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Scarcity, Opportunity Cost, and Economic Choices

5th Grade · Social Studies · US-UT-SS

10 lessons

Goal

Explain how scarcity of resources and opportunity cost require people and communities to make choices.

10 lessons
0 of 10 done
  1. Understanding Needs vs. WantsUp next
  2. How Limited Resources Restrict What We Can HaveNot started yet
  3. What Is Scarcity? The Basic Economic ProblemNot started yet
  4. Why We Make Personal ChoicesNot started yet
  5. What Is Opportunity Cost? The Next Best Thing Given UpNot started yet
  6. Opportunity Cost in Everyday Student DecisionsNot started yet
  7. Scarcity of Water and Natural Resources in UtahNot started yet
  8. Scarcity, Needs, Wants, and Making Economic ChoicesYou are here
  9. Community Trade-Offs: Choosing Between Parks and RoadsNot started yet
  10. Weighing Pros and Cons to Make Smart Economic DecisionsNot started yet
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Learning standards covered

us-ut2.4.2Utah Social Studies Standards · 5th Grade

Explain how scarcity of resources and opportunity cost require people to make choices to satisfy wants and needs.