Knowledge@Wharton High School Lesson Plan

Understanding Scarcity: An Introduction to Supply and Demand

Submitted By: Michael Ryan Moore, University of Pennsylvania, GSE

Date: June 3, 2011

Subject(s): Economics, Personal Finance

Lesson or Unit(s): Intro to Econ: Five Lessons on Scarcity, Utility, and Choice

Grade Level(s): 9, 10, 11, 12

Overview: This lesson is an introduction to formal Economic theory. In this lesson, students will be introduced to the concepts of supply, demand and scarcity. Using the article “Falling Behind: Working Women in Germany Grapple with Limited Child-Care Options,” students will think about the relationship between scarce resources and individual decision making. As part of this lesson, students will be introduced to supply and demand curves.

NBEA Standard(s):

  • Economics, I. Allocation of Resources
  • Personal Finance, I. Personal Decision Making

Lesson Plan Details:

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