Chapter 01: Not enough to go around
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👩 Teacher’s Guide
🎯 Objective
Students will be able to:
- Explain why scarcity exists in all societies
- Describe how limited resources force people to make choices
- Understand why economies exist to organize survival needs and wants
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📝 Teaching Notes
- Key idea to emphasize: There is never enough time, money, or resources for everything people want.
- Common misconception: Scarcity only happens in poor countries.
- Suggested teaching approach:
- Activity: Ask students to list 5 things they want today, then give them only 2 choices.
- Real-life connection: Time scarcity (homework vs. rest vs. hobbies).
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💬 Discussion Starter
Ask students:
- What is something you want but cannot have right now? Why?
- How does scarcity affect choices in your daily life?
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🧒 Student Worksheet
Concept and Helping Material
This topic explains:
- People have unlimited wants but limited resources
- Scarcity creates the need for choices
- Economies exist to manage how resources are used
Why it matters:
- Scarcity is the basic problem every economy must solve.
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Vocabulary and Definitions
- — The condition where resources are limited but wants are unlimited
- — Something required for survival, like food or water
- — Something desired but not necessary for survival
- — Giving up one thing to get another
- — The best alternative you give up when you choose something
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Samples (Examples + Short Analysis)
Sample 1 Limited time after school
Scenario: A student has one hour and must choose between studying or playing.
Analysis:
Sample 2 Water during a drought
Scenario: A town has less water available and must decide how to use it.
Analysis:
Sample 3 Budgeting allowance
Scenario: You only have $10 and must choose between snacks or saving for a game.
Analysis:
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Practice Questions (QA)
1. What does scarcity mean?
2. Why does scarcity create the need for choices?
3. What is a need?
4. What is a want?
5. What is an opportunity cost?
6. Give an example of scarcity in school.
7. Why do economies exist?
8. What is a trade-off?
9. Is scarcity only about money?
10. What happens when something becomes more scarce?
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Reflection
- Describe a trade-off you made recently.
- Why will scarcity always exist?