🏜️ Scarcity
Q: What does scarcity mean?
A: Not having enough of something
What is trade?
Giving something to get something else
Q: What is supply?
A: How much of something there is.
What happens if a store runs out of an item?
You cannot buy it
Q: If there are 2 cookies and 5 kids, is that scarcity?
A: Yes.
Why can’t we have everything we want?
Because there is not enough for everyone. Resources are limited
What is barter?
Trading without money
Q: What is demand?
A: How much people want something.
What might you do if something costs too much? (2 answers)
A: Not buy it or choose something else.
Q: If many people want a toy, what happens to demand?
A: Demand goes up.
What are resources?
Things we use like food, water, and money
Why do people trade?
To get what they need or want
What happens when many people want the same thing?
Demand increases. Prices go up.
Q: What happens if a store runs out of something?
A: You cannot buy it.
Q: Why might ice cream cost less in winter?
A: Demand is lower.
What happens when there is not enough of something?
People must make choices. They can get something else.
Can people trade without money?
Yes, you can use goods or services.
Q: What happens when there is a lot of something?
A: Supply is high and price may go down.
Q: What do people do if they cannot find what they want?
A: Choose something else.
Q: If a store has only a few backpacks and many kids want them, what might happen?
A: They may cost more or sell out.
Name three limited resources
Water, Food, Money, Land
Give an example of trading or bartering.
Trading snack for toy.
(Free response)
Q: What happens when supply is low and demand is high?
There's not enough for everyone. The price goes up.
Q: How do supply and demand help people make choices?
A: They decide what to buy based on price and availability.
Q: A store has 3 superhero backpacks, but 10 kids want one. What are TWO things that might happen?
A: The price may go up AND some kids won’t get one.