Wednesday, November 11

Cara Lutes
Jordan Creek 4th Grade
Economics- Scarcity
Standards
SS.35.E.1
Essential Concept and/or Skill: Understand the role of scarcity and economic tradeoffs
and how economic conditions impact peoples lives.
Objectives
Students will be able to explain scarcity
Students will be able to explain how scarcity affects price
Students will be able to rate the items in terms of scarcity and estimate prices
Materials
Gems, PowerPoint, projector, paper, pencil, Economics packet
Steps
Teacher explains the gems are very rare stones.
o One by one, students can take as many as they wish, until they run out.
What is the problem?
Why does this problem exist?
Students will respond to above questions
Introduce the term scarcity.
Teacher will Power Point slides- depicting scarcity through visuals and text (see
PowerPoint slides below)
o **Teacher will ask question, the students will turn and discuss with their
partners, then come back to large group to debrief and build upon student
thought.
o What do you notice?
o How does scarcity affect price?
o How can scarcity relate to time and space?
o What is scarce in our world?
The teacher introduces and explains page 50 in economics packet.
o The students will rate the six items from most scarce to least scarce.
Students will estimate price.
o The students will have work time. The teacher will be available for
support.
Teacher will lead class discussion
o How did you rate them?
o Why do these prices differ?
o **Teacher will keep focus on the idea of scarcity, not on specific price
estimates.

Students will get into predetermined business groups they had been working with
(Scheels, Jethros, Barnes and Noble, Apple Store, Jordan Creek Movie Theater,
HyVee, Great Clips)
o Each business will identify an item of scarcity in their business
o Students will discuss these questions and write down their main ideas
How will you as a business respond?
How will your customers respond?
Class will debrief experience, revisiting the term scarcity how it affects the world
(water, jobs, food, etc).
Assessment
Discussion will serve as an informal assessment
Page 50 in economics packet will serve an informal assessment
Student mastery, questions, misconceptions will drive what needs to be revisited
or expanded on in the following days