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An introduction to the concept of scarcity using relatable classroom examples.
Imagine it is coloring time and you really need the bright red crayon, but someone else is already using it. Why can't everyone have the red crayon at the exact same time?
Have you ever wanted a snack, but the jar was empty? Or wanted to play with a toy that a friend was already using? This is called scarcity. Scarcity means there is not enough of something for everyone who wants it right now. In the world of economics, we say a resource is scarce when the number of people who want it is bigger than the amount we have. For example, if there are students but only swings on the playground, the swings are scarce!
1. There are students who want to draw a picture. 2. There is only piece of paper left in the bin. 3. Because is more than , the paper is scarce. 4. The students must make a choice about who uses it first.
Quick Check
If every student in class has their own pencil, is the pencil scarce?
Answer
No, because there is enough for everyone.
Our classroom is full of items, but many of them are limited. We only have one 'Teacher's Chair' and only one sink to wash our hands. When things are scarce, we cannot all have them at the same time. This is why we have rules and schedules. We use these to help us decide who gets to use the scarce items first. Scarcity forces us to make choices and sometimes it means we have to wait our turn.
1. The class has a favorite book about dinosaurs. 2. There is only copy of the book. 3. students want to read it during quiet time. 4. The teacher uses a 'sign-up sheet' to manage the scarcity. Each student gets the book for minutes.
Quick Check
What is one thing in your classroom that only one person can use at a time?
Answer
Answers may include: The computer, the teacher's desk, the bathroom, or a specific favorite toy.
How does it feel when something is scarce? You might feel impatient or sad because you have to wait. But scarcity is a part of life! Because we can't have everything we want right away, we have to make choices. We might choose to play with a different toy, or we might choose to wait patiently in a line. Learning to handle scarcity helps us become great sharers and problem solvers!
1. You have minutes for recess. 2. You want to play tag AND slide down the slide. 3. Time is scarce because minutes is not enough to do everything for a long time. 4. You must make a choice: Spend minutes on the slide and minutes playing tag.
What is the best definition of scarcity?
If there are kids and chairs, is there a scarcity of chairs?
Scarcity means we often have to make choices or wait our turn.
Review Tomorrow
Tomorrow morning, look around your kitchen. Can you find one thing that is scarce? (Hint: Is there only one favorite cereal bowl?)
Practice Activity
Draw a picture of two people wanting the same toy. Write the word 'Scarcity' at the top of your drawing.