Understanding Scarcity and Decision-Making

The lesson introduces first graders to the concepts of needs, wants, and scarcity. Through a toy store scenario, students explore how scarcity affects decision-making. Key vocabulary such as goods and services are defined, with examples provided. The lesson concludes with a review and independent work assignment.

What is the main focus of the new social studies unit introduced in the lesson?

• Mathematical operations

• Needs, wants, and scarcity

• Weather patterns

• Historical events

In the toy store scenario, what is the benefit of choosing the less expensive toy?

• You have money left for candy

• You get a free toy

• You get a bigger toy

• You can buy two toys

How does the concept of scarcity change the decision-making process in the toy store scenario?

• It makes the toys cheaper

• It increases the number of toys available

• It has no effect on the decision

• It makes the expensive toy more desirable

What does the term 'scarcity' mean?

• A type of candy

• A type of toy

• Not having enough of something to satisfy needs and wants

• Having more than enough of something

Which of the following is an example of a 'good'?

• A haircut

• A book

• A restaurant meal

• A plumbing service

Which of the following is an example of a 'service'?

• Toothpaste

• A toy

• A book

• A haircut

What happens when goods become scarce?

• The goods become free

• The price of goods decreases

• People may choose to buy less of them

• People may choose to buy more of them

Why might someone choose to buy the more expensive toy when it is scarce?

• Because it is not a good choice

• Because it is rare and might become more expensive

• Because there are many available

• Because it is less popular

What is the main lesson about scarcity and decision-making?

• Scarcity can lead to different choices

• Scarcity makes people want less

• Scarcity is not important

• Scarcity has no impact on decisions

What is one of the independent work tasks given to students?

• List favorite candies

• Identify needs and wants

• Write a story about toys

• Draw a picture of a toy store