What Is Economics? A Lesson on Choice and Scarcity

  • Submitted By: Michael Ryan Moore, University of Pennsylvania, GSE
  • Date: June 9, 2011
  • Subject(s): Economics, Personal Finance
  • Grade Level(s): 9, 10, 11, 12
Overview:

This lesson provides a brief introduction to formal economic theory. Using the article “Red Velvet Revolution: The Rise of the Cupcake Entrepreneur,” students will role play as small business owners in charge of a cupcake store. Students will make choices about location, inventory, equipment and sales. Throughout the lesson, students will think about economics as the study of choice under scarcity.

NBEA Standard(s):
  • Economics, I. Allocation of Resources
  • Personal Finance, I. Personal Decision Making
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