash, Get new phone later Costs: Less Cash, Still have old phone, Suck it up and deal with it

Buying a Car: Deciding on Choices Each of you have been given an auto locator magazine. Use this to help you complete the Decision Making/Opportunity Cost scenario packet that has been given to you. First look through the auto locator and pick a vehicle that you would want. Fill in the missing information and fill in the Decision Making Chart, circle which option you pick, use this to determine the opportunity costs of your decision. Continue working through the scenarios by picking new vehicles, filling in the information, and answering questions. Also fill in the Decision Making Charts for each scenario and figure out what are the opportunity costs of your decisions that you make in each scenario.

Opportunity Costs (Trade-Off) Opportunity Cost: Sacrifices made when making a decision, also known as trade-off. Which one?? Call in sick work Have fun Get paid Economic Cartoon: Complete the “Trade-Off” Cartoon. Study the short cartoon, pay attention to the wording and actions of the characters as you answer the questions.