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Economics and Scarcity

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Economics and Scarcity

Texas map showing economic resources

📚 Part 1: Understanding Economics and Scarcity

1. What does economics mean?

How people make choices when resources are limited

How to make lots of money

How to buy everything you want

How to save money in the bank

2. Scarcity means:

There are plenty of resources for everyone

There are not enough resources to satisfy everyone's wants and needs

Only rich people can buy things

Everything is free

3. Which of these are examples of scarcity in Texas? (Check all that apply)

Water shortages during droughts

Limited energy resources

Competition for farmland

Unlimited oil supplies

4. If you have $10 but want to buy a $10 shirt and $10 shoes, what economic concept does this show?

Supply and demand

Scarcity and opportunity cost

Unlimited resources

Free market

✏️ Part 2: Real-World Applications

5. Fill in the blanks using these words: scarcity, choices, resources, trade-offs

When there is _____________ of water in Texas during a drought, people must make _____________ about how to use this limited resource. This often involves _____________ where using water for one purpose means less water for another purpose.

6. Give an example of scarcity from your own life or community. Explain why it shows scarcity.
7. Imagine Texas has limited farmland but people want to grow both cotton and corn. Explain how scarcity affects this situation and what trade-offs farmers might face.

🤔 Part 3: Critical Thinking

8. Why do you think understanding scarcity is important for people living in Texas?
9. Create your own definition of economics using what you've learned:

Economics is ________________________________________________

_________________________________________________________

10. Think about a recent choice you made where you couldn't have everything you wanted. What was your opportunity cost (what you gave up)?

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