Your next great Lessn starts here.

Scarcity and Choices in Economics – Understanding scarcity – Scarcity means not having enough of something – What are choices? – A choice is deciding between two or more things – Scarcity leads to making choices – Because things are scarce, we have to make choices – Everyday choices we make – Choosing breakfast, toys to play with, or books to read | This slide introduces the concept of scarcity and choices to first graders in a simple and relatable way. Begin by explaining that scarcity means not having enough of something, like toys or candy. Then, discuss how every day, we make choices, like what to eat for breakfast or what to wear, because we can’t have everything at once. Use examples that are relevant to their daily lives to help them understand that scarcity requires us to make decisions. Encourage the students to think of times they had to choose one thing over another and share their experiences. This will help them grasp the idea of scarcity and the importance of making choices.

Understanding Scarcity – What does scarcity mean? – Scarcity is when we don’t have enough of something we want or need. – Not enough toys or treats – Making choices – We choose one toy because we can’t have all. – Scarcity in our lives – Examples: Choosing a snack or picking a game to play. | This slide introduces the concept of scarcity to first graders by relating it to their everyday experiences, such as not being able to have every toy or treat they desire. Explain scarcity in simple terms, emphasizing that it means there isn’t enough of something for everyone to have as much as they want. Use familiar examples to illustrate how scarcity requires us to make choices, and encourage students to think of times they had to choose one thing over another because they couldn’t have both. This will help them understand the concept of scarcity and its impact on decision-making.

Making Choices: Scarcity in Our Daily Lives – We make choices every day – Sometimes we can’t have everything – Like wanting two cookies but only having one – Choosing one thing means not getting another – If you pick the cookie, you might not get an apple – It’s important to make good choices | This slide introduces the concept of scarcity and choices to first graders. Begin by discussing the daily decisions they make, such as what to play with or what to eat for a snack. Use the example of having only one cookie when they want two to illustrate scarcity and the need to make choices. Explain that when we choose one thing, it means we can’t have something else at the same time, which is a trade-off. Emphasize the importance of making thoughtful decisions and encourage the children to think about times they have had to choose between two things they wanted. This will help them understand the value of making good choices.

Understanding Needs and Wants – Needs: Must-haves for living – Like food, water, and shelter – Wants: Nice-to-haves for fun – Such as toys, games, and treats – Differentiating needs and wants – Activity: Identifying needs and wants – Think of one need and one want you have | This slide introduces the concept of scarcity and choices by differentiating between needs and wants. Needs are essential for survival and must be met for a healthy life, such as food, water, and shelter. Wants, on the other hand, are items or experiences that are not necessary for survival but bring joy and comfort, like toys and games. Encourage the students to think about things they encounter in their daily lives and categorize them as needs or wants. This activity helps them understand the importance of making choices when resources are limited. For the class activity, ask students to draw or write about one need and one want in their lives, fostering a practical understanding of the concept.

Understanding Scarcity – Scarcity means not enough – Choosing with $5 – Can you buy a $10 toy with $5? No, that’s scarcity. – Saving or picking another toy – Maybe save more, or find a toy that costs $5. – Scarcity in our choices | This slide introduces the concept of scarcity to first graders by relating it to their experiences. Scarcity is explained as not having enough of something, like money, to get what you want. Use the example of having $5 to buy a toy to illustrate this point. Discuss how having limited money means making choices, such as saving up or choosing a less expensive toy. This real-life scenario helps students understand the concept of scarcity and its impact on decisions. Encourage students to think of other examples where they had to make a choice because they couldn’t have everything they wanted.

Our Choices Matter – Every choice is important – Choices reflect our values – Things we care about most guide our choices – Thinking hard helps choose best – Like choosing a favorite toy or snack – Making good choices is a skill | This slide introduces the concept of scarcity and choices to first graders by emphasizing the importance of the choices they make every day. It’s crucial to convey that choices can show what is special or important to us, such as choosing one toy over another. Encourage the students to understand that sometimes making the best choice requires careful thought, especially when we cannot have everything we want. Use relatable examples like picking a favorite snack or toy when they can only choose one. This will help them grasp the idea of scarcity and the value of making thoughtful decisions. The slide aims to teach students that making choices is a skill they can develop over time.

Class Activity: Making Smart Choices – Play a game about choices – Use gold coins to ‘buy’ items – Learn to make important choices – Choose what you need the most – Understand you can’t have everything – Sometimes we have to pick what we like best because we can’t have it all | This activity is designed to teach students about scarcity and the importance of making choices. Each student will be given a set number of gold coins. Set up stations with different items (toys, snacks, etc.) that they can ‘purchase’ with their coins. The cost of the items should vary, forcing students to make decisions based on their limited resources. This mimics real-life scenarios where resources are limited and choices must be made. After the activity, discuss with the class why they made the choices they did and what they learned about scarcity and value. Possible variations of the activity could include group decision-making, earning additional coins through tasks, or trading items with classmates to teach negotiation.