Lesson
Scarcity & Opportunity Cost
Summary
You can't have everything—and that limitation is the engine behind every money choice you make. This lesson explores scarcity, opportunity cost, and the difference between needs and wants.
Bellringer: Spend $500 Today
- Read the $500 prompt; give students 1–2 minutes to record an answer.
- Advance to the discussion slide to surface saver vs. spender instincts.
Instruction
- Walk through scarcity, needs vs. wants, and opportunity cost one slide at a time.
- Pause on the movie-ticket-vs-burger slide to crowdsource other uses for $10.
Activity: Map Your Needs & Wants
- Students complete the Map Out Your Needs & Wants worksheet.
- Circulate and flag categories that shift between need and want.
Discussion: Cutting the $140 Cart
- Pose the $140 cart, $100 budget dilemma.
- Debate trade-offs—wood vs. mechanical pencils, name-brand vs. dupes.
Wrap-Up & Assessment
- How does scarcity force us to choose between our needs and our wants?
- If you choose a video game over a movie ticket, what is your opportunity cost?
| Est. Time | Activity | Description |
|---|---|---|
| 6 min | Bellringer: Spend $500 Today |
|
| 10 min | Instruction |
|
| 14 min | Activity: Map Your Needs & Wants |
|
| 10 min | Discussion: Cutting the $140 Cart |
|
| 5 min | Wrap-Up & Assessment |
|
Lesson Prep
Map Out Your Needs and Wants
It's vital to understand your personal needs and wants when establishing a budget.
Class Presentation
Includes an 18-slide deck with teacher notes. Present from Banzai, download a PDF, or copy it to Google Slides.
Presentations, Ready to Go
- Built-in PresentationPresent full screen, straight from Banzai
- Copy to Google SlidesMake an editable copy for your class
- Download or PrintSave as a PDF or print
- Teacher NotesSlide-by-slide guidance, printable as one handout
Unit 1: Money & Mindset
Scarcity & Opportunity Cost
You can't have everything—and that limitation is the engine behind every money choice you make. This lesson explores scarcity, opportunity cost, and the difference between needs and wants.
What Is Financial Literacy?
Values drive every dollar. This lesson defines financial literacy and introduces conscious budgeting as the necessary act of choosing to fund one value over another.
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