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Economic Choices and Scarcity

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Economic Choices and Scarcity

📚 Part 1: Understanding Scarcity

1. What is economic scarcity? Explain in your own words.
2. Circle the best definition of scarcity:

Having too much money to spend

Limited resources but unlimited wants and needs

When people don't want anything

Having everything you need

3. Give two examples of scarcity that you have experienced in your own life or community.

Example 1: _________________________________________________

Example 2: _________________________________________________

4. Imagine you have $20 to spend at the school canteen for the whole week. List three choices you would need to make because of this limited budget.

💭 Part 2: Economic Choices and Opportunity Cost

5. What is opportunity cost? Write a simple definition.
6. Sarah has $50 and wants to buy either a new video game ($45) or save the money for a concert ticket next month ($40). If she chooses the video game, what is her opportunity cost?

$45

The concert ticket

$5

The video game

7. Think of a recent choice you made where you had to give up something else. Describe the situation and identify your opportunity cost.

My choice: _______________________________________________

What I gave up (opportunity cost): ___________________________

Why I made this choice: ____________________________________

✏️ Part 3: Applying Economic Concepts

8. Your local council has $100,000 to spend on community improvements. They must choose between building a new playground, fixing the local roads, or creating a community garden. Explain why this situation demonstrates scarcity and what the opportunity cost would be if they choose the playground.
9. Explain how scarcity affects the choices that Australian families make about their spending. Give specific examples in your answer.
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