Grade K-2, 3-5
,
Lesson
Scarcity – Playful Economics | Lesson and Demo
Updated: September 1 2023,
Author: Council for Economic Education
Standard
National Standards in Economics
Scarcity
Standard: 1
- Students will understand that: Productive resources are limited. Therefore, people cannot have all the goods and services they want; as a result, they must choose some things and give up others.
- Students will be able to use this knowledge to: Identify what they gain and what they give up when they make choices.
Concepts
![](https://preview2.econedlink.org/wp-content/uploads/legacy/EconEdLink-398-scarcity-playful-economics-lesson-3.jpg 1w)
Shanan Riegle, an award-winning teacher from Yorktown Elementary School in Indiana, demonstrates how to use play dough to teach the concept of scarcity to her 5th grade students using a lesson from Playful Economics by Dr. Harlan Day. Playful Economics is a collection of 15 hands-on lessons for K-5 students that use modeling clay to teach economic concepts from goods and services to GDP and inflation. For more information or to purchase this publication, please visit CEE’s https://store.councilforeconed.org/.