Episode 35 of 60 · Financial Literacy: Cash Course
Scarcity and Choice
Grades 6th+
Economics — Economics & Financial Literacy · Economics · Government · Financial Literacy · Economics — Contemporary World Issues · Geography · Captions
About This Video
Whether we like it or not, time and money are limited. But scarcity—the gap between our limitless desires and finite resources—can spark creativity and drive innovation. In this episode of Cash Course, your middle and high school students will learn how scarcity shapes everything from personal choices to the types of products produced, how they’re distributed, and even the standard of living across nations.
Standards Met in Ohio
- 5.E.17Grades 5thRegions and countries become interdependent when they specialize in what they produce best and then trade with other regions to increase the amount and variety of goods and services available.
- 7.E.20Grades 7thThe variability in the distribution of productive resources in the various regions of the world contributed to specialization, trade and interdependence.
- 9-12.CWI.15Grades 9th, 10th, 11th, 12thTechnologies inevitably involve trade-offs between costs and benefits. Decisions about the use of products and systems can result in intended and unintended consequences.
- 9-12.EFL.9Grades 9th, 10th, 11th, 12thWhen regions and nations use comparative advantage to produce at the lowest cost and then trade with others, production, consumption and interdependence increase.
- CWI.9-12.15Grades 9th, 10th, 11th, 12thTechnologies inevitably involve trade-offs between costs and benefits. Decisions about the use of products and systems can result in intended and unintended consequences.
- CWI.9-12.22.lp.dGrades 9th, 10th, 11th, 12thIdentify products produced in a given country.
- EFL.9-12.5.lp.cGrades 9th, 10th, 11th, 12thIdentify scarcity as a limited supply of a good.
- EFL.9-12.8.lp.hGrades 9th, 10th, 11th, 12thEngage in choice making.
- EFL.9-12.9Grades 9th, 10th, 11th, 12thWhen regions and nations use comparative advantage to produce at the lowest cost and then trade with others, production, consumption, and interdependence increase.
- SS.5.17Grades 5thRegions and countries become interdependent when they specialize in what they produce best and then trade with other regions to increase the amount and variety of goods and services available.
- SS.5.17.lp.bGrades 5thUnderstand that people in Ohio have the resources to produce and trade certain products like corn (agriculture), automobiles (manufacturing), coal (mining a natural resource), etc.
- SS.7.19.lp.jGrades 7thEngage in making a choice.
- SS.7.20Grades 7thThe variability in the distribution of productive resources in the various regions of the world contributed to specialization, trade, and economic interdependence.