Social studies · Grades 6-8 · 45 minutes
Needs, wants, and scarcity
Students sort a list of household items into needs and wants, then role-play a family with a fixed budget deciding what to buy, and explain how scarcity forced a trade-off.
Students will be able to
- Distinguish a need from a want in a real-world scenario.
- Explain how scarcity requires a trade-off in an economic decision.
Standards
- Aligned to D2.Eco.1.6-8 — Explain how economic decisions made under conditions of scarcity affect the well-being of individuals and households.
Source
Original lesson. Original lesson and budget role-play cards written for this site.