Scarcity, Choice, and Opportunity Cost
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Objective
I can explain how scarcity, choice, and opportunity cost affect what we make and buy.
Part 1 of 4
Warm-up video
Federal Reserve Bank of St. Louis · 4:09Vetted channel
We don't generate video — this one is by Federal Reserve Bank of St. Louis on YouTube. The practice questions and exit ticket below were drafted by AI for this objective, and every question is editable in the teacher guide.
Part 2 of 4
Key concepts
3 concepts
- 1
When resources are limited and cannot satisfy all wants, it is called scarcity, which forces people to make choices.
- 2
Opportunity cost is the next best thing that is given up when making a choice.
- 3
Because land is scarce, the school board had to choose between a larger playground and more parking space.
Part 3 of 4
Practice
3 questions
The school board had to decide between a playground and a parking lot. Why couldn't they have both?
What does 'opportunity cost' mean in the story about the playground?
Part 4 of 4
Exit ticket
Quick comprehension check
“The students wanted both swings and a slide on the playground, but there wasn't enough room for both. They chose to have the swings. What was their opportunity cost?”
Sample answer included in the free materials
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