Economics and Scarcity in Texas

Understanding Economic Choices Grade 12 US History 90-Minute Session

What Does Economics Mean to You?

Think about your daily choices Money, resources, and decisions How do Texans make economic choices?

What is Economics?

Economics is about making choices when resources are limited How people decide what to buy, sell, or save Managing money, time, and materials Affects individuals, families, businesses, and governments

Understanding Scarcity

"Scarcity means that there are not enough resources to satisfy everyone's wants and needs."

Scarcity Examples in Texas

Your Scarcity Challenge

Imagine you have $20 for the week List 5 things you want to buy Each item costs $8-12 Which 2 will you choose and why? What are you giving up (opportunity cost)?

Economic Vocabulary in Action

{"left":"Scarcity: Limited water during Texas droughts\nOpportunity Cost: Choosing solar panels over oil drilling on the same land\nTrade-offs: Using farmland for housing developments","right":"Resources: Oil, wind, agricultural land, water\nChoice: Deciding how to allocate the state budget\nSupply and Demand: More people wanting fewer available homes"}

Why Scarcity Matters to You and Texas

Helps explain why we can't have everything we want Shows why prices change and choices are necessary Affects government decisions about spending Impacts your future career and life choices Understanding scarcity helps make better decisions