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Ch 1: Scarcity & Production Possibilities Curve Lesson Plans

About This Chapter

The Scarcity & Production Possibilities Curve chapter of this course is designed to help you plan and teach the concept of limited resource availability and its implications in your classroom. The video lessons, quizzes and transcripts can easily be adapted to provide your lesson plans with engaging and dynamic educational content. Make planning your course easier by using our syllabus as a guide.

Weekly Syllabus

Below is a sample breakdown of the Scarcity & Production Possibilities Curve chapter into a 5-day school week. Based on the pace of your course, you may need to adapt the lesson plan to fit your needs.

Day Topics Key Terms and Concepts Covered
Monday Economic scarcity and the function of choice Factors of production, the basic economic problem, using limited resources, incentives
Tuesday Opportunity cost Monetary value, benefits, cost, time
Wednesday Calculating opportunity cost Relative concept, calculation examples
Thursday Applying the production possibilities model The production possibilities model and its 3 assumptions, law of diminishing returns
Friday Shifts in the production possibilities curve Consumer goods, capital goods, constraints, labor force changes, education, resource changes

6 Lessons in Chapter 1: Scarcity & Production Possibilities Curve Lesson Plans
Test your knowledge with a 30-question chapter practice test
Economic Scarcity and the Function of Choice

1. Economic Scarcity and the Function of Choice

Discover the foundation of the social science of economics as we explore the basic economic problem of scarce resources and unlimited wants using key definitions that create a framework for understanding everyday behavior in a nation.

Opportunity Cost: Definition & Real World Examples

2. Opportunity Cost: Definition & Real World Examples

Learn the most important concept of economics through the use of real-world scenarios that highlight both the benefits and the costs of decisions. Opportunity cost is a simple yet powerful principle that reveals how to make the best economic decisions possible, and it explains why people make the choices they do.

How to Calculate Opportunity Cost

3. How to Calculate Opportunity Cost

Learn the formula that reveals the economic value in any major choice between two possibilities. Every choice involves tradeoffs, and opportunity cost shows you how to measure these tradeoffs.

Applying the Production Possibilities Model

4. Applying the Production Possibilities Model

Producers in the economy use a visual model, called the production possibilities curve, to make the most efficient production decisions and maximize output. Learn how this model reveals the tradeoffs of every production decision with the simplified example of an economy that produces only two goods.

Shifts in the Production Possibilities Curve

5. Shifts in the Production Possibilities Curve

In this lesson you will learn how changes inside an economy lead to changes in the production possibilities of a nation. See how different scenarios from everyday life lead to shifts in the production possibilities curve.

Opportunity Cost: Definition, Calculations & Examples

6. Opportunity Cost: Definition, Calculations & Examples

This lesson discusses opportunity costs, a central idea of economics. In addition to examining the general idea of opportunity costs, it also looks at the role of explicit and implicit costs to firms.

Chapter Practice Exam
Test your knowledge of this chapter with a 30 question practice chapter exam.
Not Taken
Practice Final Exam
Test your knowledge of the entire course with a 50 question practice final exam.
Not Taken

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