1 / 6

Scarcity: Limited Factors of Production

Understand and explain how scarcity of factors of production impact economic decision making Analyze a “resource scarcity” simulation to determine economic solutions to resource problems Understand how countries overcome scarcity of resources Remember yesterday….

lorna
Download Presentation

Scarcity: Limited Factors of Production

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. Understand and explain how scarcity of factors of production impact economic decision making • Analyze a “resource scarcity” simulation to determine economic solutions to resource problems • Understand how countries overcome scarcity of resources • Remember yesterday… Scarcity: Limited Factors of Production

  2. Scarcity Game • Your “country” vs. everyone else • 15 minutes to complete all/as many “tasks” that you can • Rules: • You may not use anything that is in the room other than the materials in your group’s envelope • Since you are an island nation, you may not share your resources

  3. Tasks to Complete Food: four 3-inch strips of green paper Shelter: 2-inch white square attached to a yellow triangle Clothing: a four color paper chain Education: a four page book with color cover

  4. Who Won? • Lets see the “completed” tasks… • Quality vs quantity • What does the class think? • Why did that country win?

  5. Questions • Why were the envelops different? • Define “resource” • Classify the items your envelope had? • Did any group “have it made”? • Did anyone use the envelope? • Resources not needed? Useless? • Could you have created another product?

  6. Conclusion • What did it take for those countries with fewer resources to succeed? • How could you have used the resources in more than one way? Solve issues of scarcity? • How did scarcity drive all your economic decisions? • How can/do people overcome scarcity?

More Related