Lesson
The Reality of Scarcity
Summary
Limited resources require intentional trade-offs. This lesson defines financial literacy, scarcity, and needs vs. wants.
Bellringer: Spend $500 Today
- You just won $500 and must spend it today. What is the first thing you buy?
- Follow up: Does spending free money make you feel excited or nervous?
Instruction
- Define scarcity and connect it to trade-offs
- Distinguish needs vs. wants with context-dependent examples
- Link personal values to spending decisions
Activity: Map Out Your Needs and Wants
- Create personal definitions of a need and a want.
- Categorize expenses into needs and wants.
Discussion: What Do You Cut?
- Discuss: You have a $140 cart but only $100—what do you cut? Is it easier to cut a need or a want?
Wrap-Up & Assessment
- Define scarcity in your own words.
- Identify one need in your life that might be a want for someone else.
| Est. Time | Activity | Description |
|---|---|---|
| 5 min | Bellringer: Spend $500 Today |
|
| 15 min | Instruction |
|
| 15 min | Activity: Map Out Your Needs and Wants |
|
| 5 min | Discussion: What Do You Cut? |
|
| 5 min | Wrap-Up & Assessment |
|
Lesson Prep
Map Out Your Needs and Wants
It's vital to understand your personal needs and wants when establishing a budget.
Class Presentation
Includes a 16-slide deck with teacher notes. Present from Banzai, download a PDF, or copy it to Google Slides.
Presentations, Ready to Go
- Built-in PresentationPresent full screen, straight from Banzai
- Copy to Google SlidesMake an editable copy for your class
- Download or PrintSave as a PDF or print
- Teacher NotesSlide-by-slide guidance, printable as one handout
Unit 1: Money Mindsets
What Is Financial Literacy?
Values drive every dollar. This lesson defines financial literacy and introduces conscious budgeting as the necessary act of choosing to fund one value over another.
The Reality of Scarcity
Limited resources require intentional trade-offs. This lesson defines financial literacy, scarcity, and needs vs. wants.
Opportunity Cost
Every choice has a hidden cost, called the opportunity cost. In this lesson, students evaluate trade-offs by identifying the next-best alternative they give up when making a decision.
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