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Chapter 01: Not enough to go around

Chapter 01: Not enough to go around

👩 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

📝 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).

💬 Discussion Starter

Ask students:

  • What is something you want but cannot have right now? Why?
  • How does scarcity affect choices in your daily life?

🧒 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.

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

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:

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?

Reflection

  • Describe a trade-off you made recently.
  • Why will scarcity always exist?
Chapter 01: Not enough to go around
Economics