Lesson Plan

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Lesson Plan
Grade: Date: 17/01/2026
Subject: Economics
Lesson Topic: Examples of the basic economic problem in the context of producers/firms
Learning Objective/s:
  • Describe the basic economic problem faced by firms, including scarcity, choice and opportunity cost.
  • Explain how firms allocate limited resources when deciding product mix, capital equipment, labour and R&D.
  • Calculate simple opportunity‑cost examples and assess trade‑offs in firm decisions.
  • Apply the concept of efficiency to evaluate firm choices and suggest optimal allocations.
Materials Needed:
  • Projector and screen
  • Whiteboard and markers
  • Handout with case examples (bakery, textile, fast‑food, smartphone)
  • Calculator worksheets for opportunity‑cost calculations
  • Sticky notes for the opening poll
  • Exit‑ticket slips
 Introduction:

Begin with a quick poll: “If you had only $10 to spend, what would you buy and why?” This links students’ personal experience of limited resources to the economic problem. Review the definition of scarcity and the need for firms to make choices. Explain that today they will identify real‑world firm decisions and evaluate the associated opportunity costs.
Lesson Structure:
  1. Do‑now (5’) – Students write their poll answers on sticky notes and share; teacher connects responses to scarcity.
  2. Mini‑lecture (10’) – Define the basic economic problem for producers; illustrate with the bakery example; highlight key terms.
  3. Guided analysis (12’) – Pairs work through a worksheet comparing the textile firm’s loom vs. dyeing machine, calculate opportunity cost and decide which to purchase.
  4. Group activity (10’) – Fast‑food restaurant scenario: groups create an allocation chart on the whiteboard and discuss trade‑offs between kitchen and drive‑through staffing.
  5. Whole‑class debrief (8’) – Summarise findings, reinforce the efficiency concept, answer questions.
  6. Exit ticket (5’) – Each student writes one firm decision and its opportunity cost.
Conclusion:

Recap that firms face scarcity and must weigh trade‑offs to achieve efficiency. Students submit an exit ticket stating a new example of a firm decision and its opportunity cost. For homework, ask learners to research a local business and write a brief paragraph describing its resource‑allocation challenge.