Scarcity

Directions: There are seven parts to this WebQuest. For the first six parts, click on the appropriate link and answer the questions that follow it. For Part Seven, follow the directions in this packet for how to create your Google Slides presentation.

 

 

Task: At the completion of this WebQuest you will…

1. Identify the following terms: scarcity, opportunity cost, supply, demand, equilibrium, disequilibrium

2. Understand scarcity

2. Explain what equilibrium and disequilibrium have toi do with supply and demand

3. Explain how scarcity is related to the terms identified in #1

4. Create and evaluate solutions for preventing scarcity

 

Part 1:

 https://www.stlouisfed.org/education/exploring-economics-video-series/scarcity

This is a video on opportunity cost and scarcity. A school district has an empty lot and they are forced to make a decision on what to do with it.

 

1. Why can’t the school have both a new parking lot and a new playground?

 

2. Why must people make choices?

 

3. What is opportunity cost?

 

Part 2:

https://www.investopedia.com/terms/s/scarcity.asp

This is an article from Investopedia. It discusses what scarcity means in economics and what causes scarcity.

 

4. What is scarcity?

 

5.List the 4 key takeaways.

 

6. How does society deal with scarcity?

 

Part 3:

 https://education.nationalgeographic.org/resource/scarcity/

This is an article from National Geographic. It discusses how people satisfy unlimited wants and needs with limited resources. Scarcity affects the monetary value people place on goods and services and how governments and private firms decide to distribute resources.

 

7. How does scarcity affect consumers?

 

8. How does scarcity affect sellers?

 

9.How can scarcity be created on purpose?

 

Part 4:

https://www.investopedia.com/terms/s/scarcity-principle.asp

This is an article from Investopedia. It discusses the importance of scarcity.

List the 3 takeaways.

 

10. What is equilibrium?

 

11.What is disequilibrium?

 

12.What is a cost / benefit analysis?

 

Part 5:

https://www.circleofblue.org/2010/world/experts-name-the-top-19-solutions-to-the-global-freshwater-crisis/

This is an article from Circle of Blue. It discusses the top 19 solutions to the world’s freshwater crisis.

 

12. Identify and explain four solutions to the global freshwater crisis

 

Part 6:

https://www.youtube.com/watch?v=dKY2JkfPox4&t=81s

This is a video Crash Course economics. Mr. Clifford breaks down scarcity using clips from the movie Star Wars.

 

13.What is economics?

 

14.What is self interest?

 

15.What is cost benefit analysis?

 

16.What is voluntary exchange?

 

Part 7: Google Slides Presentation

After answering all 16 questions on your webquest, create a google slide presentation. You are to create a 10 slide presentation with the knowledge you gained from this research. This presentation will be shared with your classmates and will help them study for the test. Each slide must have one image that relates to the content and 3 bullet points of information. If done properly you will have a total of 10 images and 30 bullet points.