Lesson Plan

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Lesson Plan
Grade: Date: 17/01/2026
Subject: Economics
Lesson Topic: The concept of scarcity
Learning Objective/s:
  • Describe the concept of scarcity and its significance in economics.
  • Explain the relationship between scarcity, choice, and opportunity cost.
  • Identify the three fundamental economic questions that arise from scarcity.
  • Analyse how physical, human, and technological limits create scarcity.
  • Apply the production possibility curve to illustrate trade‑offs caused by scarcity.
Materials Needed:
  • Projector or interactive whiteboard
  • Slide presentation on scarcity and opportunity cost
  • Handout with the illustrative table of resource categories
  • Blank paper and pens for drawing PPC diagrams
  • Worksheets with scenario‑based opportunity‑cost questions
 Introduction:
Begin with a quick poll: “If you could only have one of five favorite snacks today, which would you choose?” This hook highlights limited choices. Review students’ prior knowledge of wants versus needs and set the success criteria: students will be able to define scarcity, explain opportunity cost, and illustrate trade‑offs using a PPC.
Lesson Structure:
  1. Do‑now (5') – Students answer the snack poll on sticky notes and discuss limited resources.
  2. Mini‑lecture (10') – Define scarcity, choice, and opportunity cost; present the three economic questions.
  3. Interactive activity (12') – In groups, analyse the provided table of resource categories and identify reasons for scarcity and associated opportunity costs.
  4. PPC demonstration (10') – Teacher draws a production possibility curve, explains points inside, on, and outside the curve.
  5. Guided practice (10') – Students complete a worksheet drawing their own PPC for two goods and label opportunity costs.
  6. Check for understanding (5') – Quick exit quiz (Kahoot or paper) on key definitions and the three questions.
  7. Summary discussion (3') – Recap main ideas and address misconceptions.
Conclusion:
Summarise that scarcity forces societies to make choices, which involve opportunity costs illustrated by the PPC. Ask students to write one real‑world example of scarcity on an exit ticket. For homework, assign a short essay comparing two resource categories and their opportunity costs.