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Lessons on Concept 'Scarcity' for K-5

Popcorn Economics
Grades 4-6 / Lesson using popcorn to teach, and to help students experience, scarcity. Lesson by Mary Suiter, adapted from a lesson found in Kaleidascope, USA. Published by the Center for Entrepreneurship and Economic Education, UM-St. Louis.

Monster Musical Chairs
Grades K-1 / St. Louis Federal Reserve Bank: Students listen to the book Monster Musical Chairs and identify the scarcity problem the monsters had: not enough chairs for every monster to have one. Students wear a picture of a want they have drawn and play a version of musical chairs where the chairs are labeled goods. Students learn that a good can satisfy a want. They also learn that because of scarcity not everyone’s wants are satisfied.