Unpacked Content
Knowledge
Students know:
- Definition and examples of scarcity.
- Definition and examples of surplus.
- The concepts of supply and demand.
- The difference between natural resources and human-made products.
- Vocabulary: scarcity, supply, demand, natural resources, human-made products, shortage, surplus, cost, price, perishable, expiration
Skills
Students are able to:
- Describe the effects scarcity has on supply and demand, including the effects of surplus.
- Explain the effects of a scarcity of natural resources, including a perception of surplus.
- Explain the effect of scarcity on human-made products, including the effects of surplus.
- Describe how the expiration of perishable goods can affect price.
Understanding
Students understand that:
- Scarcity affects supply and demand.
Vocabulary
- scarcity
- affects
- supply
- demand
- natural resources
- human-made products
