1. Welcome to Economics! Turn Homework into box Grab your Notebook
Create an entry titled “Scarcity”

2. Do Now
What is something that you would like to have more of? What prevents you from having more of that? List as many things other than money as you can.
5 minutes
End

3. Objectives of the day:
I can Define scarcity and analyze inequality in the world in order to explain whether or not it is possible to provide for everyone’s needs.

4. Question of the Day
Is there enough wealth in the world to take care of everyone?

5. Wants vs. Needs
Wants are things we desire to have
Wants are unlimited

6. Wants vs. Needs Needs are things we “need” to survive
Specific (water, food, etc)

7. Resources
Resources are the things needed to create the products we want/need
The Problem?
Resources are limited
Example: The wood, hammer, and labor used to make a desk.

8. Scarcity The fundamental understanding of economics
Scarcity is the condition where there are limited resources to meet our unlimited wants.
There are not enough resources for everyone to have everything they want.

9. End In your Notebooks Think of 5 items
5 minutes
Think of 5 items
For each item answer this question: what are some things that lead to scarcity for that item? (make the list as long as possible)
Silently and independently
End

10. How do we decide who gets what?
We need a rationing device: a way to decide who gets what portion of the goods available.
Have a student read the definition as they write
“Who is here is good at math?” “Can one of my mathematicians tell us a mathematical synonym, another way of saying, ‘ration’?” (Prompt to “divide” if necessary)
Thumbs up if you can think of something you want. Choose a student who hasn’t volunteered recently. > “Okay, so [Student] wants [item]. How do we decide if they get one?” [Money.]
But is money the only rationing device? (choral “no”) “Who in here wants to go to college?” “Excellent, what’s the most famous college you can think of?” “Can you just show up to [College] with money and automatically get in?” > “So, how do they decide who gets those spots everyone wants? Thumbs up if you can think of a rationing device used for college admissions” (Take 3-4: essay, interview, ACT scores, GPA, etc.) Repeat with job interviews if pace is quick enough.
End with, “and these are examples of…?” Choral response: “rationing devices.”
Money is the most common rationing device, but it’s not the only one

11. So, what is Economics?
Economics is the science that studies the choices people make to satisfy their wants in a world of scarcity.
1. Before this slide take predictions about the definition. Explain that it includes all their answers (the study of money, jobs, unemployment, etc.) but it is defined as the study of choices because scarcity forces us to choose.

12. Kidney Patients
15 minutes
A  hospital  in  a  town  has  one  dialysis  machine  that  can  run  for  30  hours  per  week. As  the  boss of  the  hospital,  you  must  decide  who  gets  the treatment.  
There  are  a  number  of  patients  who  require   treatment  and  their  needs  are  given
With a partner, you will decide which patients will get the treatment and WHY you chose those patients in your notebooks (1-2 sentences to support reasoning)
End

13. With your Partner
Read the text aloud with your partner, alternating paragraphs
Annotate the text using CATCH- you should have 3 circled and defined words, 3 comments or questions in the margins, 3 underlined key points
Answer the 3 questions in your notebook
15 minutes
End

14. What if the world was a village of 100 people?
20 are undernourished
1 is dying of starvation, while 15 are overweight
Of the wealth in this village, 6 people own 60%, 74 people own 40%, and 20 people share the remaining 1%
Of the energy of this village, 20 people consume 80%, and 80 people share the remaining 20%
20 have no clean, safe water to drink
56 have access to sanitation
15 adults are illiterate
1 has an university degree

15. Why is there inequality?
Scarcity
Priority
There are not enough resources for everyone to have what they want
There are enough resources, but we don’t divide them fairly
If the scarcity theory is right, what should we do about inequality? Priority?

16. By Yourself
Using the note-taking guide and the statistics I showed you, determine whether you think it is a problem of scarcity or priority.
Write a short 5-7 sentence paragraph in your notebooks about your conclusion.
Silently and Independently
15 minutes
End

17. Exit Ticket
Clear your desks
Silently and Independently

18. Homework
Complete scarcity scenario worksheet