Welcome to Economics!

Turn Homework into box Grab your Notebook Create an entry titled “Scarcity”

Do Now What is something that you would like

to have more of? What prevents you from having more of that? List as many things other than money as you can.

5 minutes

End

Objectives of the day:

I can Define scarcity and analyze inequality in the world in order to explain whether or not it is possible to provide for everyone’s needs.

Question of the Day

IS THERE ENOUGH WEALTH IN THE WORLD TO TAKE CARE OF EVERYONE?

Wants vs. Needs

Wants are things we desire to have

Wants are unlimited

Wants vs. Needs

Needs are things we “need” to survive Specific (water, food, etc)

Resources

Resources are the things needed to create the products we want/need

The Problem?Resources are limitedExample: The wood, hammer, and

labor used to make a desk.

Scarcity

The fundamental understanding of economics Scarcity is the condition where there are limited

resources to meet our unlimited wants.

There are not enough resources for everyone to have everything they want.

In your Notebooks

Think of 5 items For each item answer this question: what are

some things that lead to scarcity for that item? (make the list as long as possible)

Silently and independently

5 minutes

End

How do we decide who gets what?

We need a rationing device:

a way to decide who gets what portion of the goods available.

Money is the most common rationing device, but it’s not the only one

So, what is Economics?

Economics is the science that studies the

choices people make to satisfy their wants in a

world of scarcity.

Kidney Patients

A  hospital  in  a  town  has  one  dialysis  machine  that  can  run  for  30  hours  per  week. As  the  boss of  the  hospital,  you  must  decide  who  gets  the treatment.  

There  are  a  number  of  patients  who  require   treatment  and  their  needs  are  given

With a partner, you will decide which patients will get the treatment and WHY you chose those patients in your notebooks (1-2 sentences to support reasoning)

15 minutes

End

With your Partner

Read the text aloud with your partner, alternating paragraphs

Annotate the text using CATCH- you should have 3 circled and defined words, 3 comments or questions in the margins, 3 underlined key points

Answer the 3 questions in your notebook

15 minutes

End

What if the world was a village of 100 people? 20 are undernourished

1 is dying of starvation, while 15 are overweight

Of the wealth in this village, 6 people own 60%, 74 people own 40%, and 20 people share the remaining 1%

Of the energy of this village, 20 people consume 80%, and 80 people share the remaining 20%

20 have no clean, safe water to drink

56 have access to sanitation

15 adults are illiterate

1 has an university degree

Why is there inequality?

Scarcity Priority

There are not enough resources for everyone to have what they want

There are enough resources, but we don’t

divide them fairly

By Yourself

Using the note-taking guide and the statistics I showed you, determine whether you think it is a problem of scarcity or priority.

Write a short 5-7 sentence paragraph in your notebooks about your conclusion.

Silently and Independently

15 minutes

End

Exit Ticket

Clear your desks Silently and Independently

Homework

Complete scarcity scenario worksheet