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Clock
5 minutes
K - 5
154 classes this year
Subject: Economics
Topics: Decision Making Scarcity

This video helps children understand that because of scarcity, people must make choices.

View Voluntary National Content Standards in Economics

Content Standard 1: Scarcity

Benchmarks: Grade 4

1. People make choices because they can’t have everything they want.

2. Economic wants are desires that can be satisfied by consuming a good (an object), a service (an action), or a leisure activity.

3. People’s choices about what goods and services to buy and consume determine how resources will be used.

4. Whenever a choice is made, something is given up because resources are limited.

5. The opportunity cost of an activity is the value of the best alternative that would have been chosen instead. It includes what would have been done with the money spent and the time and other resources used in undertaking the activity.

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