Name: Molly Zeins (mollyzeins@gmail.com) Date:
Lesson: 1.15 Scarcity and Opportunity Cost, Economic Subject: American Government
Questions
VSC: 4.1.2 The student will utilize the principles of economic costs and benefits and opportunity cost to analyze the
effectiveness of government policy in achieving socio-economic goals
Objective: Students will be able to analyze how the principles of scarcity and opportunity cost inform individual and
government decisions by taking Cornell notes, planning their lifestyles based on scarcity and opportunity
cost, and completing an exit ticket.
Agenda: Key Terms: Materials:
1. Door Greetings Scarcity: The economic principle Cornell note visuals
2. Call to Order that states that Practice questions
3. HW Stamp/Debrief the DBQ Opportunity Cost Budgeting magazines
4. Cornell Notes Cost Job Cards
5. Lifestyle planning Benefit Paychecks
6. Exit Ticket Budget
7. Closure/Homework
Call To Order: (5 minutes) Accommodations:
Students will be greeted at the door, take returned work, retrieve their notebooks and sit Seating is determined by
in their assigned seats. Students will begin the call to order which is posted on the board: reading level, behavioral
capability, and
You have $10.00. Which of the following would you like to buy? interpersonal skills.
1. A DVD…$9.99
2. A bag of chips….$1.99
3. A BIG GULP….$1.69 Verbatim reading of all
4. The new Lil’ Wayne CD…$9.99 instructions will be
5. A Chicken Box…$5.00 provided for all students.
Teacher will stamp homework assignments as students finish their call to orders.
Refresh and Review: (10 minutes)
Teacher will thank students for their hard work on the DBQ assignment from last week.
Teacher will read out one of the models and distribute the student newsletter, which
includes sample student work that will help students with the material for next week’s
test (Tuesday, October 26, 2010).
Introduction to New Material: (20 minutes)
Procedure: Notebook Product: Visual cues and graphic
Teacher will question students regarding their choices Students will complete their call organizers will be provided
on the Call to Order: to order in their notebook. for students.
Which item or items did you choose? Students will write their notes in
Why did you choose those items? Cornell style in their notebooks.
What did you give up by choosing those items?
(Teacher may choose to share the definition of
opportunity cost here)
Could you have chosen more items? Why or why not?
(Teacher may choose to share the definition of
scarcity here)
The teacher will indicate that the last two questions
connect with two economic principles called
“Scarcity” and “Opportunity Cost”, which may sound
complicated, but are actually things we become
familiar with in our day-to-day interactions with the
economy. The teacher will explain, via power point
and a short film clip, that governments use scarcity
and opportunity cost to set their economic priorities
in a budget.
Guided Practice: (40 minutes)
Guided Practice #1: Students will identify a series of opportunity costs in different
scenarios. Then, students will identify what is “scarce” in different scenarios. The teacher
will go over the first couple of examples, set the students to work with a partner, and then
come back together.
Guided Practice #2: Students will practice making creating a budget. First, students will
be assigned a different job from one of two different envelopes, one that says “college”
and the other, which says “high school diploma”. This is a “choose your own adventure”
activity. The card has a career and a salary/year, which students will jot down on their
guided practice sheet. Students will then receive a catalog of lifestyle choices. Students
will use the scarcity provided by their salaries to make priorities in a budget. Students will
take notes of the opportunity costs of their choices.
Independent Practice: (10 minutes)
Students will complete an exit ticket that asks students to identify scarcity and
opportunity cost in scenarios.
Closure:
Teacher will collect exit tickets and distribute homework assignment.
Homework:
Worksheet: Scarcity and Opportunity cost
Assessment:
Students will be assessed based on their exit ticket (out of 10 possible points).
Rigor: Engagement: Intervention:
Students will be asked to apply Students will have the opportunity to The exit ticket will serve as a tool for
scarcity and opportunity cost to their engage with the decision-making that reteaching.
own life choices. a career would afford them in a
“choose your own adventure” activity.
Notes: