Needs Versus Wants and the Problem of Scarcity

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Distinguish between basic survival needs and wants, explaining how unlimited wants create scarcity.

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Foundations of Economics and Markets

4th Grade · Social-studies · US-WI-SS

7 lessons

Goal

Understand fundamental economic concepts including scarcity, production, opportunity cost, and how supply and demand shape markets.

7 lessons

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Needs Versus Wants and the Problem of ScarcityYou are here
Goods and Services in the CommunityPremiumUp next
Producers, Consumers, and the Circular EconomyNot started yet
The Three Factors of Production: Natural, Human, and CapitalNot started yet
Understanding Opportunity Cost and TradeoffsNot started yet
Supply, Demand, and How Market Prices Are SetNot started yet
Specialization and Division of LaborNot started yet

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Learning standards covered

SS.Geog5.b.mWisconsin Social Studies Standards · 4th Grade

Analyze how distribution of natural resources such as fisheries and crops (renewable and nonrenewable) creates systems of commerce between groups. Analyze how unequal distribution of resources creates inequities between regions and can lead to conflict between competing countries.