Knowledge@Wharton High School Lesson Plan

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

Lesson or Unit(s): Intro to Econ 2: Four Lessons on Scarcity, Utility and Choice

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

Knowledge@Wharton High School Article:

Lesson Plan Details:

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One Response to What Is Economics? A Lesson on Choice and Scarcity

  1. says:

    Dumb question, is there any answer sheets (lesson keys)?

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