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Economis Mini-Lesson: Scarcity (Grades 2-5)
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Source: Powell Center for Economic Literacy
Target Age: Grades 2-5
Time Required: Approximately 15-30 minutes
What Will the Students Learn?
The definition of SCARCITY – the condition that results because people’s wants are relatively unlimited and the resources available to satisfy those wants are relatively limited. This condition forces people to make choices.
The definition of TRADE – exchanging goods and services with people for other goods and services or for money. When people trade voluntarily, they expect to be better off as a result.
State Content Standards Key
California: History/SS 2.4 (subpoints 2 and 3), 2.3 (subpoint 2), 3.5 (subpoints 2 and 3)
Florida: SS.D.1.2 (subpoints 1 and 2)
Indiana: Social Studies (Economics) 2.4.5, 3.4.1, 2.4.7, 3.4.3, 3.4.4. ,4.4.3
Virginia: Economics: 1.7, 2.8, 2.9, 3.8; Financial Literacy (VA Board of Education, 2006): Objective 1; Civics & Economics: 1f, 1g, 3e, 9a, 9c, 10d
Lesson Overview
The focus of this lesson is a simulation of the economic concept of scarcity. Students will divide into four groups, representing the four countries of Hasalot, Hassome, Hasalittle, and Needsalot. Each group will be given certain materials and assigned a task list. Each group will face a different scarcity issue. At its conclusion, students are encouraged to consider the possibility of trade with other groups to improve their scarcity issues. For the complementary simulation on the potential benefits of trade, see the mini-lesson on Trade.
Materials and Handouts Required:
Four 10 X 13 inch envelopes (Contents Described on page 5)
Task Sheets (1 copy of each country’s list of tasks)
4 sheets each of red, green, blue, brown, and yellow construction paper.
2 pencils
2 markers
3 rulers
2 pairs of scissors
1 glue stick
15 paper clips
Teacher Preparation:
Print off the task sheet for this simulation and divide it into the four separate tasks required. Glue each one on the front of each of the 10 X 13 envelopes; then laminate the envelopes. Put the following resources in each envelope.
Hasalot Envelope: 1 each of red, green, blue, and brown construction paper; 1 pencil; 1 marker; 2 rulers; 1 pair of scissors; 1 glue stick
Hassome Envelope: 1 each of red, yellow, green, and brown construction paper; 1 marker; 1ruler; 1 pair of scissors; 8 paper clips
Hasalittle Envelope: ˝ sheet each of red, brown and green construction paper; 1 pencil; 4 paper clips
Needsalot Envelope: ˝ sheet each red, green, blue, brown, and yellow; 3 paper clips
Teaching Activity
Set Up: Divide the class into four groups, representing the four countries described. Give each group a task sheet envelope which you have prepared (see materials).
Lesson Plan:
1. Explain that each group will need to complete the tasks listed on the task sheet, using only the resources provided in the envelope.
2. Give the students about 20 minutes to complete as many tasks as they can. Not every country will be able to complete the tasks.
3. Discuss what happened:
- Was everyone able to complete the tasks? (No.)
- What tasks were you unable to complete? Why were you unable to complete the tasks? (Answers will vary. )
- If your country didn’t finish the tasks, how did you feel? (Sad, angry that other countries had more than yours, frustrated.)
- Did anything happen that made the tasks more difficult to complete? (Group not cooperating, no leadership, etc. )
- Did anyone experience scarcity? (Yes.)
4. Ask the students if they can think of anything that can be done to help each country complete all the tasks? (answers will vary -- trade, international assistance, war.)
5. Explain that TRADE is an activity that could make all the countries happy. Write TRADE on the board and ask the students for definitions. Emphasize that trade is the exchanging of goods and services with people for other goods and services or for money. When people trade voluntarily, they expect to be better off as a result.
6. Ask the students for any examples they can share that involved them engaging in trade. (answers may include trading baseball cards with friends or Halloween candy with siblings)
7. Tell the students that if the different countries their groups represented had engaged in trade with one another, then perhaps all the countries would have enjoyed sufficient resources to complete all the tasks on their task sheet.
8. Have the students return the resource cards to the envelope.
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