Limited Resources — Thinking about Choice and Scarcity
Submitted By:Michael Ryan Moore, University of Pennsylvania, GSE
Subject(s):Economics, Personal Finance
Grade Level(s):9, 10, 11, 12
This lesson provides a brief introduction to formal economic theory. Using the article “How the U.S. Government Has Mismanaged the Country,” students will think about limited resources from the perspective of a national government. Students will make choices about welfare programs, national defense and consumer spending. Throughout the lesson, students will think about economics as the study of choice under scarcity.