Related Capstone Lessons

Unit 1: Lesson 2 - Scarcity and Abundance

The lesson provides students with two definitions of the term scarcity. They apply these definitions to several examples of human behavior. In the second part of the lesson they use the definitions to explain why people may treat scarce resources as if they were not scarce.

Concepts:

  • Choice
  • Scarcity
  • Alternative
Standards:
  • Standard #1: Scarcity

Unit 1: Lesson 3 - Economic Magic: Creating Something from Nothing

Students participate in a small-group survival activity designed to illustrate the basic economic decisions people in every economy must address. They must decide which resources are scarce and they must answer three basic questions: What to produce? How to produce it? For whom will it be produced?

Concepts:

  • Production
  • Scarcity
  • Resources
  • Distribution
  • Economics
Standards:
  • Standard #1: Scarcity
  • Standard #3: Allocation

Unit 1: Lesson 4 - To Choose or Not to Choose? That Is Not the Question

Students make a decision after identifying the alternatives and their anticipated costs and benefits.

Concepts:

  • Choice
  • Scarcity
  • Alternative
  • Economizing Behavior
Standards:
  • Standard #1: Scarcity
  • Standard #2: Decision Making

Unit 7: Lesson 44 - World Environmental Issues: Is the Market at Fault?

Students study for short case studies. They identify similarities and differences across these five case studies. After noting this information, they assess several environmental policy solutions. They must decide which policies set up incentives that encourage good stewardship of the resources.

Concepts:

  • Incentive
  • Markets
  • Scarcity
  • Tragedy of the Commons
Standards:
  • Standard #1: Scarcity
  • Standard #4: Incentives
  • Standard #8: Role of Prices

Close Window »

 

Copyright © 2017 Council for Economic Education. All rights reserved.