Student Worksheet

Economics And Scarcity - Activity Instructions

The economy is something we hear a lot about - but what is the economy? What is economics? In this activity, you’re going to find out!

The economy is something we hear a lot about in day-to-day life or, at least, adults do. Economics is the study of the economy. On the news, we hear so much about how well the economy is doing and how world events shape the economy. At a local level, the economy is important to how well our local communities can thrive. The economy, though we may not realise it or think about it as often as it is discussed on the news, is incredibly important. The following two videos, and the questions accompanying them, will help you to better understand the economy and economics.

Your task is to watch two videos and answer the questions relating to each video.

Video 1

Why can’t we have everything we want?

What are some examples of scarce resources?

Define economics in your own words:

Thinking deeper... (you won't find these answers in the video!)

What role do you think natural resources (like water, fresh air, plants, animals, sunshine and soil) play in our economy?

Do you think these natural resources could be considered as examples of scarce resources? Explain your answer:

What role do we (consumers) play in what and how many resources are used?

Video 2

What's going on in this video?

What do you see that makes you say that?

.

How does the story in this video relate to the concepts of natural resources and scarcity?

Taking It Further

What are three items that you consume or buy regularly that are made from scarce or natural resources?

1.

2.

3.

Consider the impact of your purchases on both nature and the economy.

Economics and Scarcity

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